369,245 Shares in Paymentus Holdings, Inc. (NYSE:PAY) Acquired by Price T Rowe Associates Inc. MD

Price T Rowe Associates Inc. MD purchased a new position in shares of Paymentus Holdings, Inc. (NYSE:PAY - Free Report) in the 4th quarter, according to its most recent Form 13F filing with the SEC. The firm purchased 369,245 shares of the business services provider's stock, valued at approximately $12,064,000. Price T Rowe Associates Inc. MD owned about 0.30% of Paymentus at the end of the most recent quarter.

Several other institutional investors have also added to or reduced their stakes in the company. Dark Forest Capital Management LP bought a new stake in Paymentus in the 4th quarter valued at about $259,000. State of Tennessee Department of Treasury bought a new stake in shares of Paymentus in the fourth quarter valued at approximately $144,000. Tower Research Capital LLC TRC grew its position in Paymentus by 2,037.7% during the fourth quarter. Tower Research Capital LLC TRC now owns 6,413 shares of the business services provider's stock worth $210,000 after buying an additional 6,113 shares in the last quarter. Capital International Investors increased its stake in Paymentus by 25.6% during the 4th quarter. Capital International Investors now owns 4,362,065 shares of the business services provider's stock worth $142,509,000 after acquiring an additional 888,914 shares during the period. Finally, Marshall Wace LLP raised its holdings in Paymentus by 3.8% in the 4th quarter. Marshall Wace LLP now owns 213,862 shares of the business services provider's stock valued at $6,987,000 after acquiring an additional 7,880 shares in the last quarter. 78.38% of the stock is currently owned by institutional investors.

Insider Activity

In other Paymentus news, General Counsel Andrew A. Gerber sold 3,070 shares of Paymentus stock in a transaction dated Tuesday, February 18th. The stock was sold at an average price of $31.98, for a total transaction of $98,178.60. Following the completion of the transaction, the general counsel now owns 94,855 shares of the company's stock, valued at $3,033,462.90. The trade was a 3.14 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CFO Sanjay Kalra sold 15,794 shares of the company's stock in a transaction that occurred on Tuesday, February 18th. The stock was sold at an average price of $31.99, for a total transaction of $505,250.06. Following the sale, the chief financial officer now directly owns 466,035 shares in the company, valued at $14,908,459.65. This trade represents a 3.28 % decrease in their position. The disclosure for this sale can be found here. Insiders own 87.76% of the company's stock.

Paymentus Price Performance

Shares of Paymentus stock traded up $0.92 during trading hours on Tuesday, hitting $35.05. 1,082,921 shares of the company's stock traded hands, compared to its average volume of 343,509. The company has a fifty day simple moving average of $28.27 and a 200-day simple moving average of $30.38. The stock has a market capitalization of $4.38 billion, a price-to-earnings ratio of 113.06 and a beta of 1.61. Paymentus Holdings, Inc. has a 12-month low of $16.94 and a 12-month high of $38.94.

Analysts Set New Price Targets

Several brokerages have recently commented on PAY. The Goldman Sachs Group boosted their target price on shares of Paymentus from $28.00 to $34.00 and gave the company a "neutral" rating in a research report on Tuesday. Robert W. Baird raised their target price on Paymentus from $30.00 to $36.00 and gave the company an "outperform" rating in a report on Tuesday. Wedbush reissued an "outperform" rating and set a $38.00 price target on shares of Paymentus in a report on Wednesday, March 12th. StockNews.com raised Paymentus from a "sell" rating to a "hold" rating in a research note on Thursday, May 1st. Finally, Wells Fargo & Company boosted their target price on Paymentus from $27.00 to $33.00 and gave the stock an "equal weight" rating in a research note on Thursday, January 16th. Six investment analysts have rated the stock with a hold rating, two have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of "Hold" and a consensus target price of $33.00.

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.