Calamos Advisors LLC Makes New $478,000 Investment in Paymentus Holdings, Inc. (NYSE:PAY)

Calamos Advisors LLC acquired a new position in shares of Paymentus Holdings, Inc. (NYSE:PAY - Free Report) in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund acquired 18,311 shares of the business services provider's stock, valued at approximately $478,000.

Other hedge funds also recently made changes to their positions in the company. Park Square Financial Group LLC purchased a new position in Paymentus in the 4th quarter worth $32,000. Mirae Asset Global Investments Co. Ltd. increased its position in shares of Paymentus by 2,763.9% in the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,062 shares of the business services provider's stock valued at $54,000 after acquiring an additional 1,990 shares during the period. Deutsche Bank AG bought a new position in shares of Paymentus during the fourth quarter valued at about $73,000. Bessemer Group Inc. bought a new position in shares of Paymentus during the first quarter valued at about $108,000. Finally, KLP Kapitalforvaltning AS bought a new position in shares of Paymentus during the fourth quarter valued at about $137,000. 78.38% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on PAY. JPMorgan Chase & Co. upped their price objective on shares of Paymentus from $29.00 to $35.00 and gave the company a "neutral" rating in a research note on Tuesday, May 6th. Wall Street Zen upgraded shares of Paymentus from a "hold" rating to a "buy" rating in a research report on Saturday, July 5th. The Goldman Sachs Group boosted their price target on shares of Paymentus from $28.00 to $34.00 and gave the company a "neutral" rating in a research report on Tuesday, May 6th. Wells Fargo & Company boosted their price target on shares of Paymentus from $30.00 to $35.00 and gave the company an "equal weight" rating in a research report on Wednesday, May 7th. Finally, Wedbush set a $40.00 price target on shares of Paymentus and gave the company an "outperform" rating in a research report on Tuesday, May 6th. Four investment analysts have rated the stock with a hold rating, three have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the company has an average rating of "Moderate Buy" and a consensus price target of $36.80.

Insiders Place Their Bets

In other Paymentus news, Director William Ingram sold 11,409 shares of the company's stock in a transaction dated Monday, May 12th. The shares were sold at an average price of $38.01, for a total value of $433,656.09. Following the sale, the director owned 73,963 shares in the company, valued at approximately $2,811,333.63. This represents a 13.36% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 75.43% of the company's stock.

Paymentus Trading Down 4.0%

PAY traded down $1.23 during midday trading on Thursday, reaching $29.27. The company's stock had a trading volume of 541,283 shares, compared to its average volume of 419,563. The firm has a market capitalization of $3.66 billion, a price-to-earnings ratio of 75.05 and a beta of 1.56. Paymentus Holdings, Inc. has a 1 year low of $17.70 and a 1 year high of $40.43. The stock's 50-day moving average is $35.26 and its 200-day moving average is $31.57.

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.