The Goldman Sachs Group Forecasts Strong Price Appreciation for Paymentus (NYSE:PAY) Stock

Paymentus (NYSE:PAY) had its target price lifted by equities research analysts at The Goldman Sachs Group from $23.50 to $33.00 in a note issued to investors on Friday,Benzinga reports. The brokerage currently has a “neutral” rating on the business services provider’s stock. The Goldman Sachs Group’s price target indicates a potential downside of 1.49% from the stock’s previous close.

A number of other research firms have also recently issued reports on PAY. 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. Canaccord Genuity Group cut shares of Paymentus from a “strong-buy” rating to a “hold” rating in a research note on Monday, November 11th. Robert W. Baird lifted their price target on shares of Paymentus from $25.00 to $36.00 and gave the stock an “outperform” rating in a research note on Wednesday. StockNews.com upgraded Paymentus from a “sell” rating to a “hold” rating in a research note on Saturday, August 3rd. Finally, Wells Fargo & Company increased their target price on shares of Paymentus from $21.00 to $27.00 and gave the stock an “equal weight” rating in a research report on Wednesday. Seven analysts have rated the stock with a hold rating, one has given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, Paymentus presently has an average rating of “Hold” and a consensus target price of $28.80.

Paymentus Price Performance

NYSE PAY opened at $33.50 on Friday. Paymentus has a 52-week low of $14.77 and a 52-week high of $37.00. The firm has a market capitalization of $4.17 billion, a price-to-earnings ratio of 108.06 and a beta of 1.41. The company has a 50 day simple moving average of $23.65 and a 200-day simple moving average of $21.33.

Institutional Investors Weigh In On Paymentus

Several hedge funds and other institutional investors have recently made changes to their positions in PAY. GSA Capital Partners LLP raised its position in shares of Paymentus by 38.2% during the 3rd quarter. GSA Capital Partners LLP now owns 124,189 shares of the business services provider’s stock valued at $2,486,000 after acquiring an additional 34,307 shares during the last quarter. Quadrature Capital Ltd lifted its position in Paymentus by 130.1% during the 1st quarter. Quadrature Capital Ltd now owns 69,219 shares of the business services provider’s stock worth $1,575,000 after buying an additional 39,136 shares in the last quarter. Versor Investments LP acquired a new stake in shares of Paymentus in the 3rd quarter valued at approximately $331,000. Vanguard Group Inc. lifted its stake in Paymentus by 0.6% in the 1st quarter. Vanguard Group Inc. now owns 1,388,830 shares of the business services provider’s stock valued at $31,596,000 after purchasing an additional 8,457 shares during the last quarter. Finally, Comerica Bank boosted its stake in shares of Paymentus by 4,713.1% during the 1st quarter. Comerica Bank now owns 20,552 shares of the business services provider’s stock worth $468,000 after acquiring an additional 20,125 shares during the period. 12.55% of the stock is owned by institutional investors and hedge funds.

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.