Price T Rowe Associates Inc. MD Invests $12.06 Million in Paymentus Holdings, Inc. (NYSE:PAY)

Price T Rowe Associates Inc. MD purchased a new stake in shares of Paymentus Holdings, Inc. (NYSE:PAY - Free Report) during the 4th quarter, according to the company in its most recent filing with the SEC. The fund 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 as of its most recent filing with the SEC.

Several other large investors have also added to or reduced their stakes in the company. Barclays PLC lifted its holdings in shares of Paymentus by 1,569.3% during the third quarter. Barclays PLC now owns 5,058 shares of the business services provider's stock worth $101,000 after purchasing an additional 4,755 shares during the period. Geode Capital Management LLC increased its stake in shares of Paymentus by 2.6% in the third quarter. Geode Capital Management LLC now owns 206,140 shares of the business services provider's stock worth $4,129,000 after acquiring an additional 5,127 shares during the period. JPMorgan Chase & Co. grew its position in Paymentus by 13.0% during the 3rd quarter. JPMorgan Chase & Co. now owns 709,650 shares of the business services provider's stock worth $14,207,000 after purchasing an additional 81,853 shares during the period. CHURCHILL MANAGEMENT Corp purchased a new position in shares of Paymentus during the 4th quarter valued at about $963,000. Finally, R Squared Ltd acquired a new position in shares of Paymentus in the 4th quarter valued at about $43,000. Hedge funds and other institutional investors own 78.38% of the company's stock.

Paymentus Trading Up 1.6 %

PAY traded up $0.55 on Thursday, hitting $35.87. 160,398 shares of the company's stock were exchanged, compared to its average volume of 339,300. The firm has a 50-day moving average price of $28.58 and a 200-day moving average price of $30.45. The stock has a market cap of $4.48 billion, a price-to-earnings ratio of 115.71 and a beta of 1.61. Paymentus Holdings, Inc. has a fifty-two week low of $16.94 and a fifty-two week high of $38.94.

Insider Activity at Paymentus

In other Paymentus news, CFO Sanjay Kalra sold 15,794 shares of the business's stock in a transaction 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 transaction, the chief financial officer now owns 466,035 shares of the company's stock, valued at approximately $14,908,459.65. The trade was a 3.28 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, General Counsel Andrew A. Gerber sold 3,070 shares of the company's stock in a transaction on Tuesday, February 18th. The shares were sold at an average price of $31.98, for a total value of $98,178.60. Following the completion of the sale, the general counsel now owns 94,855 shares of the company's stock, valued at approximately $3,033,462.90. The trade was a 3.14 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 87.76% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several research firms recently commented on PAY. The Goldman Sachs Group raised their target price on Paymentus from $28.00 to $34.00 and gave the stock a "neutral" rating in a report on Tuesday. Wedbush set a $40.00 price objective on shares of Paymentus and gave the stock an "outperform" rating in a research note on Tuesday. StockNews.com upgraded shares of Paymentus from a "sell" rating to a "hold" rating in a research note on Thursday, May 1st. JPMorgan Chase & Co. raised their price target on shares of Paymentus from $29.00 to $35.00 and gave the company a "neutral" rating in a research report on Tuesday. Finally, Robert W. Baird upped their price objective on shares of Paymentus from $30.00 to $36.00 and gave the stock an "outperform" rating in a research report on Tuesday. Five analysts have rated the stock with a hold rating, two have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, Paymentus presently has a consensus rating of "Moderate Buy" and a consensus target price of $36.00.

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.