Paymentus Holdings, Inc. (NYSE:PAY) Shares Purchased by Invesco Ltd.

Invesco Ltd. lifted its holdings in shares of Paymentus Holdings, Inc. (NYSE:PAY - Free Report) by 246.2% during the 4th quarter, according to its most recent disclosure with the SEC. The institutional investor owned 579,459 shares of the business services provider's stock after purchasing an additional 412,095 shares during the quarter. Invesco Ltd. owned about 0.46% of Paymentus worth $18,931,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Wells Fargo & Company MN increased its position in shares of Paymentus by 374.5% during the fourth quarter. Wells Fargo & Company MN now owns 39,633 shares of the business services provider's stock worth $1,295,000 after acquiring an additional 31,280 shares during the period. Geode Capital Management LLC increased its holdings in Paymentus by 8.1% during the 4th quarter. Geode Capital Management LLC now owns 222,760 shares of the business services provider's stock worth $7,281,000 after purchasing an additional 16,620 shares during the period. Norges Bank acquired a new stake in Paymentus in the 4th quarter valued at about $3,091,000. JPMorgan Chase & Co. raised its position in Paymentus by 23.8% in the 4th quarter. JPMorgan Chase & Co. now owns 878,887 shares of the business services provider's stock valued at $28,713,000 after purchasing an additional 169,237 shares in the last quarter. Finally, EntryPoint Capital LLC purchased a new position in shares of Paymentus in the 4th quarter valued at about $205,000. Hedge funds and other institutional investors own 78.38% of the company's stock.

Insider Buying and Selling

In other news, CFO Sanjay Kalra sold 15,794 shares of the company's stock in a transaction dated Tuesday, February 18th. The shares were sold at an average price of $31.99, for a total value of $505,250.06. Following the completion of the sale, the chief financial officer now directly owns 466,035 shares of the company's stock, valued at approximately $14,908,459.65. This represents a 3.28 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, General Counsel Andrew A. Gerber sold 3,070 shares of the business's stock in a transaction dated Tuesday, February 18th. The shares were sold at an average price of $31.98, for a total value of $98,178.60. Following the completion of the transaction, the general counsel now owns 94,855 shares in the company, valued at $3,033,462.90. This trade represents a 3.14 % decrease in their position. The disclosure for this sale can be found here. 87.76% of the stock is currently owned by company insiders.

Paymentus Stock Performance

Shares of PAY stock traded up $0.77 during mid-day trading on Thursday, hitting $30.96. 27,559 shares of the stock were exchanged, compared to its average volume of 335,575. The stock's fifty day simple moving average is $27.71 and its two-hundred day simple moving average is $29.75. Paymentus Holdings, Inc. has a 12-month low of $16.94 and a 12-month high of $38.94. The stock has a market capitalization of $3.87 billion, a price-to-earnings ratio of 99.71 and a beta of 1.65.

Wall Street Analysts Forecast Growth

PAY has been the topic of several analyst reports. The Goldman Sachs Group set a $28.00 target price on shares of Paymentus and gave the company a "neutral" rating in a report on Wednesday, April 2nd. Wells Fargo & Company lifted their price objective on shares of Paymentus from $27.00 to $33.00 and gave the stock an "equal weight" rating in a research report on Thursday, January 16th. JPMorgan Chase & Co. dropped their target price on Paymentus from $31.00 to $29.00 and set a "neutral" rating on the stock in a report on Tuesday, March 11th. Wedbush reaffirmed an "outperform" rating and set a $38.00 price target on shares of Paymentus in a report on Wednesday, March 12th. Finally, Robert W. Baird dropped their price objective on Paymentus from $36.00 to $30.00 and set an "outperform" rating on the stock in a report on Friday, April 4th. One investment analyst has rated the stock with a sell rating, five have issued a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat.com, Paymentus currently has a consensus rating of "Hold" and a consensus target price of $30.00.

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.