Robert W. Baird Increases Paymentus (NYSE:PAY) Price Target to $36.00

Paymentus (NYSE:PAY) had its price objective lifted by analysts at Robert W. Baird from $25.00 to $36.00 in a research note issued to investors on Wednesday,Benzinga reports. The firm presently has an “outperform” rating on the business services provider’s stock. Robert W. Baird’s price objective points to a potential upside of 10.60% from the company’s previous close.

Several other research firms have also commented on PAY. Canaccord Genuity Group lowered shares of Paymentus from a “strong-buy” rating to a “hold” rating in a research report on Monday. JPMorgan Chase & Co. upped their target price on shares of Paymentus from $21.00 to $26.00 and gave the stock a “neutral” rating in a research report on Tuesday, August 20th. StockNews.com raised Paymentus from a “sell” rating to a “hold” rating in a report on Saturday, August 3rd. Finally, The Goldman Sachs Group increased their price objective on Paymentus from $21.00 to $23.50 and gave the stock a “neutral” rating in a report on Friday, August 9th. Seven analysts have rated the stock with a hold rating, one has issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, Paymentus has an average rating of “Hold” and a consensus price target of $26.90.

Paymentus Price Performance

Shares of PAY opened at $32.55 on Wednesday. Paymentus has a 12 month low of $14.77 and a 12 month high of $37.00. The stock has a fifty day moving average price of $23.39 and a 200 day moving average price of $21.23. The company has a market cap of $4.05 billion, a P/E ratio of 105.00 and a beta of 1.41.

Hedge Funds Weigh In On Paymentus

A number of institutional investors and hedge funds have recently added to or reduced their stakes in PAY. nVerses Capital LLC raised its stake in shares of Paymentus by 550.0% in the 3rd quarter. nVerses Capital LLC now owns 1,300 shares of the business services provider’s stock worth $26,000 after buying an additional 1,100 shares in the last quarter. MCF Advisors LLC grew its holdings in Paymentus by 80.1% during the second quarter. MCF Advisors LLC now owns 1,461 shares of the business services provider’s stock worth $28,000 after acquiring an additional 650 shares during the period. Advisors Asset Management Inc. raised its position in Paymentus by 155.1% in the third 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 in the last quarter. Arcadia Investment Management Corp MI raised its position in Paymentus by 141.1% in the second quarter. Arcadia Investment Management Corp MI now owns 2,360 shares of the business services provider’s stock worth $45,000 after acquiring an additional 1,381 shares in the last quarter. Finally, Russell Investments Group Ltd. acquired a new stake in Paymentus in the 1st quarter valued at about $106,000. 12.55% of the stock is owned by institutional investors.

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.