Dark Forest Capital Management LP Purchases New Position in Paymentus Holdings, Inc. (NYSE:PAY)

Dark Forest Capital Management LP bought a new position in shares of Paymentus Holdings, Inc. (NYSE:PAY - Free Report) during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor bought 7,919 shares of the business services provider's stock, valued at approximately $259,000.

A number of other large investors have also recently made changes to their positions in PAY. TimesSquare Capital Management LLC bought a new stake in Paymentus during the fourth quarter valued at approximately $35,000. R Squared Ltd purchased a new stake in Paymentus during the fourth quarter valued at about $43,000. Arcadia Investment Management Corp MI bought a new stake in Paymentus during the fourth quarter worth about $134,000. KLP Kapitalforvaltning AS purchased a new position in shares of Paymentus in the 4th quarter worth about $137,000. Finally, State of Tennessee Department of Treasury bought a new position in shares of Paymentus during the 4th quarter valued at about $144,000. 78.38% of the stock is owned by institutional investors.

Insider Activity

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

Paymentus Stock Up 3.3 %

Shares of NYSE:PAY traded up $1.12 during trading on Friday, hitting $34.57. The stock had a trading volume of 569,447 shares, compared to its average volume of 340,051. Paymentus Holdings, Inc. has a 12 month low of $16.94 and a 12 month high of $38.94. The company has a market capitalization of $4.32 billion, a PE ratio of 111.52 and a beta of 1.65. The firm's fifty day moving average is $27.96 and its 200 day moving average is $30.19.

Analyst Upgrades and Downgrades

Several analysts have issued reports on the company. StockNews.com raised Paymentus from a "sell" rating to a "hold" rating in a research note on Thursday. Robert W. Baird reduced their target price on shares of Paymentus from $36.00 to $30.00 and set an "outperform" rating on the stock in a report on Friday, April 4th. JPMorgan Chase & Co. decreased their target price on shares of Paymentus from $31.00 to $29.00 and set a "neutral" rating on the stock in a research report on Tuesday, March 11th. The Goldman Sachs Group set a $28.00 price objective on Paymentus and gave the company a "neutral" rating in a research note on Wednesday, April 2nd. Finally, Wells Fargo & Company boosted their price objective on Paymentus from $27.00 to $33.00 and gave the company an "equal weight" rating in a research report on Thursday, January 16th. Six investment analysts have rated the stock with a hold rating, two have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus target price of $30.00.

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.