Wolverine Trading LLC Acquires Shares of 8,740 Paymentus Holdings, Inc. (NYSE:PAY)

Wolverine Trading LLC purchased a new stake in Paymentus Holdings, Inc. (NYSE:PAY - Free Report) in the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm purchased 8,740 shares of the business services provider's stock, valued at approximately $291,000.

Several other institutional investors have also modified their holdings of PAY. Legal & General Group Plc increased its stake in Paymentus by 40.1% in the fourth quarter. Legal & General Group Plc now owns 19,052 shares of the business services provider's stock worth $622,000 after purchasing an additional 5,452 shares during the period. Victory Capital Management Inc. purchased a new position in Paymentus in the fourth quarter worth $215,000. Cetera Investment Advisers increased its position in Paymentus by 7.1% during the 4th quarter. Cetera Investment Advisers now owns 13,296 shares of the business services provider's stock valued at $434,000 after buying an additional 883 shares in the last quarter. Teacher Retirement System of Texas purchased a new position in shares of Paymentus in the 4th quarter valued at approximately $1,363,000. Finally, Vanguard Group Inc. grew its holdings in shares of Paymentus by 17.9% during the fourth quarter. Vanguard Group Inc. now owns 1,796,659 shares of the business services provider's stock valued at $58,697,000 after buying an additional 273,027 shares during the last quarter. 78.38% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several equities research analysts have commented on PAY shares. Robert W. Baird upped their price objective on Paymentus from $36.00 to $40.00 and gave the stock an "outperform" rating in a research report on Wednesday. The Goldman Sachs Group upped their target price on shares of Paymentus from $28.00 to $34.00 and gave the stock a "neutral" rating in a report on Tuesday, May 6th. Wall Street Zen raised shares of Paymentus from a "sell" rating to a "hold" rating in a research report on Thursday, May 1st. JPMorgan Chase & Co. increased their price objective on Paymentus from $29.00 to $35.00 and gave the stock a "neutral" rating in a research report on Tuesday, May 6th. Finally, Wells Fargo & Company upped their price objective on shares of Paymentus from $30.00 to $35.00 and gave the stock an "equal weight" rating in a report on Wednesday, May 7th. Five analysts have rated the stock with a hold rating, two have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $36.80.

Insider Buying and Selling

In other Paymentus news, Director William Ingram sold 11,409 shares of the 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 sale, the director now directly owns 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 sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 75.43% of the stock is currently owned by company insiders.

Paymentus Price Performance

PAY traded down $0.49 during trading hours on Wednesday, reaching $38.23. 742,144 shares of the stock traded hands, compared to its average volume of 374,243. Paymentus Holdings, Inc. has a fifty-two week low of $16.94 and a fifty-two week high of $40.43. The firm's fifty day simple moving average is $32.82 and its two-hundred day simple moving average is $32.05. The company has a market cap of $4.78 billion, a price-to-earnings ratio of 123.32 and a beta of 1.61.

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.