Wasatch Advisors LP Has $149.51 Million Stock Position in Paymentus Holdings, Inc. $PAY

Key Points

• Wasatch Advisors cut its Paymentus position by 21.6% in the second quarter, selling 1.71 million shares and retaining 6.19 million shares worth approximately $149.5 million, or 4.92% of the company.
• Analysts maintain a “Moderate Buy” consensus on Paymentus, with an average price target of $38.67; targets range from $36 to $44, while the stock recently opened at $40.74.
• Paymentus exceeded quarterly expectations, reporting adjusted earnings of $0.25 per share versus $0.19 expected and revenue of $360.7 million, up 28.8% year over year.

Wasatch Advisors LP cut its holdings in shares of Paymentus Holdings, Inc. (NYSE:PAY - Free Report) by 21.6% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 6,188,196 shares of the business services provider's stock after selling 1,708,700 shares during the period. Wasatch Advisors LP owned about 4.92% of Paymentus worth $149,507,000 at the end of the most recent quarter.

A number of other large investors have also recently modified their holdings of PAY. Royal Bank of Canada raised its holdings in shares of Paymentus by 26.8% during the 1st quarter. Royal Bank of Canada now owns 183,144 shares of the business services provider's stock worth $4,780,000 after buying an additional 38,731 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its stake in Paymentus by 4.4% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 16,295 shares of the business services provider's stock valued at $425,000 after buying an additional 683 shares in the last quarter. Millennium Management LLC boosted its stake in Paymentus by 4.2% in the first quarter. Millennium Management LLC now owns 243,860 shares of the business services provider's stock valued at $6,365,000 after buying an additional 9,890 shares in the last quarter. Goldman Sachs Group Inc. grew its position in Paymentus by 275.8% in the first quarter. Goldman Sachs Group Inc. now owns 571,917 shares of the business services provider's stock valued at $14,927,000 after acquiring an additional 419,736 shares during the last quarter. Finally, Legal & General Group Plc grew its position in Paymentus by 34.7% in the second quarter. Legal & General Group Plc now owns 25,668 shares of the business services provider's stock valued at $841,000 after acquiring an additional 6,616 shares during the last quarter. Institutional investors and hedge funds own 78.38% of the company's stock.

Analysts Set New Price Targets

A number of research firms have recently commented on PAY. Weiss Ratings raised shares of Paymentus from a "hold (c)" rating to a "hold (c+)" rating in a report on Tuesday, August 4th. The Goldman Sachs Group lifted their price target on shares of Paymentus from $32.00 to $40.00 and gave the company a "neutral" rating in a report on Tuesday, August 4th. Wedbush upped their price objective on shares of Paymentus from $32.00 to $36.00 and gave the stock an "outperform" rating in a research report on Tuesday, May 5th. Wolfe Research reissued an "outperform" rating and issued a $44.00 price objective on shares of Paymentus in a research note on Tuesday, August 4th. Finally, Robert W. Baird raised their target price on shares of Paymentus from $34.00 to $38.00 and gave the company a "neutral" rating in a research report on Tuesday, August 4th. One analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and four have given a Hold rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $38.67.

Paymentus Stock Up 4.5%

Shares of PAY opened at $40.74 on Wednesday. The stock has a market cap of $5.12 billion, a PE ratio of 61.73 and a beta of 1.28. Paymentus Holdings, Inc. has a 12-month low of $20.11 and a 12-month high of $45.31. The business has a 50-day simple moving average of $27.79 and a two-hundred day simple moving average of $26.33.

Paymentus (NYSE:PAY - Get Free Report) last announced its quarterly earnings results on Monday, August 3rd. The business services provider reported $0.25 EPS for the quarter, beating analysts' consensus estimates of $0.19 by $0.06. Paymentus had a return on equity of 15.26% and a net margin of 6.24%.The firm had revenue of $360.74 million for the quarter, compared to analyst estimates of $345.44 million. During the same period last year, the firm posted $0.11 earnings per share. The business's revenue for the quarter was up 28.8% on a year-over-year basis. On average, equities research analysts expect that Paymentus Holdings, Inc. will post 0.77 EPS for the current year.

Insider Activity at Paymentus

In other news, CFO Sanjay Kalra sold 2,909 shares of the firm's stock in a transaction on Wednesday, August 5th. The shares were sold at an average price of $40.25, for a total transaction of $117,087.25. Following the completion of the transaction, the chief financial officer owned 505,597 shares of the company's stock, valued at approximately $20,350,279.25. This trade represents a 0.57% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Gary Trainor sold 80,000 shares of the firm's stock in a transaction on Tuesday, August 4th. The shares were sold at an average price of $40.79, for a total transaction of $3,263,200.00. Following the transaction, the director directly owned 509,888 shares of the company's stock, valued at $20,798,331.52. The trade was a 13.56% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders have sold 147,909 shares of company stock worth $5,735,337. 55.75% of the stock is owned by corporate insiders.

Paymentus Profile

Paymentus is a U.S.-based financial technology company that specializes in cloud-native bill payment and presentment solutions. Its platform enables businesses and government entities to manage the entire payment lifecycle, from electronic bill presentment and real-time payment processing to reconciliation and reporting. Through web portals, mobile applications, interactive voice response (IVR) systems and in-person channels, Paymentus helps clients streamline accounts receivable operations, enhance customer engagement and reduce operational costs.

Founded in 2004 and headquartered in Wilmington, Delaware, Paymentus has built a modular suite of services that can be tailored to the needs of various industries.

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