Palisades Investment Partners LLC Invests $5.16 Million in Paymentus Holdings, Inc. (NYSE:PAY)

Palisades Investment Partners LLC bought a new stake in shares of Paymentus Holdings, Inc. (NYSE:PAY - Free Report) during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund bought 197,655 shares of the business services provider's stock, valued at approximately $5,159,000. Paymentus makes up approximately 2.6% of Palisades Investment Partners LLC's holdings, making the stock its 15th biggest position. Palisades Investment Partners LLC owned approximately 0.16% of Paymentus at the end of the most recent quarter.

Other large investors also recently modified their holdings of the company. Bessemer Group Inc. purchased a new position in shares of Paymentus in the 1st quarter worth $108,000. Legal & General Group Plc grew its stake in shares of Paymentus by 40.1% in the 4th quarter. Legal & General Group Plc now owns 19,052 shares of the business services provider's stock worth $622,000 after buying an additional 5,452 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. lifted its holdings 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 worth $54,000 after acquiring an additional 1,990 shares during the last quarter. Victory Capital Management Inc. purchased a new position in shares of Paymentus during the 4th quarter worth about $215,000. Finally, Bank of America Corp DE boosted its stake in shares of Paymentus by 83.9% during the 4th quarter. Bank of America Corp DE now owns 14,096 shares of the business services provider's stock worth $461,000 after purchasing an additional 6,429 shares during the period. Hedge funds and other institutional investors own 78.38% of the company's stock.

Insiders Place Their Bets

In other news, Director William Ingram sold 11,409 shares of the firm's stock in a transaction that occurred 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 completion of the transaction, the director owned 73,963 shares of the company's stock, valued at approximately $2,811,333.63. This trade represents a 13.36% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 75.43% of the stock is currently owned by company insiders.

Paymentus Stock Performance

Shares of NYSE PAY traded down $1.23 during mid-day trading on Thursday, reaching $29.27. The company's stock had a trading volume of 540,773 shares, compared to its average volume of 419,561. Paymentus Holdings, Inc. has a 1-year low of $17.70 and a 1-year high of $40.43. The stock has a 50-day moving average of $35.26 and a two-hundred day moving average of $31.57. The stock has a market capitalization of $3.66 billion, a P/E ratio of 75.05 and a beta of 1.56.

Wall Street Analyst Weigh In

A number of equities analysts recently commented on PAY shares. Wall Street Zen raised shares of Paymentus from a "hold" rating to a "buy" rating in a research note on Saturday, July 5th. The Goldman Sachs Group lifted their price objective on shares of Paymentus from $28.00 to $34.00 and gave the company a "neutral" rating in a report on Tuesday, May 6th. Wells Fargo & Company lifted their price objective on shares of Paymentus from $30.00 to $35.00 and gave the company an "equal weight" rating in a report on Wednesday, May 7th. Wedbush set a $40.00 price objective on shares of Paymentus and gave the company an "outperform" rating in a report on Tuesday, May 6th. Finally, Robert W. Baird boosted their price target on shares of Paymentus from $36.00 to $40.00 and gave the company an "outperform" rating in a report on Wednesday, June 4th. Four investment analysts have rated the stock with a hold rating, three have assigned a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus 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.