Norges Bank Makes New $3.09 Million Investment in Paymentus Holdings, Inc. (NYSE:PAY)

Norges Bank purchased a new stake in shares of Paymentus Holdings, Inc. (NYSE:PAY - Free Report) in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor purchased 94,600 shares of the business services provider's stock, valued at approximately $3,091,000. Norges Bank owned about 0.08% of Paymentus as of its most recent SEC filing.

Several other institutional investors have also added to or reduced their stakes in the company. JPMorgan Chase & Co. raised its stake in shares of Paymentus by 23.8% during the fourth quarter. JPMorgan Chase & Co. now owns 878,887 shares of the business services provider's stock valued at $28,713,000 after acquiring an additional 169,237 shares during the last quarter. EntryPoint Capital LLC purchased a new stake in Paymentus in the 4th quarter worth approximately $205,000. Vanguard Group Inc. grew its position in shares of Paymentus by 17.9% in the 4th quarter. Vanguard Group Inc. now owns 1,796,659 shares of the business services provider's stock worth $58,697,000 after buying an additional 273,027 shares during the last quarter. KLP Kapitalforvaltning AS purchased a new position in shares of Paymentus during the fourth quarter valued at approximately $137,000. Finally, Sei Investments Co. bought a new position in shares of Paymentus during the fourth quarter valued at approximately $604,000. Hedge funds and other institutional investors own 78.38% of the company's stock.

Paymentus Price Performance

NYSE PAY traded down $0.82 during trading hours on Wednesday, hitting $29.25. The company's stock had a trading volume of 37,460 shares, compared to its average volume of 332,756. Paymentus Holdings, Inc. has a 12 month low of $16.94 and a 12 month high of $38.94. The company's 50 day simple moving average is $27.95 and its two-hundred day simple moving average is $29.44. The company has a market cap of $3.66 billion, a P/E ratio of 94.33 and a beta of 1.65.

Insider Activity

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

Wall Street Analyst Weigh In

PAY has been the subject of several research reports. Wedbush restated an "outperform" rating and issued a $38.00 price objective on shares of Paymentus in a report on Wednesday, March 12th. The Goldman Sachs Group set a $28.00 target price on Paymentus and gave the company a "neutral" rating in a research note on Wednesday, April 2nd. Robert W. Baird lowered their price objective on Paymentus from $36.00 to $30.00 and set an "outperform" rating for the company in a research report on Friday, April 4th. JPMorgan Chase & Co. reduced 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. Finally, StockNews.com cut shares of Paymentus from a "hold" rating to a "sell" rating in a report on Friday, April 4th. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating, two have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of "Hold" and an average price target of $30.00.

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.