Paymentus Holdings, Inc. (NYSE:PAY) Given Average Recommendation of “Hold” by Brokerages

Paymentus Holdings, Inc. (NYSE:PAY) has earned an average recommendation of “Hold” from the eight brokerages that are currently covering the stock, Marketbeat.com reports. Six 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. The average 12 month target price among analysts that have covered the stock in the last year is $28.80.

Several research analysts have recently issued reports on the company. Wells Fargo & Company raised their price objective on Paymentus from $21.00 to $27.00 and gave the stock an “equal weight” rating in a research note on Wednesday, November 13th. Canaccord Genuity Group downgraded Paymentus from a “strong-buy” rating to a “hold” rating in a research report on Monday, November 11th. The Goldman Sachs Group boosted their price objective on Paymentus from $23.50 to $33.00 and gave the company a “neutral” rating in a report on Friday, November 15th. Finally, Robert W. Baird raised their target price on Paymentus from $25.00 to $36.00 and gave the stock an “outperform” rating in a report on Wednesday, November 13th.

Paymentus Price Performance

NYSE PAY opened at $31.81 on Wednesday. The stock’s fifty day moving average price is $33.05 and its 200 day moving average price is $25.44. Paymentus has a 1 year low of $14.77 and a 1 year high of $38.94. The company has a market cap of $3.96 billion, a price-to-earnings ratio of 102.61 and a beta of 1.67.

Insider Activity

In related news, General Counsel Andrew A. Gerber sold 34,272 shares of Paymentus stock in a transaction on Wednesday, December 4th. The shares were sold at an average price of $37.36, for a total value of $1,280,401.92. Following the sale, the general counsel now owns 97,925 shares of the company’s stock, valued at approximately $3,658,478. This trade represents a 25.92 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 87.76% of the company’s stock.

Hedge Funds Weigh In On Paymentus

Several hedge funds and other institutional investors have recently added to or reduced their stakes in PAY. GSA Capital Partners LLP increased its stake in shares of 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 purchasing an additional 34,307 shares in the last quarter. Cerity Partners LLC purchased a new stake in Paymentus during the 3rd quarter worth approximately $629,000. PDT Partners LLC raised its holdings in shares of Paymentus by 39.4% during the third quarter. PDT Partners LLC now owns 48,174 shares of the business services provider’s stock valued at $964,000 after acquiring an additional 13,621 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. lifted its position in shares of Paymentus by 196.9% in the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 43,168 shares of the business services provider’s stock valued at $864,000 after acquiring an additional 28,628 shares in the last quarter. Finally, Main Management ETF Advisors LLC purchased a new position in shares of Paymentus in the third quarter valued at approximately $839,000. 78.38% of the stock is owned by hedge funds and other 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.