Atria Wealth Solutions Inc. Takes $279,000 Position in Paymentus Holdings, Inc. (NYSE:PAY)

Key Points

• Atria Wealth Solutions Inc. acquired 10,689 shares of Paymentus Holdings, Inc. for approximately $279,000 in the first quarter, marking a significant investment in the business services provider.
• The company reported an EPS of $0.15 in its last earnings announcement, exceeding the consensus estimate of $0.14, and its revenue increased by 41.9% year-over-year.
• A number of brokerages have upgraded Paymentus' stock ratings recently, with analysts generally presenting a consensus rating of "Moderate Buy" and an average target price of $37.00.

Atria Wealth Solutions Inc. acquired a new position in Paymentus Holdings, Inc. (NYSE:PAY - Free Report) during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 10,689 shares of the business services provider's stock, valued at approximately $279,000.

A number of other hedge funds have also recently added to or reduced their stakes in PAY. Capital International Investors boosted its position in Paymentus by 25.6% during the fourth quarter. Capital International Investors now owns 4,362,065 shares of the business services provider's stock worth $142,509,000 after purchasing an additional 888,914 shares during the period. Driehaus Capital Management LLC bought a new stake in shares of Paymentus in the fourth quarter valued at approximately $24,568,000. TimesSquare Capital Management LLC boosted its position in shares of Paymentus by 63,516.9% in the first quarter. TimesSquare Capital Management LLC now owns 675,612 shares of the business services provider's stock valued at $17,633,000 after acquiring an additional 674,550 shares during the period. Invesco Ltd. boosted its position in shares of Paymentus by 246.2% in the fourth quarter. Invesco Ltd. now owns 579,459 shares of the business services provider's stock valued at $18,931,000 after acquiring an additional 412,095 shares during the period. Finally, Price T Rowe Associates Inc. MD bought a new stake in shares of Paymentus in the fourth quarter valued at approximately $12,064,000. Institutional investors and hedge funds own 78.38% of the company's stock.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on PAY. Raymond James Financial set a $38.00 price objective on Paymentus and gave the company an "outperform" rating in a research report on Tuesday, August 5th. Wall Street Zen raised Paymentus from a "hold" rating to a "buy" rating in a research report on Saturday, July 5th. Robert W. Baird increased their price objective on Paymentus from $36.00 to $40.00 and gave the company an "outperform" rating in a research report on Wednesday, June 4th. Wells Fargo & Company increased their price objective on Paymentus from $30.00 to $35.00 and gave the company an "equal weight" rating in a research report on Wednesday, May 7th. 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 research note on Tuesday, May 6th. Four analysts have rated the stock with a hold rating and five have given a buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $37.00.

Paymentus Stock Up 0.5%

Paymentus stock traded up $0.18 during mid-day trading on Friday, hitting $37.46. 482,956 shares of the company were exchanged, compared to its average volume of 766,656. The business has a fifty day moving average of $31.86 and a 200 day moving average of $31.43. Paymentus Holdings, Inc. has a 1-year low of $19.53 and a 1-year high of $40.43. The company has a market capitalization of $4.69 billion, a PE ratio of 87.12 and a beta of 1.54.

Paymentus (NYSE:PAY - Get Free Report) last released its quarterly earnings data on Monday, August 4th. The business services provider reported $0.15 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.14 by $0.01. Paymentus had a return on equity of 12.63% and a net margin of 5.37%. The firm had revenue of $280.08 million during the quarter, compared to analyst estimates of $262.78 million. During the same period in the prior year, the company posted $0.12 earnings per share. The business's revenue for the quarter was up 41.9% compared to the same quarter last year. Research analysts expect that Paymentus Holdings, Inc. will post 0.39 earnings per share for the current year.

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.