Castleark Management LLC Acquires New Stake in Paymentus Holdings, Inc. (NYSE:PAY)

Castleark Management LLC acquired a new position in shares of Paymentus Holdings, Inc. (NYSE:PAY - Free Report) during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm acquired 99,500 shares of the business services provider's stock, valued at approximately $3,251,000. Castleark Management LLC owned about 0.08% of Paymentus as of its most recent SEC filing.

Other hedge funds and other institutional investors have also made changes to their positions in the company. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its stake in Paymentus by 34.7% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 46,308 shares of the business services provider's stock worth $1,513,000 after buying an additional 11,924 shares during the last quarter. Wolverine Trading LLC purchased a new position in shares of Paymentus during the 4th quarter worth about $291,000. Voloridge Investment Management LLC acquired a new stake in shares of Paymentus in the fourth quarter worth approximately $2,065,000. Two Sigma Investments LP grew its holdings in Paymentus by 28.1% in the fourth quarter. Two Sigma Investments LP now owns 92,918 shares of the business services provider's stock valued at $3,036,000 after purchasing an additional 20,410 shares during the period. Finally, Point72 Asset Management L.P. increased its position in Paymentus by 25.8% during the fourth quarter. Point72 Asset Management L.P. now owns 12,078 shares of the business services provider's stock worth $395,000 after purchasing an additional 2,478 shares during the last quarter. Hedge funds and other institutional investors own 78.38% of the company's stock.

Insider Activity at Paymentus

In related news, Director William Ingram sold 11,409 shares of the firm's 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 completion of the sale, the director now directly owns 73,963 shares of the company's stock, valued at approximately $2,811,333.63. This trade represents a 13.36% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 75.43% of the company's stock.

Paymentus Price Performance

Shares of PAY opened at $38.73 on Thursday. Paymentus Holdings, Inc. has a 12 month low of $16.94 and a 12 month high of $40.43. The stock's 50-day moving average is $30.74 and its two-hundred day moving average is $31.38. The stock has a market cap of $4.85 billion, a PE ratio of 124.94 and a beta of 1.61.

Analysts Set New Price Targets

A number of equities analysts have weighed in on the stock. Wedbush set a $40.00 price target on shares of Paymentus and gave the company an "outperform" rating in a report on Tuesday, May 6th. Wells Fargo & Company lifted their target price on Paymentus from $30.00 to $35.00 and gave the company an "equal weight" rating in a report on Wednesday, May 7th. The Goldman Sachs Group upped their price target on Paymentus from $28.00 to $34.00 and gave the stock a "neutral" rating in a research note on Tuesday, May 6th. Robert W. Baird lifted their price objective on Paymentus from $30.00 to $36.00 and gave the company an "outperform" rating in a research note on Tuesday, May 6th. Finally, StockNews.com upgraded Paymentus from a "sell" rating to a "hold" rating in a report on Thursday, May 1st. Five equities research analysts have rated the stock with a hold rating, two have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, Paymentus presently has a consensus rating of "Moderate Buy" and a consensus target price of $36.00.

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.

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