Paymentus Holdings, Inc. (NYSE:PAY) Given Average Recommendation of "Moderate Buy" by Brokerages

Shares of Paymentus Holdings, Inc. (NYSE:PAY - Get Free Report) have been given an average recommendation of "Moderate Buy" by the seven analysts that are currently covering the firm, Marketbeat reports. Four research analysts have rated the stock with a hold recommendation, two have given a buy recommendation and one has issued a strong buy recommendation on the company. The average 1-year price target among brokerages that have issued a report on the stock in the last year is $36.80.

A number of research firms recently issued reports on PAY. Wells Fargo & Company raised their target price on shares of Paymentus from $30.00 to $35.00 and gave the company an "equal weight" rating in a research note on Wednesday, May 7th. The Goldman Sachs Group raised their target price on shares of Paymentus from $28.00 to $34.00 and gave the company a "neutral" rating in a research note on Tuesday, May 6th. Wall Street Zen lowered shares of Paymentus from a "buy" rating to a "hold" rating in a research note on Friday. JPMorgan Chase & Co. raised their target price on shares of Paymentus from $29.00 to $35.00 and gave the company a "neutral" rating in a research note on Tuesday, May 6th. Finally, Robert W. Baird raised their price target on shares of Paymentus from $36.00 to $40.00 and gave the stock an "outperform" rating in a research report on Wednesday, June 4th.

Paymentus Price Performance

NYSE:PAY traded down $1.52 during midday trading on Wednesday, reaching $32.20. The stock had a trading volume of 587,864 shares, compared to its average volume of 405,505. Paymentus has a 1-year low of $17.70 and a 1-year high of $40.43. The firm's fifty day simple moving average is $35.20 and its 200-day simple moving average is $31.73. The stock has a market capitalization of $4.03 billion, a P/E ratio of 82.56 and a beta of 1.65.

Insiders Place Their Bets

In other Paymentus news, Director William Ingram sold 11,409 shares of the firm's stock in a transaction on Monday, May 12th. The shares were 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 in the company, valued at $2,811,333.63. This trade represents a 13.36% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Company insiders own 75.43% of the company's stock.

Hedge Funds Weigh In On Paymentus

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Goldman Sachs Group Inc. lifted its holdings in shares of Paymentus by 275.8% during the 1st quarter. Goldman Sachs Group Inc. now owns 571,917 shares of the business services provider's stock worth $14,927,000 after acquiring an additional 419,736 shares during the period. Dynamic Technology Lab Private Ltd bought a new position in shares of Paymentus during the 1st quarter worth about $471,000. Millennium Management LLC lifted its holdings in shares of Paymentus by 4.2% during the 1st quarter. Millennium Management LLC now owns 243,860 shares of the business services provider's stock worth $6,365,000 after acquiring an additional 9,890 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its holdings in shares of Paymentus by 4.4% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 16,295 shares of the business services provider's stock worth $425,000 after acquiring an additional 683 shares during the period. Finally, Advisors Asset Management Inc. lifted its holdings in shares of Paymentus by 23.9% during the 1st quarter. Advisors Asset Management Inc. now owns 3,450 shares of the business services provider's stock worth $90,000 after acquiring an additional 665 shares during the period. 78.38% of the stock is owned by institutional investors.

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.