Franklin Resources Inc. Sells 354,607 Shares of Paymentus Holdings, Inc. (NYSE:PAY)

Franklin Resources Inc. lowered its position in shares of Paymentus Holdings, Inc. (NYSE:PAY) by 17.4% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 1,686,449 shares of the business services provider’s stock after selling 354,607 shares during the period. Franklin Resources Inc.’s holdings in Paymentus were worth $55,096,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the company. TimesSquare Capital Management LLC bought a new stake in Paymentus in the 4th quarter worth approximately $35,000. Point72 Asia Singapore Pte. Ltd. purchased a new stake in shares of Paymentus in the 3rd quarter valued at $43,000. R Squared Ltd purchased a new stake in shares of Paymentus in the 4th quarter valued at $43,000. Barclays PLC grew its holdings in shares of Paymentus by 1,569.3% during the 3rd quarter. Barclays PLC now owns 5,058 shares of the business services provider’s stock valued at $101,000 after purchasing an additional 4,755 shares during the last quarter. Finally, Arcadia Investment Management Corp MI purchased a new position in Paymentus in the 4th quarter worth $134,000. 78.38% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at Paymentus

In other Paymentus news, CFO Sanjay Kalra sold 15,794 shares of the firm’s stock in a transaction on Tuesday, February 18th. The stock was sold at an average price of $31.99, for a total transaction of $505,250.06. Following the completion of the transaction, the chief financial officer now owns 466,035 shares of the company’s stock, valued at approximately $14,908,459.65. This trade represents a 3.28 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, General Counsel Andrew A. Gerber sold 3,070 shares of the company’s stock in a transaction dated Tuesday, February 18th. The stock was sold at an average price of $31.98, for a total transaction of $98,178.60. Following the completion of the sale, the general counsel now directly owns 94,855 shares in the company, valued at $3,033,462.90. This represents a 3.14 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 87.76% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts have issued reports on PAY shares. Wells Fargo & Company upped their price target on shares of Paymentus from $27.00 to $33.00 and gave the company an “equal weight” rating in a research report on Thursday, January 16th. Robert W. Baird reduced their price target on Paymentus from $36.00 to $30.00 and set an “outperform” rating on the stock in a research report on Friday. Wedbush reiterated an “outperform” rating and issued a $38.00 price objective on shares of Paymentus in a research report on Wednesday, March 12th. JPMorgan Chase & Co. cut their target price on shares of Paymentus from $31.00 to $29.00 and set a “neutral” rating on the stock in a report on Tuesday, March 11th. Finally, StockNews.com cut shares of Paymentus from a “hold” rating to a “sell” rating in a research report on Friday. One research analyst has rated the stock with a sell rating, five have given a hold rating, two have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $30.83.

Paymentus Trading Down 5.4 %

Shares of PAY opened at $24.17 on Friday. Paymentus Holdings, Inc. has a 1-year low of $16.94 and a 1-year high of $38.94. The firm has a market capitalization of $3.02 billion, a price-to-earnings ratio of 77.97 and a beta of 1.65. The firm’s 50-day moving average price is $28.85 and its 200-day moving average price is $29.12.

Paymentus Company Profile

Paymentus Holdings, Inc provides cloud-based bill payment technology and solutions in the United States and internationally. The company offers electronic bill presentment and payment services, enterprise customer communication, and self-service revenue management to billers through a software-as-a-service technology platform.