Teacher Retirement System of Texas Lowers Stock Holdings in Paymentus Holdings, Inc. (NYSE:PAY)

Teacher Retirement System of Texas cut its stake in Paymentus Holdings, Inc. (NYSE:PAY - Free Report) by 64.1% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 14,991 shares of the business services provider's stock after selling 26,721 shares during the quarter. Teacher Retirement System of Texas' holdings in Paymentus were worth $391,000 at the end of the most recent reporting period.

A number of other large investors also recently bought and sold shares of PAY. Bank of New York Mellon Corp increased its position in shares of Paymentus by 13.0% in the fourth quarter. Bank of New York Mellon Corp now owns 39,832 shares of the business services provider's stock valued at $1,301,000 after buying an additional 4,571 shares in the last quarter. Charles Schwab Investment Management Inc. acquired a new position in shares of Paymentus during the 4th quarter worth approximately $286,000. Victory Capital Management Inc. acquired a new position in shares of Paymentus during the 4th quarter worth approximately $215,000. Raymond James Financial Inc. acquired a new position in shares of Paymentus during the 4th quarter worth approximately $3,109,000. Finally, HighTower Advisors LLC acquired a new position in shares of Paymentus during the 4th quarter worth approximately $591,000. 78.38% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on the company. Wedbush set a $40.00 target price on Paymentus and gave the stock an "outperform" rating in a research note on Tuesday, May 6th. Wall Street Zen upgraded Paymentus from a "hold" rating to a "buy" rating in a research report on Saturday, July 5th. The Goldman Sachs Group boosted their price target on Paymentus from $28.00 to $34.00 and gave the stock a "neutral" rating in a research report on Tuesday, May 6th. JPMorgan Chase & Co. upped their target price on Paymentus from $29.00 to $35.00 and gave the company a "neutral" rating in a report on Tuesday, May 6th. Finally, Robert W. Baird increased their price target on Paymentus from $36.00 to $40.00 and gave the stock an "outperform" rating in a report on Wednesday, June 4th. Four investment analysts have rated the stock with a hold rating and three have given a buy rating to the company's stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Hold" and an average target price of $36.80.

Paymentus Stock Performance

PAY stock traded up $0.36 during mid-day trading on Monday, reaching $29.32. The company had a trading volume of 367,409 shares, compared to its average volume of 432,590. The company has a market capitalization of $3.67 billion, a price-to-earnings ratio of 75.19 and a beta of 1.56. The firm has a fifty day simple moving average of $34.44 and a 200 day simple moving average of $31.36. Paymentus Holdings, Inc. has a fifty-two week low of $17.70 and a fifty-two week high of $40.43.

Insider Transactions at Paymentus

In other 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 transaction of $433,656.09. Following the sale, the director owned 73,963 shares of the company's stock, valued at approximately $2,811,333.63. This trade represents a 13.36% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 87.76% of the stock is owned by corporate insiders.

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.