Paymentus Holdings, Inc. (NYSE:PAY) Shares Sold by Millennium Management LLC

Millennium Management LLC cut its stake in Paymentus Holdings, Inc. (NYSE:PAY - Free Report) by 37.4% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 233,970 shares of the business services provider's stock after selling 139,595 shares during the period. Millennium Management LLC owned about 0.19% of Paymentus worth $7,644,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. TimesSquare Capital Management LLC purchased a new position in Paymentus in the fourth quarter valued at $35,000. R Squared Ltd acquired a new stake in Paymentus in the fourth quarter valued at $43,000. Deutsche Bank AG acquired a new stake in Paymentus in the fourth quarter valued at $73,000. Arcadia Investment Management Corp MI acquired a new stake in shares of Paymentus during the fourth quarter worth about $134,000. Finally, KLP Kapitalforvaltning AS acquired a new stake in shares of Paymentus during the fourth quarter worth about $137,000. 78.38% of the stock is currently owned by hedge funds and other institutional investors.

Paymentus Stock Up 0.1%

Shares of NYSE PAY traded up $0.02 on Friday, hitting $38.25. The company had a trading volume of 776,776 shares, compared to its average volume of 366,051. The firm has a market capitalization of $4.79 billion, a P/E ratio of 123.39 and a beta of 1.61. Paymentus Holdings, Inc. has a 12-month low of $16.94 and a 12-month high of $40.43. The business has a 50 day moving average of $32.12 and a two-hundred day moving average of $31.92.

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on the company. Robert W. Baird boosted their price target on Paymentus from $30.00 to $36.00 and gave the company an "outperform" rating in a research report on Tuesday, May 6th. Wall Street Zen upgraded Paymentus from a "sell" rating to a "hold" rating in a research report on Thursday, May 1st. JPMorgan Chase & Co. lifted their price objective on Paymentus from $29.00 to $35.00 and gave the company a "neutral" rating in a report on Tuesday, May 6th. The Goldman Sachs Group lifted their price objective on Paymentus from $28.00 to $34.00 and gave the company a "neutral" rating in a report on Tuesday, May 6th. Finally, Wedbush set a $40.00 price objective on Paymentus and gave the company an "outperform" rating in a report on Tuesday, May 6th. Five equities research analysts have rated the stock with a hold rating, two have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $36.00.

Insiders Place Their Bets

In other news, Director William Ingram sold 11,409 shares of the stock in a transaction that occurred on Monday, May 12th. The stock was sold at an average price of $38.01, for a total transaction of $433,656.09. Following the sale, the director now directly owns 73,963 shares in the company, valued at approximately $2,811,333.63. This represents a 13.36% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 75.43% of the stock is currently owned by company insiders.

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.