Cerity Partners LLC Invests $629,000 in Paymentus Holdings, Inc. (NYSE:PAY)

Cerity Partners LLC acquired a new stake in shares of Paymentus Holdings, Inc. (NYSE:PAY) during the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund acquired 31,402 shares of the business services provider’s stock, valued at approximately $629,000.

Several other large investors have also recently added to or reduced their stakes in the stock. Vanguard Group Inc. grew its holdings in shares of Paymentus by 0.6% during the 1st quarter. Vanguard Group Inc. now owns 1,388,830 shares of the business services provider’s stock valued at $31,596,000 after acquiring an additional 8,457 shares in the last quarter. Dimensional Fund Advisors LP boosted its position 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 valued at $10,279,000 after purchasing an additional 20,767 shares during the last quarter. Millennium Management LLC grew its stake in Paymentus by 1.1% in 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 in the last quarter. Cubist Systematic Strategies LLC increased its position in Paymentus by 8.5% in the 2nd quarter. Cubist Systematic Strategies LLC now owns 137,272 shares of the business services provider’s stock worth $2,608,000 after purchasing an additional 10,729 shares during the last quarter. Finally, Algert Global LLC increased its position in Paymentus by 3.2% in the 2nd quarter. Algert Global LLC now owns 135,056 shares of the business services provider’s stock worth $2,566,000 after purchasing an additional 4,216 shares during the last quarter. Institutional investors and hedge funds own 12.55% of the company’s stock.

Paymentus Trading Down 6.8 %

NYSE:PAY opened at $34.61 on Friday. Paymentus Holdings, Inc. has a 1-year low of $14.77 and a 1-year high of $38.94. The stock has a market capitalization of $4.31 billion, a PE ratio of 111.65 and a beta of 1.63. The firm has a fifty day simple moving average of $28.39 and a 200 day simple moving average of $23.14.

Insider Transactions at Paymentus

In other Paymentus news, General Counsel Andrew A. Gerber sold 34,272 shares of the stock in a transaction dated 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 directly owns 97,925 shares in the company, valued at $3,658,478. This represents a 25.92 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Corporate insiders own 87.76% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts have recently weighed in on PAY shares. Canaccord Genuity Group downgraded shares of Paymentus from a “strong-buy” rating to a “hold” rating in a report on Monday, November 11th. JPMorgan Chase & Co. lifted their target price on shares of Paymentus from $21.00 to $26.00 and gave the company a “neutral” rating in a research report on Tuesday, August 20th. Robert W. Baird raised their price objective on shares of Paymentus from $25.00 to $36.00 and gave the stock an “outperform” rating in a report on Wednesday, November 13th. The Goldman Sachs Group lifted their target price on Paymentus from $23.50 to $33.00 and gave the company a “neutral” rating in a research note on Friday, November 15th. Finally, Wells Fargo & Company increased their price target on Paymentus from $21.00 to $27.00 and gave the company an “equal weight” rating in a research note on Wednesday, November 13th. 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 company. According to MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $28.80.

Paymentus 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.