Analysts Set Paymentus Holdings, Inc. (NYSE:PAY) Target Price at $28.80

Paymentus Holdings, Inc. (NYSE:PAY) has earned an average rating of “Hold” from the eight ratings firms that are covering the stock, Marketbeat Ratings reports. Six research analysts have rated the stock with a hold recommendation, one has given a buy recommendation and one has given a strong buy recommendation to the company. The average 1 year target price among brokerages that have updated their coverage on the stock in the last year is $28.80.

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

Insider Activity

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

Institutional Trading of Paymentus

Several institutional investors have recently bought and sold shares of PAY. FMR LLC raised its stake in shares of Paymentus by 32,191.6% during the 3rd 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 period. JPMorgan Chase & Co. raised its position in Paymentus by 13.0% during the third quarter. JPMorgan Chase & Co. now owns 709,650 shares of the business services provider’s stock worth $14,207,000 after acquiring an additional 81,853 shares during the period. Main Management ETF Advisors LLC purchased a new position in Paymentus during the third quarter valued at $839,000. GSA Capital Partners LLP grew its position in shares of Paymentus by 38.2% in the third quarter. GSA Capital Partners LLP now owns 124,189 shares of the business services provider’s stock valued at $2,486,000 after purchasing an additional 34,307 shares during the period. Finally, Cerity Partners LLC purchased a new stake in shares of Paymentus during the third quarter worth about $629,000. 78.38% of the stock is owned by institutional investors and hedge funds.

Paymentus Stock Up 7.2 %

Shares of Paymentus stock opened at $35.00 on Wednesday. The firm has a market capitalization of $4.36 billion, a P/E ratio of 112.90 and a beta of 1.63. Paymentus has a 52 week low of $14.77 and a 52 week high of $38.94. The company has a 50 day moving average price of $32.74 and a 200 day moving average price of $25.17.

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.