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

Palisades Investment Partners LLC bought a new position 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 & Exchange Commission. The firm bought 197,655 shares of the business services provider's stock, valued at approximately $5,159,000. Paymentus comprises 2.6% of Palisades Investment Partners LLC's holdings, making the stock its 15th largest holding. Palisades Investment Partners LLC owned approximately 0.16% of Paymentus as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Bessemer Group Inc. bought a new position in Paymentus during the first quarter worth about $108,000. Legal & General Group Plc lifted its holdings in shares of Paymentus by 40.1% during the 4th quarter. Legal & General Group Plc now owns 19,052 shares of the business services provider's stock valued at $622,000 after purchasing 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% during 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 in the last quarter. Victory Capital Management Inc. bought a new position in shares of Paymentus during the 4th quarter valued at about $215,000. Finally, Bank of America Corp DE lifted its holdings 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 valued at $461,000 after purchasing an additional 6,429 shares in the last quarter. Institutional investors own 78.38% of the company's stock.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on PAY. Wall Street Zen upgraded Paymentus from a "hold" rating to a "buy" rating in a report on Saturday. Robert W. Baird lifted their price objective on Paymentus from $36.00 to $40.00 and gave the company an "outperform" rating in a report on Wednesday, June 4th. Wedbush set a $40.00 price objective on Paymentus and gave the company an "outperform" rating in a report on Tuesday, May 6th. JPMorgan Chase & Co. lifted 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. Finally, Wells Fargo & Company lifted their price objective on Paymentus from $30.00 to $35.00 and gave the company an "equal weight" rating in a report on Wednesday, May 7th. Four research analysts have rated the stock with a hold rating, three have assigned a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $36.80.

Paymentus Stock Performance

NYSE PAY traded down $0.03 during trading on Wednesday, hitting $30.43. The stock had a trading volume of 566,562 shares, compared to its average volume of 419,076. The company has a market capitalization of $3.81 billion, a PE ratio of 78.03 and a beta of 1.56. The company's 50-day moving average price is $35.26 and its two-hundred day moving average price is $31.57. Paymentus Holdings, Inc. has a 12 month low of $17.70 and a 12 month high of $40.43.

Insider Buying and Selling

In other Paymentus news, Director William Ingram sold 11,409 shares of the business's stock in a transaction that occurred on Monday, May 12th. The stock was sold at an average price of $38.01, for a total value of $433,656.09. Following the sale, the director owned 73,963 shares in the company, valued at approximately $2,811,333.63. The trade was a 13.36% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders own 75.43% of the company's stock.

About Paymentus

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.