Wells Fargo & Company Issues Positive Forecast for Paymentus (NYSE:PAY) Stock Price

Paymentus (NYSE:PAY) had its price target upped by Wells Fargo & Company from $21.00 to $27.00 in a research note issued to investors on Wednesday,Benzinga reports. Wells Fargo & Company currently has an equal weight rating on the business services provider’s stock.

A number of other equities analysts have also recently issued reports on the stock. Canaccord Genuity Group cut shares of Paymentus from a “strong-buy” rating to a “hold” rating in a research note on Monday. The Goldman Sachs Group raised their price target on shares of Paymentus from $21.00 to $23.50 and gave the company a “neutral” rating in a research report on Friday, August 9th. StockNews.com raised Paymentus from a “sell” rating to a “hold” rating in a research report on Saturday, August 3rd. JPMorgan Chase & Co. lifted their target price on Paymentus from $21.00 to $26.00 and gave the stock a “neutral” rating in a report on Tuesday, August 20th. Finally, Robert W. Baird upped their price target on Paymentus from $25.00 to $36.00 and gave the company an “outperform” rating in a report on Wednesday. Seven research analysts have rated the stock with a hold rating, one has issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $26.90.

Paymentus Price Performance

Shares of NYSE PAY opened at $33.75 on Wednesday. The stock has a market cap of $4.20 billion, a P/E ratio of 108.87 and a beta of 1.41. Paymentus has a 1 year low of $14.77 and a 1 year high of $37.00. The firm has a 50-day moving average of $23.16 and a 200 day moving average of $21.15.

Institutional Trading of Paymentus

Several institutional investors and hedge funds have recently made changes to their positions in the company. nVerses Capital LLC boosted its stake in shares of Paymentus by 550.0% during the third quarter. nVerses Capital LLC now owns 1,300 shares of the business services provider’s stock valued at $26,000 after purchasing an additional 1,100 shares in the last quarter. MCF Advisors LLC raised its stake in shares of Paymentus by 80.1% during the 2nd quarter. MCF Advisors LLC now owns 1,461 shares of the business services provider’s stock worth $28,000 after acquiring an additional 650 shares in the last quarter. Advisors Asset Management Inc. boosted its stake in Paymentus by 155.1% in the third quarter. Advisors Asset Management Inc. now owns 1,689 shares of the business services provider’s stock valued at $34,000 after acquiring an additional 1,027 shares in the last quarter. Arcadia Investment Management Corp MI grew its holdings in Paymentus by 141.1% in the second quarter. Arcadia Investment Management Corp MI now owns 2,360 shares of the business services provider’s stock worth $45,000 after purchasing an additional 1,381 shares during the last quarter. Finally, Russell Investments Group Ltd. acquired a new position in shares of Paymentus during the first quarter worth $106,000. 12.55% of the stock is currently owned by institutional investors.

About Paymentus

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.