Palisades Investment Partners LLC Purchases New Position in Paymentus Holdings, Inc. (NYSE:PAY)

Palisades Investment Partners LLC purchased a new position in shares of Paymentus Holdings, Inc. (NYSE:PAY - Free Report) in the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm purchased 197,655 shares of the business services provider's stock, valued at approximately $5,159,000. Paymentus accounts for 2.6% of Palisades Investment Partners LLC's holdings, making the stock its 15th largest position. Palisades Investment Partners LLC owned about 0.16% of Paymentus as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors have also modified their holdings of the company. Bank of New York Mellon Corp grew its stake in shares of Paymentus by 12.8% in the first quarter. Bank of New York Mellon Corp now owns 44,935 shares of the business services provider's stock valued at $1,173,000 after buying an additional 5,103 shares in the last quarter. Calamos Advisors LLC acquired a new stake in shares of Paymentus in the first quarter valued at $478,000. Lisanti Capital Growth LLC acquired a new position in shares of Paymentus in the first quarter worth $3,423,000. Mirae Asset Global Investments Co. Ltd. grew its stake in shares of Paymentus by 2,763.9% in the first 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 in the last quarter. Finally, Bessemer Group Inc. acquired a new position in shares of Paymentus in the first quarter worth $108,000. 78.38% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Paymentus

In related news, Director William Ingram sold 11,409 shares of the business's stock in a transaction 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 sale, the director directly owned 73,963 shares of the company's stock, valued at $2,811,333.63. The trade was a 13.36% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 75.43% of the company's stock.

Analyst Ratings Changes

Several equities analysts have commented on the stock. The Goldman Sachs Group boosted their price target on shares of Paymentus from $28.00 to $34.00 and gave the stock a "neutral" rating in a research note on Tuesday, May 6th. Wells Fargo & Company boosted their price target on shares of Paymentus from $30.00 to $35.00 and gave the stock an "equal weight" rating in a research note on Wednesday, May 7th. Wall Street Zen upgraded shares of Paymentus from a "hold" rating to a "buy" rating in a research note on Saturday, July 5th. Robert W. Baird boosted 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. Finally, 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. Four investment analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of "Hold" and a consensus target price of $36.80.

Paymentus Trading Down 3.3%

Shares of PAY stock traded down $0.96 on Friday, reaching $28.34. 545,821 shares of the stock were exchanged, compared to its average volume of 422,227. The business's 50 day moving average price is $35.06 and its 200 day moving average price is $31.51. The company has a market capitalization of $3.55 billion, a price-to-earnings ratio of 72.67 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.

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.