Algert Global LLC Reduces Stock Holdings in Paymentus Holdings, Inc. (NYSE:PAY)

Algert Global LLC trimmed its holdings in shares of Paymentus Holdings, Inc. (NYSE:PAY - Free Report) by 33.5% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 85,680 shares of the business services provider's stock after selling 43,113 shares during the quarter. Algert Global LLC owned approximately 0.07% of Paymentus worth $2,799,000 at the end of the most recent quarter.

Several other large investors also recently added to or reduced their stakes in the business. TimesSquare Capital Management LLC purchased a new position in shares of Paymentus during the 4th quarter worth $35,000. R Squared Ltd bought a new position in Paymentus in the 4th quarter worth $43,000. Arcadia Investment Management Corp MI bought a new position in Paymentus in the 4th quarter worth $134,000. KLP Kapitalforvaltning AS purchased a new position in Paymentus during the fourth quarter valued at $137,000. Finally, State of Tennessee Department of Treasury purchased a new position in Paymentus during the fourth quarter valued at $144,000. 78.38% of the stock is currently owned by institutional investors.

Insider Transactions at Paymentus

In other Paymentus news, CFO Sanjay Kalra sold 15,794 shares of the stock in a transaction dated 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 transaction, the chief financial officer now owns 466,035 shares of the company's stock, valued at $14,908,459.65. This 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 the SEC website. Also, Director William Ingram sold 11,409 shares of the firm's stock in a transaction that occurred on Monday, May 12th. The shares were sold at an average price of $38.01, for a total value of $433,656.09. Following the transaction, the director now owns 73,963 shares of the company's stock, valued at $2,811,333.63. This represents a 13.36% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 30,273 shares of company stock valued at $1,037,085. 75.43% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

A number of analysts have commented on the company. Robert W. Baird upped their price target on Paymentus from $30.00 to $36.00 and gave the stock an "outperform" rating in a research report on Tuesday, May 6th. Wedbush set a $40.00 target price on shares of Paymentus and gave the stock an "outperform" rating in a report on Tuesday, May 6th. Wells Fargo & Company lifted their price target on shares of Paymentus from $30.00 to $35.00 and gave the company an "equal weight" rating in a report on Wednesday, May 7th. The Goldman Sachs Group increased their price objective on shares of Paymentus from $28.00 to $34.00 and gave the stock a "neutral" rating in a research note on Tuesday, May 6th. Finally, StockNews.com upgraded shares of Paymentus from a "sell" rating to a "hold" rating in a research note on Thursday, May 1st. Five research analysts have rated the stock with a hold rating, two have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, Paymentus has a consensus rating of "Moderate Buy" and a consensus price target of $36.00.

Paymentus Stock Up 0.7%

PAY stock traded up $0.26 during midday trading on Tuesday, hitting $38.46. The company's stock had a trading volume of 112,577 shares, compared to its average volume of 341,361. Paymentus Holdings, Inc. has a 12 month low of $16.94 and a 12 month high of $38.94. The company has a 50 day moving average of $29.24 and a two-hundred day moving average of $30.79. The firm has a market capitalization of $4.81 billion, a price-to-earnings ratio of 124.06 and a beta of 1.61.

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.