Voloridge Investment Management LLC Buys New Position in Paymentus Holdings, Inc. (NYSE:PAY)

Voloridge Investment Management LLC bought a new stake in Paymentus Holdings, Inc. (NYSE:PAY - Free Report) during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund bought 63,212 shares of the business services provider's stock, valued at approximately $2,065,000. Voloridge Investment Management LLC owned 0.05% of Paymentus as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also bought and sold shares of PAY. Capital International Investors raised its position in shares of Paymentus by 25.6% in the 4th quarter. Capital International Investors now owns 4,362,065 shares of the business services provider's stock worth $142,509,000 after acquiring an additional 888,914 shares in the last quarter. Driehaus Capital Management LLC acquired a new stake in Paymentus during the fourth quarter worth approximately $24,568,000. Invesco Ltd. grew its stake in Paymentus by 246.2% during the fourth quarter. Invesco Ltd. now owns 579,459 shares of the business services provider's stock worth $18,931,000 after purchasing an additional 412,095 shares during the period. Price T Rowe Associates Inc. MD bought a new stake in Paymentus in the fourth quarter worth approximately $12,064,000. Finally, Adams Street Partners LLC acquired a new position in Paymentus in the fourth quarter valued at approximately $8,953,000. Institutional investors and hedge funds own 78.38% of the company's stock.

Analysts Set New Price Targets

Several analysts have recently commented on PAY shares. The Goldman Sachs Group raised their price objective on shares of Paymentus from $28.00 to $34.00 and gave the stock a "neutral" rating in a research report on Tuesday, May 6th. JPMorgan Chase & Co. increased their target price on shares of Paymentus from $29.00 to $35.00 and gave the stock a "neutral" rating in a research note on Tuesday, May 6th. Wedbush set a $40.00 price target on shares of Paymentus and gave the company an "outperform" rating in a research note on Tuesday, May 6th. Wells Fargo & Company upped their price objective 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. Finally, Robert W. Baird increased 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, May 6th. Five research analysts have rated the stock with a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average price target of $36.00.

Paymentus Trading Up 3.7%

NYSE PAY traded up $1.43 during mid-day trading on Monday, hitting $39.62. The company's stock had a trading volume of 877,743 shares, compared to its average volume of 368,094. The firm has a market capitalization of $4.96 billion, a price-to-earnings ratio of 127.80 and a beta of 1.61. The company's 50 day simple moving average is $32.35 and its 200 day simple moving average is $31.96. Paymentus Holdings, Inc. has a twelve month low of $16.94 and a twelve month high of $40.43.

Insiders Place Their Bets

In other news, Director William Ingram sold 11,409 shares of Paymentus stock in a transaction dated Monday, May 12th. The shares were sold at an average price of $38.01, for a total transaction of $433,656.09. Following the completion of the transaction, the director now directly owns 73,963 shares in the company, valued at $2,811,333.63. This trade represents a 13.36% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Corporate insiders own 75.43% of the company's stock.

Paymentus Company 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.