Paymentus (NYSE:PAY) Price Target Raised to $27.00 at Wells Fargo & Company

Paymentus (NYSE:PAY) had its price objective boosted by Wells Fargo & Company from $21.00 to $27.00 in a note issued to investors on Wednesday,Benzinga reports. The firm currently has an “equal weight” rating on the business services provider’s stock. Wells Fargo & Company‘s target price suggests a potential downside of 26.33% from the company’s current price.

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

Paymentus Price Performance

Shares of Paymentus stock traded up $10.04 on Wednesday, reaching $36.65. 1,801,518 shares of the company were exchanged, compared to its average volume of 248,222. The stock’s 50 day moving average price is $22.92 and its 200-day moving average price is $21.06. The company has a market cap of $4.56 billion, a P/E ratio of 118.06 and a beta of 1.41. Paymentus has a 1-year low of $14.77 and a 1-year high of $37.00.

Hedge Funds Weigh In On Paymentus

A number of hedge funds have recently modified their holdings of PAY. MCF Advisors LLC raised its stake in shares of Paymentus by 80.1% during the second quarter. MCF Advisors LLC now owns 1,461 shares of the business services provider’s stock worth $28,000 after purchasing an additional 650 shares during the last quarter. Advisors Asset Management Inc. boosted its stake in shares of Paymentus by 155.1% during the 3rd quarter. Advisors Asset Management Inc. now owns 1,689 shares of the business services provider’s stock worth $34,000 after acquiring an additional 1,027 shares in the last quarter. nVerses Capital LLC grew its holdings in Paymentus by 550.0% in 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 during the last quarter. RiverPark Advisors LLC grew its stake in Paymentus by 8.8% in the 3rd quarter. RiverPark Advisors LLC now owns 15,527 shares of the business services provider’s stock valued at $311,000 after acquiring an additional 1,258 shares during the last quarter. Finally, Arcadia Investment Management Corp MI grew its position in shares of 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 valued at $45,000 after purchasing an additional 1,381 shares during the last quarter. 12.55% of the stock is currently owned by hedge funds and other institutional investors.

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.