D. E. Shaw & Co. Inc. Cuts Stake in Paymentus Holdings, Inc. (NYSE:PAY)

D. E. Shaw & Co. Inc. cut its stake in Paymentus Holdings, Inc. (NYSE:PAY - Free Report) by 74.4% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 10,200 shares of the business services provider's stock after selling 29,607 shares during the period. D. E. Shaw & Co. Inc.'s holdings in Paymentus were worth $333,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also bought and sold shares of PAY. R Squared Ltd purchased a new stake in Paymentus in the fourth quarter worth about $43,000. Entropy Technologies LP purchased a new position in shares of Paymentus during the fourth quarter valued at approximately $337,000. D.A. Davidson & CO. purchased a new position in shares of Paymentus during the fourth quarter valued at approximately $328,000. TimesSquare Capital Management LLC purchased a new position in shares of Paymentus during the fourth quarter valued at approximately $35,000. Finally, Arcadia Investment Management Corp MI purchased a new position in shares of Paymentus during the fourth quarter valued at approximately $134,000. 78.38% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on the stock. The Goldman Sachs Group lifted their target price on shares of Paymentus from $28.00 to $34.00 and gave the company a "neutral" rating in a report on Tuesday, May 6th. Robert W. Baird lifted their target price on shares of Paymentus from $30.00 to $36.00 and gave the stock an "outperform" rating in a research report on Tuesday, May 6th. Wedbush set a $40.00 target price on shares of Paymentus and gave the company an "outperform" rating in a research note on Tuesday, May 6th. 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 research note on Wednesday, May 7th. Finally, Wall Street Zen upgraded shares of Paymentus from a "sell" rating to a "hold" rating in a research note on Thursday, May 1st. Five investment 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. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $36.00.

Insider Activity

In related news, Director William Ingram sold 11,409 shares of the 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 now directly owns 73,963 shares of the company's stock, valued at $2,811,333.63. This represents a 13.36% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Corporate insiders own 75.43% of the company's stock.

Paymentus Price Performance

Shares of NYSE PAY traded up $1.37 during mid-day trading on Thursday, hitting $38.23. 663,778 shares of the company's stock traded hands, compared to its average volume of 361,685. The company's 50-day moving average is $31.71 and its two-hundred day moving average is $31.77. The company has a market capitalization of $4.78 billion, a P/E ratio of 123.32 and a beta of 1.61. Paymentus Holdings, Inc. has a 1 year low of $16.94 and a 1 year high of $40.43.

Paymentus 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.