Paymentus Holdings, Inc. (NYSE:PAY) Stake Reduced by Navellier & Associates Inc.

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. lessened its holdings in Paymentus Holdings, Inc. (NYSE:PAY - Free Report) by 16.8% in the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor 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 at the end of the most recent reporting period.

Other institutional investors have also added to or reduced their stakes in the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its position in Paymentus by 3.2% during the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 15,612 shares of the business services provider's stock valued at $510,000 after acquiring an additional 484 shares in the last quarter. Cetera Investment Advisers boosted its stake in 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 buying an additional 883 shares during the last quarter. Park Square Financial Group LLC acquired a new position in Paymentus during the fourth quarter worth $32,000. Swiss National Bank lifted its stake 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 purchasing an additional 1,000 shares during the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. lifted its stake in shares of Paymentus by 2,763.9% in the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,062 shares of the business services provider's stock valued at $54,000 after purchasing an additional 1,990 shares during the last quarter. Institutional investors and hedge funds own 78.38% of the company's stock.

Paymentus Trading Down 0.8%

Shares of NYSE PAY traded down $0.24 during trading on Friday, reaching $28.61. The company had a trading volume of 387,048 shares, compared to its average volume of 563,610. The stock has a market capitalization of $3.58 billion, a PE ratio of 73.36 and a beta of 1.56. Paymentus Holdings, Inc. has a twelve month low of $17.70 and a twelve month high of $40.43. The stock has a 50-day moving average price of $33.73 and a two-hundred day moving average price of $31.27.

Insider Activity at Paymentus

In other Paymentus news, Director William Ingram sold 11,409 shares of the business's stock in a transaction dated Monday, May 12th. The stock was sold at an average price of $38.01, for a total transaction of $433,656.09. Following the completion of the sale, the director owned 73,963 shares of the company's stock, valued at approximately $2,811,333.63. The trade was a 13.36% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 75.43% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

Several research firms recently issued reports on PAY. JPMorgan Chase & Co. boosted 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. Wells Fargo & Company raised their price target on Paymentus from $30.00 to $35.00 and gave the stock an "equal weight" rating in a research note on Wednesday, May 7th. Robert W. Baird raised their price target on Paymentus from $36.00 to $40.00 and gave the stock an "outperform" rating in a research note on Wednesday, June 4th. Wall Street Zen raised Paymentus from a "hold" rating to a "buy" rating in a research report on Saturday, July 5th. Finally, Wolfe Research raised Paymentus from a "peer perform" rating to an "outperform" rating in a report on Tuesday. Four equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the company. According to MarketBeat, Paymentus presently has a consensus rating of "Moderate Buy" and an average price target of $36.80.

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.