New York State Common Retirement Fund Raises Stock Position in Paymentus Holdings, Inc. (NYSE:PAY)

New York State Common Retirement Fund lifted its stake in Paymentus Holdings, Inc. (NYSE:PAY - Free Report) by 120.1% during the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor owned 168,527 shares of the business services provider's stock after buying 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 reporting period.

Several other hedge funds have also recently modified their holdings of the stock. Bank of New York Mellon Corp raised its stake in Paymentus by 13.0% during the fourth quarter. Bank of New York Mellon Corp now owns 39,832 shares of the business services provider's stock valued at $1,301,000 after purchasing an additional 4,571 shares in the last quarter. Charles Schwab Investment Management Inc. purchased a new stake in Paymentus during the fourth quarter valued at $286,000. Victory Capital Management Inc. purchased a new stake in Paymentus during the fourth quarter valued at $215,000. Raymond James Financial Inc. purchased a new stake in Paymentus during the fourth quarter valued at $3,109,000. Finally, HighTower Advisors LLC purchased a new stake in Paymentus during the fourth quarter valued at $591,000. Hedge funds and other institutional investors own 78.38% of the company's stock.

Insider Transactions 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 transaction of $433,656.09. Following the sale, the director owned 73,963 shares of the company's stock, valued at $2,811,333.63. The trade was a 13.36% decrease in their position. The sale 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 Stock Down 0.8%

Shares of NYSE PAY traded down $0.24 during midday trading on Friday, reaching $28.61. 387,048 shares of the stock were exchanged, compared to its average volume of 563,610. The firm has a market cap of $3.58 billion, a price-to-earnings 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 firm has a 50-day simple moving average of $33.73 and a two-hundred day simple moving average of $31.27.

Analysts Set New Price Targets

Several brokerages have recently weighed in on PAY. Wolfe Research raised shares of Paymentus from a "peer perform" rating to an "outperform" rating in a research note on Tuesday. Wall Street Zen raised shares of Paymentus from a "hold" rating to a "buy" rating in a research note on Saturday, July 5th. 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 research note on Wednesday, June 4th. Wells Fargo & Company increased their target price on shares of Paymentus from $30.00 to $35.00 and gave the company an "equal weight" rating in a research note on Wednesday, May 7th. Finally, JPMorgan Chase & Co. increased their target price on shares of Paymentus from $29.00 to $35.00 and gave the company a "neutral" rating in a research note on Tuesday, May 6th. Four investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average price target 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.