Navellier & Associates Inc. Cuts Stock Position in Paymentus Holdings, Inc. (NYSE:PAY)

Key Points

• Navellier & Associates Inc. reduced its stake in Paymentus Holdings by 16.8% in the first quarter, now owning 71,949 shares valued at approximately $1.88 million.
• Paymentus shares traded down 0.8% to $28.61, with a market capitalization of $3.58 billion and PE ratio of 73.36.
• Analysts have recently boosted their price targets for Paymentus, with estimates now ranging from $35.00 to $40.00, reflecting a consensus rating of "Moderate Buy."

Navellier & Associates Inc. decreased its position in Paymentus Holdings, Inc. (NYSE:PAY - Free Report) by 16.8% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 71,949 shares of the business services provider's stock after selling 14,575 shares during the quarter. Navellier & Associates Inc. owned 0.06% of Paymentus worth $1,878,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Park Square Financial Group LLC purchased a new stake in shares of Paymentus during the fourth quarter worth $32,000. Mirae Asset Global Investments Co. Ltd. grew its stake in shares of Paymentus by 2,763.9% during the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,062 shares of the business services provider's stock worth $54,000 after purchasing an additional 1,990 shares in the last quarter. Deutsche Bank AG acquired a new position in Paymentus in the fourth quarter valued at $73,000. Bessemer Group Inc. acquired a new position in Paymentus in the first quarter valued at $108,000. Finally, KLP Kapitalforvaltning AS acquired a new position in Paymentus in the fourth quarter valued at $137,000. Hedge funds and other institutional investors own 78.38% of the company's stock.

Insider Buying and Selling at Paymentus

In other Paymentus news, Director William Ingram sold 11,409 shares of Paymentus stock in a transaction on Monday, May 12th. The shares were sold at an average price of $38.01, for a total value of $433,656.09. Following the transaction, the director owned 73,963 shares in the company, valued at $2,811,333.63. This trade represents a 13.36% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 87.76% of the stock is currently owned by company insiders.

Paymentus Trading Up 1.3%

Shares of PAY traded up $0.36 during mid-day trading on Monday, reaching $28.98. The company had a trading volume of 105,277 shares, compared to its average volume of 532,483. The stock has a market cap of $3.63 billion, a price-to-earnings ratio of 74.31 and a beta of 1.56. The firm has a fifty day simple moving average of $33.53 and a 200-day simple moving average of $31.24. Paymentus Holdings, Inc. has a fifty-two week low of $17.70 and a fifty-two week high of $40.43.

Wall Street Analyst Weigh In

A number of equities research analysts have recently commented on PAY shares. The Goldman Sachs Group upped 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 increased their target price on shares of Paymentus from $36.00 to $40.00 and gave the company an "outperform" rating in a report on Wednesday, June 4th. Wolfe Research raised shares of Paymentus from a "peer perform" rating to an "outperform" rating in a report on Tuesday, July 22nd. Wall Street Zen upgraded shares of Paymentus from a "hold" rating to a "buy" rating in a research report on Saturday, July 5th. Finally, JPMorgan Chase & Co. increased their price target on shares of Paymentus from $29.00 to $35.00 and gave the company a "neutral" rating in a research report on Tuesday, May 6th. Four analysts have rated the stock with a hold rating and four have issued a buy rating to the company. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $36.80.

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.