Lord Abbett & CO. LLC Reduces Holdings in Paymentus Holdings, Inc. (NYSE:PAY)

Lord Abbett & CO. LLC lessened its stake in Paymentus Holdings, Inc. (NYSE:PAY - Free Report) by 1.4% in the 4th quarter, according to its most recent filing with the SEC. The fund owned 575,556 shares of the business services provider's stock after selling 8,453 shares during the period. Lord Abbett & CO. LLC owned about 0.46% of Paymentus worth $18,803,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in PAY. Swiss National Bank grew its stake in shares of Paymentus by 2.7% in the fourth quarter. Swiss National Bank now owns 37,400 shares of the business services provider's stock valued at $1,222,000 after buying an additional 1,000 shares in the last quarter. TimesSquare Capital Management LLC acquired a new position in shares of Paymentus in the fourth quarter valued at approximately $35,000. R Squared Ltd acquired a new position in shares of Paymentus in the fourth quarter worth $43,000. Arcadia Investment Management Corp MI acquired a new position in Paymentus during the 4th quarter worth $134,000. Finally, KLP Kapitalforvaltning AS purchased a new stake in Paymentus during the 4th quarter worth about $137,000. Hedge funds and other institutional investors own 78.38% of the company's stock.

Insider Activity

In related news, General Counsel Andrew A. Gerber sold 3,070 shares of the firm'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 sale, 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 ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CFO Sanjay Kalra sold 15,794 shares of the business's stock in a transaction dated Tuesday, February 18th. The stock was sold at an average price of $31.99, for a total transaction of $505,250.06. Following the sale, the chief financial officer now directly owns 466,035 shares in the company, valued at approximately $14,908,459.65. This represents a 3.28 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 87.76% of the company's stock.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on PAY. The Goldman Sachs Group set a $28.00 price objective on Paymentus and gave the company a "neutral" rating in a research note on Wednesday, April 2nd. Wells Fargo & Company raised their price objective on shares of Paymentus from $27.00 to $33.00 and gave the company an "equal weight" rating in a report on Thursday, January 16th. JPMorgan Chase & Co. lowered their price objective on Paymentus from $31.00 to $29.00 and set a "neutral" rating for the company in a research report on Tuesday, March 11th. Robert W. Baird cut their price objective on shares of Paymentus from $36.00 to $30.00 and set an "outperform" rating on the stock in a report on Friday, April 4th. Finally, Wedbush restated an "outperform" rating and issued a $38.00 target price on shares of Paymentus in a report on Wednesday, March 12th. Six 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, Paymentus currently has an average rating of "Hold" and a consensus target price of $30.00.

Paymentus Trading Up 2.1 %

Shares of NYSE PAY traded up $0.69 during midday trading on Friday, reaching $34.14. 215,836 shares of the company were exchanged, compared to its average volume of 338,699. The stock has a market cap of $4.27 billion, a P/E ratio of 109.96 and a beta of 1.65. Paymentus Holdings, Inc. has a 1 year low of $16.94 and a 1 year high of $38.94. The stock has a fifty day simple moving average of $27.96 and a 200 day simple moving average of $30.19.

Paymentus 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.