Paymentus (NYSE:PAY) Sees Large Volume Increase on Analyst Upgrade

Paymentus Holdings, Inc. (NYSE:PAY) shares saw unusually-strong trading volume on Monday after The Goldman Sachs Group raised their price target on the stock from $23.50 to $33.00. The Goldman Sachs Group currently has a neutral rating on the stock. Approximately 336,835 shares were traded during trading, an increase of 31% from the previous session’s volume of 257,908 shares.The stock last traded at $35.18 and had previously closed at $33.50.

A number of other brokerages have also weighed in on PAY. JPMorgan Chase & Co. raised their target price on Paymentus from $21.00 to $26.00 and gave the company a “neutral” rating in a research note on Tuesday, August 20th. Robert W. Baird raised their target price on Paymentus from $25.00 to $36.00 and gave the company an “outperform” rating in a research note on Wednesday, November 13th. StockNews.com upgraded Paymentus from a “sell” rating to a “hold” rating in a research note on Saturday, August 3rd. Canaccord Genuity Group lowered Paymentus from a “strong-buy” rating to a “hold” rating in a research note on Monday, November 11th. Finally, Wells Fargo & Company raised their price target on Paymentus from $21.00 to $27.00 and gave the company an “equal weight” rating in a report on Wednesday, November 13th. Seven analysts have rated the stock with a hold rating, one has issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, Paymentus currently has an average rating of “Hold” and a consensus price target of $28.80.

Hedge Funds Weigh In On Paymentus

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. boosted 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 worth $31,596,000 after buying an additional 8,457 shares during the last quarter. Dimensional Fund Advisors LP boosted its holdings in Paymentus by 4.0% during the second quarter. Dimensional Fund Advisors LP now owns 541,049 shares of the business services provider’s stock worth $10,279,000 after buying an additional 20,767 shares during the last quarter. State Street Corp boosted its holdings in Paymentus by 2.6% during the third quarter. State Street Corp now owns 300,414 shares of the business services provider’s stock worth $6,014,000 after buying an additional 7,525 shares during the last quarter. Millennium Management LLC boosted its holdings in Paymentus by 1.1% during the second quarter. Millennium Management LLC now owns 285,781 shares of the business services provider’s stock worth $5,430,000 after buying an additional 3,124 shares during the last quarter. Finally, FMR LLC boosted its holdings in Paymentus by 32,191.6% during the third quarter. FMR LLC now owns 227,979 shares of the business services provider’s stock worth $4,564,000 after buying an additional 227,273 shares during the last quarter. Institutional investors own 12.55% of the company’s stock.

Paymentus Trading Up 5.1 %

The firm has a market cap of $4.38 billion, a P/E ratio of 113.61 and a beta of 1.41. The company has a fifty day moving average price of $23.95 and a two-hundred day moving average price of $21.43.

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.