Legato Capital Management LLC Increases Position in Paymentus Holdings, Inc. (NYSE:PAY)

Legato Capital Management LLC lifted its holdings in shares of Paymentus Holdings, Inc. (NYSE:PAY - Free Report) by 49.5% during the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. 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 SEC filing.

Other hedge funds have also made changes to their positions in the company. Park Square Financial Group LLC purchased a new position in shares of Paymentus in the 4th quarter worth $32,000. Mirae Asset Global Investments Co. Ltd. raised its position in shares of Paymentus by 2,763.9% in the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,062 shares of the business services provider's stock worth $54,000 after buying an additional 1,990 shares during the period. Deutsche Bank AG purchased a new position in shares of Paymentus in the 4th quarter worth $73,000. Bessemer Group Inc. purchased a new position in shares of Paymentus in the 1st quarter worth $108,000. Finally, KLP Kapitalforvaltning AS purchased a new position in shares of Paymentus in the 4th quarter worth $137,000. Institutional investors and hedge funds own 78.38% of the company's stock.

Paymentus Trading Down 0.8%

NYSE:PAY traded down $0.24 during mid-day trading on Friday, hitting $28.61. The company had a trading volume of 387,048 shares, compared to its average volume of 563,610. The business has a fifty day simple moving average of $33.73 and a 200-day simple moving average of $31.27. Paymentus Holdings, Inc. has a 1 year low of $17.70 and a 1 year high of $40.43. The firm has a market capitalization of $3.58 billion, a price-to-earnings ratio of 73.36 and a beta of 1.56.

Insider Buying and Selling

In other Paymentus news, Director William Ingram sold 11,409 shares of the firm's stock in a transaction dated Monday, May 12th. The stock was sold at an average price of $38.01, for a total value of $433,656.09. Following the transaction, the director directly owned 73,963 shares of the company's stock, 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 document filed with the SEC, which is available through this hyperlink. 75.43% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

Several brokerages recently weighed in on PAY. Wells Fargo & Company increased their target price on Paymentus from $30.00 to $35.00 and gave the stock an "equal weight" rating in a research report on Wednesday, May 7th. Wedbush set a $40.00 target price on Paymentus and gave the stock an "outperform" rating in a research report on Tuesday, May 6th. Wall Street Zen raised Paymentus from a "hold" rating to a "buy" rating in a research report on Saturday, July 5th. JPMorgan Chase & Co. increased their target price on Paymentus from $29.00 to $35.00 and gave the stock a "neutral" rating in a research report on Tuesday, May 6th. Finally, The Goldman Sachs Group increased their target price on Paymentus from $28.00 to $34.00 and gave the stock a "neutral" rating in a research report on Tuesday, May 6th. Four equities research analysts have rated the stock with a hold rating and four have given a buy rating to the company's stock. According to MarketBeat, Paymentus presently has a consensus rating of "Moderate Buy" and a consensus target price of $36.80.

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.