Palisades Investment Partners LLC Takes Position 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 and Exchange Commission (SEC). 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 portfolio, making the stock its 15th biggest holding. Palisades Investment Partners LLC owned approximately 0.16% of Paymentus as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also recently bought and sold shares of PAY. Capital International Investors boosted its position in Paymentus by 25.6% during 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 last quarter. Driehaus Capital Management LLC acquired a new stake in Paymentus during the fourth quarter worth approximately $24,568,000. Invesco Ltd. raised its stake in Paymentus by 246.2% during the fourth quarter. Invesco Ltd. now owns 579,459 shares of the business services provider's stock worth $18,931,000 after purchasing an additional 412,095 shares during the period. Price T Rowe Associates Inc. MD purchased a new position in Paymentus during the fourth quarter worth approximately $12,064,000. Finally, Adams Street Partners LLC purchased a new position in Paymentus during the fourth quarter worth approximately $8,953,000. Institutional investors and hedge funds own 78.38% of the company's stock.

Insider Activity at Paymentus

In other news, Director William Ingram sold 11,409 shares of Paymentus stock in a transaction dated 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 directly owned 73,963 shares of the company's stock, valued at approximately $2,811,333.63. The trade was a 13.36% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Company insiders own 75.43% of the company's stock.

Paymentus Stock Down 1.5%

Shares of PAY stock traded down $0.45 during mid-day trading on Friday, reaching $28.86. The company's stock had a trading volume of 110,095 shares, compared to its average volume of 419,368. The company's 50 day simple moving average is $35.18 and its 200-day simple moving average is $31.55. Paymentus Holdings, Inc. has a 12-month low of $17.70 and a 12-month high of $40.43. The firm has a market capitalization of $3.61 billion, a PE ratio of 74.09 and a beta of 1.56.

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on the stock. Wedbush set a $40.00 price target on shares of Paymentus and gave the stock an "outperform" rating in a research note on Tuesday, May 6th. Robert W. Baird increased their price target on shares of Paymentus from $36.00 to $40.00 and gave the stock an "outperform" rating in a research note on Wednesday, June 4th. 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 raised their target price on shares of Paymentus from $28.00 to $34.00 and gave the company a "neutral" rating in a research note on Tuesday, May 6th. Finally, JPMorgan Chase & Co. raised 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 analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and an average target price of $36.80.

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.