Wedge Capital Management L L P NC Purchases Shares of 83,130 Paymentus Holdings, Inc. $PAY

Key Points

• Wedge Capital Management initiated a position in Paymentus by purchasing 83,130 shares valued at approximately $2.0 million, while institutional investors collectively own 78.38% of the company.
• Analysts maintain a generally positive outlook, with Paymentus receiving a consensus “Moderate Buy” rating and an average price target of $38.67.
• Paymentus exceeded quarterly expectations, reporting $0.25 in EPS and $360.74 million in revenue, up 28.8% year over year; however, insiders sold 147,909 shares worth $5.74 million during the last quarter.

Wedge Capital Management L L P NC bought a new stake in Paymentus Holdings, Inc. (NYSE:PAY - Free Report) in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm bought 83,130 shares of the business services provider's stock, valued at approximately $2,008,000. Wedge Capital Management L L P NC owned 0.07% of Paymentus as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors have also recently bought and sold shares of PAY. Raymond James Financial Inc. boosted its position in shares of Paymentus by 0.7% during the 2nd quarter. Raymond James Financial Inc. now owns 55,991 shares of the business services provider's stock valued at $1,834,000 after acquiring an additional 413 shares in the last quarter. The Manufacturers Life Insurance Company grew its position in Paymentus by 7.2% during the 1st quarter. The Manufacturers Life Insurance Company now owns 9,943 shares of the business services provider's stock worth $253,000 after acquiring an additional 665 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in shares of Paymentus by 4.4% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 16,295 shares of the business services provider's stock worth $425,000 after purchasing an additional 683 shares during the last quarter. LVZ Inc. grew its holdings in Paymentus by 5.5% during the 1st quarter. LVZ Inc. now owns 13,760 shares of the business services provider's stock worth $350,000 after acquiring an additional 713 shares during the last quarter. Finally, OMERS ADMINISTRATION Corp increased its position in Paymentus by 6.9% in the 4th quarter. OMERS ADMINISTRATION Corp now owns 14,000 shares of the business services provider's stock valued at $442,000 after acquiring an additional 900 shares in the last quarter. Institutional investors and hedge funds own 78.38% of the company's stock.

Wall Street Analyst Weigh In

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

Insider Activity at Paymentus

In other Paymentus news, CFO Sanjay Kalra sold 2,909 shares of Paymentus stock in a transaction dated Wednesday, August 5th. The stock was sold at an average price of $40.25, for a total value of $117,087.25. Following the transaction, the chief financial officer owned 505,597 shares in the company, valued at $20,350,279.25. The trade was a 0.57% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Gary Trainor sold 80,000 shares of the company's stock in a transaction that occurred on Tuesday, August 4th. The stock was sold at an average price of $40.79, for a total transaction of $3,263,200.00. Following the transaction, the director owned 509,888 shares of the company's stock, valued at approximately $20,798,331.52. This represents a 13.56% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 147,909 shares of company stock worth $5,735,337 in the last quarter. 55.75% of the stock is currently owned by company insiders.

Paymentus Price Performance

PAY stock opened at $41.90 on Friday. Paymentus Holdings, Inc. has a one year low of $20.11 and a one year high of $45.31. The stock has a market cap of $5.27 billion, a price-to-earnings ratio of 63.49 and a beta of 1.29. The company has a fifty day moving average price of $29.03 and a two-hundred day moving average price of $26.60.

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

About Paymentus

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.

Want to see what other hedge funds are holding PAY? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Paymentus Holdings, Inc. (NYSE:PAY - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source