Castleark Management LLC Invests $3.25 Million in Paymentus Holdings, Inc. (NYSE:PAY)

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

A number of other hedge funds have also recently bought and sold shares of PAY. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position in shares of Paymentus by 3.2% during the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 15,612 shares of the business services provider's stock worth $510,000 after buying an additional 484 shares during the period. Cetera Investment Advisers boosted its position in shares of Paymentus by 7.1% during the fourth quarter. Cetera Investment Advisers now owns 13,296 shares of the business services provider's stock worth $434,000 after purchasing an additional 883 shares in the last quarter. Swiss National Bank grew its holdings in shares of Paymentus by 2.7% in the 4th quarter. Swiss National Bank now owns 37,400 shares of the business services provider's stock valued at $1,222,000 after buying an additional 1,000 shares during the period. TimesSquare Capital Management LLC bought a new stake in shares of Paymentus in the 4th quarter valued at $35,000. Finally, R Squared Ltd bought a new position in Paymentus during the fourth quarter worth about $43,000. 78.38% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

PAY has been the subject of several research analyst reports. Robert W. Baird boosted their price objective on Paymentus from $30.00 to $36.00 and gave the company an "outperform" rating in a research report on Tuesday, May 6th. JPMorgan Chase & Co. upped their target price on shares of Paymentus from $29.00 to $35.00 and gave the company a "neutral" rating in a report on Tuesday, May 6th. Wells Fargo & Company upped their price target on shares of Paymentus from $30.00 to $35.00 and gave the company an "equal weight" rating in a research note on Wednesday, May 7th. The Goldman Sachs Group increased their target price on Paymentus from $28.00 to $34.00 and gave the stock a "neutral" rating in a research note on Tuesday, May 6th. Finally, Wedbush set a $40.00 price target on Paymentus and gave the company an "outperform" rating in a research note on Tuesday, May 6th. Five research 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 company's stock. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average price target of $36.00.

Insider Buying and Selling at Paymentus

In other news, Director William Ingram sold 11,409 shares of the company's stock in a transaction that occurred on Monday, May 12th. The stock was sold at an average price of $38.01, for a total value of $433,656.09. Following the completion of the transaction, the director now owns 73,963 shares of the company's stock, valued at $2,811,333.63. This represents a 13.36% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Company insiders own 75.43% of the company's stock.

Paymentus Stock Down 0.7%

Shares of NYSE:PAY traded down $0.26 during trading on Tuesday, reaching $36.91. 140,417 shares of the company traded hands, compared to its average volume of 358,582. Paymentus Holdings, Inc. has a 52 week low of $16.94 and a 52 week high of $40.43. The firm has a market capitalization of $4.62 billion, a PE ratio of 118.95 and a beta of 1.61. The company's 50 day moving average is $31.32 and its two-hundred day moving average is $31.70.

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.