Calamos Advisors LLC Acquires New Holdings in Paymentus Holdings, Inc. (NYSE:PAY)

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

Other institutional investors and hedge funds have also made changes to their positions in the company. Bank of New York Mellon Corp lifted its position in shares of Paymentus by 13.0% during the fourth quarter. Bank of New York Mellon Corp now owns 39,832 shares of the business services provider's stock worth $1,301,000 after purchasing an additional 4,571 shares in the last quarter. Charles Schwab Investment Management Inc. purchased a new stake in Paymentus during the 4th quarter worth approximately $286,000. Victory Capital Management Inc. acquired a new stake in Paymentus during the 4th quarter worth approximately $215,000. Raymond James Financial Inc. purchased a new position in Paymentus in the 4th quarter valued at approximately $3,109,000. Finally, Bay Colony Advisory Group Inc d b a Bay Colony Advisors acquired a new position in shares of Paymentus in the fourth quarter worth $273,000. 78.38% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other news, Director William Ingram sold 11,409 shares of the firm's stock in a transaction dated Monday, May 12th. The stock was sold at an average price of $38.01, for a total transaction of $433,656.09. Following the completion of the sale, the director directly owned 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 legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Company insiders own 87.76% of the company's stock.

Paymentus Trading Down 1.6%

Shares of Paymentus stock traded down $0.51 during mid-day trading on Tuesday, hitting $30.40. 451,989 shares of the stock were exchanged, compared to its average volume of 416,492. Paymentus Holdings, Inc. has a twelve month low of $17.70 and a twelve month high of $40.43. The stock has a market capitalization of $3.80 billion, a price-to-earnings ratio of 77.95 and a beta of 1.56. The company has a 50-day simple moving average of $35.35 and a 200 day simple moving average of $31.59.

Wall Street Analyst Weigh In

Several brokerages have weighed in on PAY. Robert W. Baird upped their price target on Paymentus from $36.00 to $40.00 and gave the stock an "outperform" rating in a report on Wednesday, June 4th. Wells Fargo & Company boosted their price target on shares of Paymentus from $30.00 to $35.00 and gave the stock an "equal weight" rating in a report on Wednesday, May 7th. Wall Street Zen upgraded shares of Paymentus from a "hold" rating to a "buy" rating in a report on Saturday. Wedbush set a $40.00 price target on shares of Paymentus and gave the stock an "outperform" rating in a report on Tuesday, May 6th. Finally, JPMorgan Chase & Co. boosted their price target on shares of Paymentus from $29.00 to $35.00 and gave the stock a "neutral" rating in a report on Tuesday, May 6th. Four analysts have rated the stock with a hold rating, three have given a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus price target of $36.80.

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.