Legato Capital Management LLC Has $1.72 Million Position in Paymentus Holdings, Inc. (NYSE:PAY)

Legato Capital Management LLC grew its holdings in Paymentus Holdings, Inc. (NYSE:PAY - Free Report) by 49.5% during the 1st quarter, according to the company in its most recent disclosure with the SEC. The fund owned 66,009 shares of the business services provider's stock after purchasing an additional 21,851 shares during the quarter. Legato Capital Management LLC owned about 0.05% of Paymentus worth $1,723,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors also recently made changes to their positions in PAY. Park Square Financial Group LLC acquired a new stake in Paymentus during the fourth quarter worth about $32,000. Mirae Asset Global Investments Co. Ltd. boosted its position 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 acquiring an additional 1,990 shares in the last quarter. Deutsche Bank AG bought a new stake in Paymentus in the fourth quarter valued at about $73,000. Bessemer Group Inc. acquired a new position in Paymentus in the first quarter worth about $108,000. Finally, KLP Kapitalforvaltning AS acquired a new stake in Paymentus during the fourth quarter valued at approximately $137,000. 78.38% of the stock is owned by institutional investors and hedge funds.

Paymentus Price Performance

Shares of NYSE:PAY traded down $0.24 during midday trading on Friday, reaching $28.61. The company's stock had a trading volume of 387,041 shares, compared to its average volume of 534,624. Paymentus Holdings, Inc. has a fifty-two week low of $17.70 and a fifty-two week high of $40.43. The company has a market capitalization of $3.58 billion, a P/E ratio of 73.36 and a beta of 1.56. The business's fifty day simple moving average is $33.73 and its 200-day simple moving average is $31.27.

Analyst Ratings Changes

PAY has been the topic of several recent analyst reports. Wolfe Research raised Paymentus from a "peer perform" rating to an "outperform" rating in a research note on Tuesday. 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. Wall Street Zen raised Paymentus from a "hold" rating to a "buy" rating in a report on Saturday, July 5th. Finally, The Goldman Sachs Group lifted their price objective on Paymentus from $28.00 to $34.00 and gave the company a "neutral" rating in a report on Tuesday, May 6th. Four equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target of $36.80.

Insider Buying and Selling 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 value of $433,656.09. Following the completion of the sale, the director directly owned 73,963 shares in the company, valued at approximately $2,811,333.63. This trade represents a 13.36% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Company 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.