Geode Capital Management LLC Raises Stake in Paymentus Holdings, Inc. (NYSE:PAY)

Geode Capital Management LLC increased its stake in shares of Paymentus Holdings, Inc. (NYSE:PAY) by 2.6% in the third quarter, according to its most recent Form 13F filing with the SEC. The fund owned 206,140 shares of the business services provider’s stock after buying an additional 5,127 shares during the period. Geode Capital Management LLC’s holdings in Paymentus were worth $4,129,000 as of its most recent SEC filing.

Several other hedge funds have also added to or reduced their stakes in the stock. Dimensional Fund Advisors LP grew its position in shares of Paymentus by 4.0% during the 2nd quarter. Dimensional Fund Advisors LP now owns 541,049 shares of the business services provider’s stock valued at $10,279,000 after acquiring an additional 20,767 shares during the period. State Street Corp lifted its stake in Paymentus by 2.6% in the third quarter. State Street Corp now owns 300,414 shares of the business services provider’s stock valued at $6,014,000 after purchasing an additional 7,525 shares during the last quarter. Millennium Management LLC grew 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 valued at $5,430,000 after purchasing an additional 3,124 shares during the period. FMR LLC increased its position in Paymentus by 32,191.6% in 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. Finally, Cubist Systematic Strategies LLC raised its stake in shares of Paymentus by 8.5% in the second quarter. Cubist Systematic Strategies LLC now owns 137,272 shares of the business services provider’s stock valued at $2,608,000 after buying an additional 10,729 shares during the period. Institutional investors own 78.38% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on the company. The Goldman Sachs Group increased their price target on Paymentus from $23.50 to $33.00 and gave the stock a “neutral” rating in a research note on Friday, November 15th. Wells Fargo & Company lifted their target price on shares of Paymentus from $21.00 to $27.00 and gave the stock an “equal weight” rating in a research note on Wednesday, November 13th. Robert W. Baird upped their price target 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. Finally, Canaccord Genuity Group lowered shares of Paymentus from a “strong-buy” rating to a “hold” rating in a research note on Monday, November 11th. Seven research 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’s stock. According to data from MarketBeat, the company has an average rating of “Hold” and an average target price of $28.80.

Insider Activity at Paymentus

In other Paymentus news, General Counsel Andrew A. Gerber sold 34,272 shares of the business’s stock in a transaction that occurred 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 completion of the transaction, the general counsel now owns 97,925 shares of the company’s stock, valued at $3,658,478. The trade was a 25.92 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 87.76% of the stock is owned by corporate insiders.

Paymentus Trading Up 7.2 %

Paymentus stock opened at $35.00 on Monday. The firm’s 50 day simple moving average is $32.74 and its 200 day simple moving average is $25.26. Paymentus Holdings, Inc. has a 1-year low of $14.77 and a 1-year high of $38.94. The firm has a market capitalization of $4.36 billion, a PE ratio of 112.90 and a beta of 1.67.

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.