Paymentus (NYSE:PAY) Price Target Raised to $33.00

Paymentus (NYSE:PAY) had its price target increased by Wells Fargo & Company from $27.00 to $33.00 in a research report sent to investors on Thursday,Benzinga reports. Wells Fargo & Company currently has an equal weight rating on the business services provider’s stock.

Other analysts have also issued reports about the company. The Goldman Sachs Group raised their target price on Paymentus from $23.50 to $33.00 and gave the company a “neutral” rating in a research note on Friday, November 15th. Robert W. Baird raised their target price on Paymentus from $25.00 to $36.00 and gave the company an “outperform” rating in a research note on Wednesday, November 13th. Finally, Canaccord Genuity Group lowered Paymentus from a “strong-buy” rating to a “hold” rating in a research note on Monday, November 11th. Seven analysts have rated the stock with a hold rating, one has given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $30.00.

Paymentus Stock Performance

Shares of NYSE:PAY opened at $30.05 on Thursday. Paymentus has a twelve month low of $14.77 and a twelve month high of $38.94. The firm has a market cap of $3.75 billion, a PE ratio of 96.94 and a beta of 1.67. The business has a fifty day moving average of $33.86 and a 200-day moving average of $26.07.

Insider Activity at Paymentus

In other Paymentus news, General Counsel Andrew A. Gerber sold 34,272 shares of the firm’s stock in a transaction dated Wednesday, December 4th. The stock was sold at an average price of $37.36, for a total transaction of $1,280,401.92. Following the transaction, the general counsel now owns 97,925 shares in the company, valued at approximately $3,658,478. This trade represents a 25.92 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. 87.76% of the stock is owned by company insiders.

Hedge Funds Weigh In On Paymentus

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. GSA Capital Partners LLP boosted its holdings in Paymentus by 38.2% during the third quarter. GSA Capital Partners LLP now owns 124,189 shares of the business services provider’s stock worth $2,486,000 after buying an additional 34,307 shares during the last quarter. JPMorgan Chase & Co. boosted its holdings in Paymentus by 13.0% during the third quarter. JPMorgan Chase & Co. now owns 709,650 shares of the business services provider’s stock worth $14,207,000 after buying an additional 81,853 shares during the last quarter. Cerity Partners LLC bought a new position in Paymentus during the third quarter worth about $629,000. PDT Partners LLC boosted its holdings in Paymentus by 39.4% during the third quarter. PDT Partners LLC now owns 48,174 shares of the business services provider’s stock worth $964,000 after buying an additional 13,621 shares during the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. boosted its holdings in Paymentus by 196.9% during the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 43,168 shares of the business services provider’s stock worth $864,000 after buying an additional 28,628 shares during the last quarter. Institutional investors own 78.38% of the company’s stock.

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.