Palisades Investment Partners LLC Purchases Shares of 197,655 Paymentus Holdings, Inc. (NYSE:PAY)

Palisades Investment Partners LLC purchased a new stake in Paymentus Holdings, Inc. (NYSE:PAY - Free Report) in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor purchased 197,655 shares of the business services provider's stock, valued at approximately $5,159,000. Paymentus makes up 2.6% of Palisades Investment Partners LLC's investment portfolio, 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.

A number of other large investors have also made changes to their positions in the stock. Capital International Investors grew its position in Paymentus by 25.6% in the fourth quarter. Capital International Investors now owns 4,362,065 shares of the business services provider's stock worth $142,509,000 after acquiring an additional 888,914 shares during the period. Vanguard Group Inc. grew its position in Paymentus by 17.9% in the fourth quarter. Vanguard Group Inc. now owns 1,796,659 shares of the business services provider's stock worth $58,697,000 after acquiring an additional 273,027 shares during the period. JPMorgan Chase & Co. grew its position in Paymentus by 23.8% in the fourth quarter. JPMorgan Chase & Co. now owns 878,887 shares of the business services provider's stock worth $28,713,000 after acquiring an additional 169,237 shares during the period. Driehaus Capital Management LLC purchased a new position in Paymentus in the fourth quarter worth approximately $24,568,000. Finally, Invesco Ltd. grew its position in Paymentus by 246.2% in the fourth quarter. Invesco Ltd. now owns 579,459 shares of the business services provider's stock worth $18,931,000 after acquiring an additional 412,095 shares during the period. 78.38% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several research analysts recently weighed in on the company. JPMorgan Chase & Co. increased their price objective on Paymentus from $29.00 to $35.00 and gave the stock a "neutral" rating in a research report on Tuesday, May 6th. Wedbush set a $40.00 price objective on Paymentus and gave the stock an "outperform" rating in a research report on Tuesday, May 6th. Wall Street Zen upgraded Paymentus from a "hold" rating to a "buy" rating in a research report on Saturday. Wells Fargo & Company increased their price objective on Paymentus from $30.00 to $35.00 and gave the stock an "equal weight" rating in a research report on Wednesday, May 7th. Finally, 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 report on Wednesday, June 4th. Four investment analysts have rated the stock with a hold rating, three have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average price target of $36.80.

Paymentus Stock Performance

Shares of PAY traded down $0.51 during midday trading on Tuesday, hitting $30.40. 451,989 shares of the stock were exchanged, compared to its average volume of 416,492. Paymentus Holdings, Inc. has a 52-week low of $17.70 and a 52-week high of $40.43. The stock has a fifty day simple moving average of $35.35 and a 200 day simple moving average of $31.59. The firm has a market cap of $3.80 billion, a P/E ratio of 77.95 and a beta of 1.56.

Insider Activity at Paymentus

In other news, Director William Ingram sold 11,409 shares of the firm's stock in a transaction on 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 transaction, the director directly owned 73,963 shares in the company, 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 SEC, which is available at the SEC website. 87.76% of the stock is currently owned by corporate insiders.

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.