Wakefield Asset Management LLLP Invests $875,000 in Paymentus Holdings, Inc. (NYSE:PAY)

Wakefield Asset Management LLLP acquired a new position in Paymentus Holdings, Inc. (NYSE:PAY - Free Report) during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor acquired 48,957 shares of the business services provider's stock, valued at approximately $875,000.

Several other hedge funds have also bought and sold shares of PAY. Deutsche Bank AG purchased a new stake in Paymentus in the 3rd quarter worth approximately $11,806,000. Capital International Investors lifted its position in shares of Paymentus by 43.2% during the 1st quarter. Capital International Investors now owns 1,637,137 shares of the business services provider's stock valued at $34,511,000 after buying an additional 494,137 shares in the last quarter. Lord Abbett & CO. LLC purchased a new position in shares of Paymentus during the 3rd quarter valued at approximately $8,026,000. Schonfeld Strategic Advisors LLC purchased a new position in shares of Paymentus during the 4th quarter valued at approximately $1,649,000. Finally, Invesco Ltd. purchased a new position in shares of Paymentus during the 3rd quarter valued at approximately $2,656,000. Hedge funds and other institutional investors own 12.55% of the company's stock.

Analysts Set New Price Targets

A number of research analysts have recently issued reports on the company. Wells Fargo & Company assumed coverage on Paymentus in a research report on Wednesday, January 17th. They set an "equal weight" rating and a $17.00 target price on the stock. JPMorgan Chase & Co. increased their target price on Paymentus from $17.00 to $19.00 and gave the company a "neutral" rating in a research report on Wednesday, March 6th. TheStreet lowered Paymentus from a "c-" rating to a "d+" rating in a research report on Thursday, February 15th. The Goldman Sachs Group increased their target price on Paymentus from $18.00 to $20.00 and gave the company a "neutral" rating in a research report on Tuesday, March 5th. Finally, Raymond James downgraded Paymentus from an "outperform" rating to a "market perform" rating in a research note on Thursday, March 14th. Nine analysts have rated the stock with a hold rating and one has assigned a buy rating to the company's stock. According to MarketBeat.com, the company presently has an average rating of "Hold" and a consensus price target of $17.00.

Paymentus Price Performance

NYSE PAY traded up $0.59 during mid-day trading on Monday, hitting $21.27. The stock had a trading volume of 469,892 shares, compared to its average volume of 307,552. Paymentus Holdings, Inc. has a twelve month low of $7.76 and a twelve month high of $25.21. The stock has a market capitalization of $2.64 billion, a price-to-earnings ratio of 118.17 and a beta of 1.51. The firm's 50 day moving average is $18.92 and its 200 day moving average is $17.33.

Paymentus (NYSE:PAY - Get Free Report) last issued its earnings results on Monday, March 4th. The business services provider reported $0.09 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.06 by $0.03. Paymentus had a return on equity of 7.42% and a net margin of 3.63%. The business had revenue of $164.80 million during the quarter, compared to the consensus estimate of $157.38 million. During the same period last year, the company earned $0.02 EPS. The company's revenue for the quarter was up 24.7% on a year-over-year basis. As a group, equities research analysts expect that Paymentus Holdings, Inc. will post 0.35 earnings per share for the current year.

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.