New York State Common Retirement Fund Acquires 91,950 Shares of Paymentus Holdings, Inc. (NYSE:PAY)

New York State Common Retirement Fund raised its stake in Paymentus Holdings, Inc. (NYSE:PAY - Free Report) by 120.1% in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 168,527 shares of the business services provider's stock after acquiring an additional 91,950 shares during the quarter. New York State Common Retirement Fund owned approximately 0.13% of Paymentus worth $4,399,000 at the end of the most recent quarter.

A number of other institutional investors also recently made changes to their positions in the stock. Bessemer Group Inc. acquired a new position in Paymentus in the first quarter valued at $108,000. Legal & General Group Plc grew its position in Paymentus by 40.1% during the fourth quarter. Legal & General Group Plc now owns 19,052 shares of the business services provider's stock valued at $622,000 after acquiring an additional 5,452 shares during the period. Mirae Asset Global Investments Co. Ltd. grew its position in 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 valued at $54,000 after acquiring an additional 1,990 shares during the period. Victory Capital Management Inc. acquired a new stake in Paymentus during the fourth quarter valued at approximately $215,000. Finally, Bank of America Corp DE grew its holdings in Paymentus by 83.9% in the 4th quarter. Bank of America Corp DE now owns 14,096 shares of the business services provider's stock worth $461,000 after buying an additional 6,429 shares in the last quarter. 78.38% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In related news, Director William Ingram sold 11,409 shares of Paymentus 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 sale, the director directly owned 73,963 shares of the company's stock, valued at $2,811,333.63. This trade represents a 13.36% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 75.43% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

Several equities research analysts have recently weighed in on PAY shares. Wedbush set a $40.00 price objective on Paymentus and gave the stock an "outperform" rating in a research note on Tuesday, May 6th. JPMorgan Chase & Co. increased their target price on Paymentus from $29.00 to $35.00 and gave the company a "neutral" rating in a report on Tuesday, May 6th. Wall Street Zen upgraded Paymentus from a "hold" rating to a "buy" rating in a report on Saturday, July 5th. The Goldman Sachs Group increased their target price on shares of Paymentus from $28.00 to $34.00 and gave the stock a "neutral" rating in a research report on Tuesday, May 6th. Finally, Robert W. Baird raised their price target on Paymentus from $36.00 to $40.00 and gave the company an "outperform" rating in a research report on Wednesday, June 4th. Four equities research analysts have rated the stock with a hold rating and four have given a buy rating to the company's stock. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $36.80.

Paymentus Stock Performance

Shares of NYSE:PAY traded down $0.50 during midday trading on Thursday, hitting $28.96. The company's stock had a trading volume of 129,216 shares, compared to its average volume of 535,619. Paymentus Holdings, Inc. has a fifty-two week low of $17.70 and a fifty-two week high of $40.43. The stock has a market capitalization of $3.62 billion, a price-to-earnings ratio of 74.26 and a beta of 1.56. The stock's 50 day simple moving average is $33.93 and its 200 day simple moving average is $31.30.

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.