Paymentus Holdings, Inc. (NYSE:PAY) Stock Position Lifted by Balyasny Asset Management L.P.

Balyasny Asset Management L.P. boosted its position in shares of Paymentus Holdings, Inc. (NYSE:PAY - Free Report) by 50.1% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 25,471 shares of the business services provider's stock after acquiring an additional 8,497 shares during the period. Balyasny Asset Management L.P.'s holdings in Paymentus were worth $832,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Legal & General Group Plc boosted its position in shares of Paymentus by 40.1% during the 4th quarter. Legal & General Group Plc now owns 19,052 shares of the business services provider's stock valued at $622,000 after acquiring an additional 5,452 shares during the last quarter. Victory Capital Management Inc. purchased a new position in shares of Paymentus during the fourth quarter valued at $215,000. Barclays PLC increased its stake 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 valued at $101,000 after buying an additional 4,755 shares during the period. Teacher Retirement System of Texas purchased a new position in Paymentus in the fourth quarter valued at about $1,363,000. Finally, Vanguard Group Inc. lifted its holdings in shares of Paymentus by 17.9% during the 4th quarter. Vanguard Group Inc. now owns 1,796,659 shares of the business services provider's stock valued at $58,697,000 after purchasing an additional 273,027 shares during the last quarter. Institutional investors own 78.38% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities research analysts recently commented on the company. Robert W. Baird lifted their target price on Paymentus from $30.00 to $36.00 and gave the stock an "outperform" rating in a report on Tuesday, May 6th. The Goldman Sachs Group boosted their price objective on Paymentus from $28.00 to $34.00 and gave the company a "neutral" rating in a research report on Tuesday, May 6th. Wedbush set a $40.00 price target on Paymentus and gave the stock an "outperform" rating in a research report on Tuesday, May 6th. StockNews.com upgraded Paymentus from a "sell" rating to a "hold" rating in a report on Thursday, May 1st. Finally, JPMorgan Chase & Co. upped their target price on Paymentus from $29.00 to $35.00 and gave the company a "neutral" rating in a report on Tuesday, May 6th. Five research 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's stock. Based on data from MarketBeat, Paymentus currently has an average rating of "Moderate Buy" and a consensus target price of $36.00.

Insiders Place Their Bets

In related news, CFO Sanjay Kalra sold 15,794 shares of Paymentus 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 sale, the chief financial officer now directly owns 466,035 shares in the company, valued at $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 Securities & Exchange Commission, which is available through this link. Also, General Counsel Andrew A. Gerber sold 3,070 shares of the business'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 sale, the general counsel now owns 94,855 shares in the company, 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. Insiders have sold a total of 30,273 shares of company stock worth $1,037,085 in the last quarter. 75.43% of the stock is owned by company insiders.

Paymentus Stock Up 1.2%

NYSE PAY traded up $0.47 during trading hours on Monday, hitting $39.40. 727,714 shares of the company were exchanged, compared to its average volume of 478,897. The company has a 50 day moving average of $30.14 and a two-hundred day moving average of $31.17. Paymentus Holdings, Inc. has a 52-week low of $16.94 and a 52-week high of $40.43. The firm has a market cap of $4.93 billion, a price-to-earnings ratio of 127.10 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.