Essex Investment Management Co. LLC Sells 62,368 Shares of Paymentus Holdings, Inc. (NYSE:PAY)

Essex Investment Management Co. LLC lowered its stake in shares of Paymentus Holdings, Inc. (NYSE:PAY) by 29.7% during the fourth quarter, Holdings Channel reports. The fund owned 147,816 shares of the business services provider’s stock after selling 62,368 shares during the period. Essex Investment Management Co. LLC’s holdings in Paymentus were worth $4,829,000 at the end of the most recent reporting period.

Other hedge funds have also recently added to or reduced their stakes in the company. Advisors Asset Management Inc. grew its holdings in 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 during the last quarter. TimesSquare Capital Management LLC bought a new position in shares of Paymentus in the 4th quarter valued at about $35,000. Point72 Asia Singapore Pte. Ltd. bought a new position in shares of Paymentus in the 3rd quarter valued at about $43,000. R Squared Ltd bought a new position in shares of Paymentus in the 4th quarter valued at about $43,000. Finally, Barclays PLC boosted its stake in shares of Paymentus by 1,569.3% in the 3rd quarter. Barclays PLC now owns 5,058 shares of the business services provider’s stock valued at $101,000 after purchasing an additional 4,755 shares during the last quarter. Institutional investors own 78.38% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on PAY. The Goldman Sachs Group raised their target price on shares of Paymentus from $23.50 to $33.00 and gave the company a “neutral” rating in a research note on Friday, November 15th. Wedbush began coverage on shares of Paymentus in a research note on Monday, February 3rd. They issued an “outperform” rating on the stock. Robert W. Baird raised their target price on shares of Paymentus from $25.00 to $36.00 and gave the company an “outperform” rating in a research note on Wednesday, November 13th. Wells Fargo & Company increased their price target on shares of Paymentus from $27.00 to $33.00 and gave the company an “equal weight” rating in a research report on Thursday, January 16th. Finally, Canaccord Genuity Group downgraded shares of Paymentus from a “strong-buy” rating to a “hold” rating in a research report on Monday, November 11th. Seven investment analysts have rated the stock with a hold rating, two have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Paymentus currently has a consensus rating of “Hold” and an average price target of $30.00.

Insiders Place Their Bets

In other Paymentus news, General Counsel Andrew A. Gerber sold 3,070 shares of the firm’s stock in a transaction that occurred on Tuesday, February 18th. The shares were sold at an average price of $31.98, for a total transaction of $98,178.60. Following the sale, the general counsel now directly owns 94,855 shares in the company, valued at approximately $3,033,462.90. This trade represents a 3.14 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, CFO Sanjay Kalra sold 15,794 shares of the firm’s stock in a transaction that occurred on Tuesday, February 18th. The stock was sold at an average price of $31.99, for a total transaction of $505,250.06. Following the sale, the chief financial officer now owns 466,035 shares in the company, valued at $14,908,459.65. This trade represents a 3.28 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 87.76% of the company’s stock.

Paymentus Stock Performance

Shares of PAY stock opened at $26.47 on Friday. The company has a market capitalization of $3.30 billion, a P/E ratio of 85.38 and a beta of 1.69. The company’s 50 day moving average price is $30.45 and its two-hundred day moving average price is $28.38. Paymentus Holdings, Inc. has a 52 week low of $16.94 and a 52 week high of $38.94.

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.