Paymentus (NYSE:PAY) Downgraded by Canaccord Genuity Group to Hold

Paymentus (NYSE:PAY) was downgraded by Canaccord Genuity Group from a “strong-buy” rating to a “hold” rating in a report issued on Monday,Zacks.com reports.

A number of other equities research analysts have also weighed in on the company. The Goldman Sachs Group lifted their price objective on Paymentus from $21.00 to $23.50 and gave the stock a “neutral” rating in a research report on Friday, August 9th. StockNews.com raised shares of 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 shares of Paymentus from $21.00 to $26.00 and gave the company a “neutral” rating in a research note on Tuesday, August 20th. Finally, Robert W. Baird boosted their price target on shares of Paymentus from $24.00 to $25.00 and gave the company an “outperform” rating in a research report on Monday, October 14th. Seven investment analysts have rated the stock with a hold rating, one has assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $23.50.

Paymentus Stock Performance

Shares of PAY stock opened at $26.79 on Monday. Paymentus has a fifty-two week low of $14.77 and a fifty-two week high of $27.93. The company has a market capitalization of $3.33 billion, a P/E ratio of 107.16 and a beta of 1.41. The stock has a 50 day moving average price of $22.81 and a two-hundred day moving average price of $21.02.

Institutional Investors Weigh In On Paymentus

A number of hedge funds and other institutional investors have recently bought and sold shares of PAY. Mirae Asset Global Investments Co. Ltd. increased its position in Paymentus by 15.1% during the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 25,441 shares of the business services provider’s stock valued at $579,000 after buying an additional 3,341 shares in the last quarter. Sei Investments Co. purchased a new position in shares of Paymentus in the first quarter worth approximately $513,000. Russell Investments Group Ltd. bought a new stake in Paymentus during the first quarter valued at approximately $106,000. Vanguard Group Inc. increased its holdings in Paymentus by 0.6% during the first quarter. Vanguard Group Inc. now owns 1,388,830 shares of the business services provider’s stock valued at $31,596,000 after buying an additional 8,457 shares during the last quarter. Finally, Quadrature Capital Ltd raised its position in Paymentus by 130.1% in the first quarter. Quadrature Capital Ltd now owns 69,219 shares of the business services provider’s stock worth $1,575,000 after acquiring an additional 39,136 shares during the period. Hedge funds and other institutional investors own 12.55% of the company’s stock.

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.