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

Voloridge Investment Management LLC acquired a new stake in Paymentus Holdings, Inc. (NYSE:PAY - Free Report) during the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm acquired 63,212 shares of the business services provider's stock, valued at approximately $2,065,000. Voloridge Investment Management LLC owned about 0.05% of Paymentus at the end of the most recent reporting period.

Other hedge funds have also added to or reduced their stakes in the company. TimesSquare Capital Management LLC bought a new position in Paymentus in the fourth quarter valued at approximately $35,000. R Squared Ltd bought a new position in Paymentus in the fourth quarter valued at approximately $43,000. Deutsche Bank AG bought a new position in Paymentus in the fourth quarter valued at approximately $73,000. Arcadia Investment Management Corp MI bought a new position in Paymentus in the fourth quarter valued at approximately $134,000. Finally, KLP Kapitalforvaltning AS bought a new position in Paymentus in the fourth quarter valued at approximately $137,000. 78.38% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of analysts have weighed in on PAY shares. JPMorgan Chase & Co. boosted 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. Wall Street Zen raised shares of Paymentus from a "sell" rating to a "hold" rating in a research note on Thursday, May 1st. The Goldman Sachs Group boosted their target price 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. Wedbush set a $40.00 target price on shares of Paymentus and gave the stock an "outperform" rating in a research note on Tuesday, May 6th. Finally, Wells Fargo & Company boosted their target price on shares of Paymentus from $30.00 to $35.00 and gave the stock an "equal weight" rating in a research note on Wednesday, May 7th. Five investment analysts have rated the stock with a hold rating, two have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, Paymentus presently has a consensus rating of "Moderate Buy" and an average target price of $36.00.

Paymentus Stock Performance

Shares of NYSE:PAY traded up $0.02 during mid-day trading on Friday, reaching $38.25. 776,776 shares of the company's stock were exchanged, compared to its average volume of 366,051. The firm has a market capitalization of $4.79 billion, a price-to-earnings ratio of 123.39 and a beta of 1.61. The business's fifty day moving average price is $32.12 and its 200-day moving average price is $31.92. Paymentus Holdings, Inc. has a twelve month low of $16.94 and a twelve month high of $40.43.

Insider Transactions at Paymentus

In other news, Director William Ingram sold 11,409 shares of Paymentus stock in a transaction on Monday, May 12th. The shares were sold at an average price of $38.01, for a total transaction of $433,656.09. Following the transaction, the director now owns 73,963 shares in the company, valued at approximately $2,811,333.63. The trade was a 13.36% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 75.43% of the stock is owned by company insiders.

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.