Geode Capital Management LLC Buys 16,620 Shares of Paymentus Holdings, Inc. (NYSE:PAY)

Geode Capital Management LLC grew its stake in Paymentus Holdings, Inc. (NYSE:PAY - Free Report) by 8.1% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 222,760 shares of the business services provider's stock after purchasing an additional 16,620 shares during the period. Geode Capital Management LLC owned approximately 0.18% of Paymentus worth $7,281,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Swiss National Bank grew its position 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 purchasing an additional 1,000 shares in the last quarter. TimesSquare Capital Management LLC purchased a new position in Paymentus during the fourth quarter valued at $35,000. R Squared Ltd bought a new stake in Paymentus during the 4th quarter valued at about $43,000. Arcadia Investment Management Corp MI bought a new stake in shares of Paymentus in the fourth quarter worth approximately $134,000. Finally, KLP Kapitalforvaltning AS bought a new position in shares of Paymentus in the 4th quarter worth approximately $137,000. 78.38% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at Paymentus

In other Paymentus news, CFO Sanjay Kalra sold 15,794 shares of the firm's stock in a transaction on Tuesday, February 18th. The stock was sold at an average price of $31.99, for a total value 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 trade represents a 3.28 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, General Counsel Andrew A. Gerber sold 3,070 shares of the business's stock in a transaction dated Tuesday, February 18th. The stock was sold at an average price of $31.98, for a total transaction of $98,178.60. Following 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 disclosure for this sale can be found here. Company insiders own 87.76% of the company's stock.

Analyst Ratings Changes

A number of brokerages recently commented on PAY. StockNews.com lowered Paymentus from a "hold" rating to a "sell" rating in a research note on Friday, April 4th. Wedbush reaffirmed an "outperform" rating and issued a $38.00 price objective on shares of Paymentus in a research note on Wednesday, March 12th. The Goldman Sachs Group set a $28.00 price target on Paymentus and gave the company a "neutral" rating in a report on Wednesday, April 2nd. 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, Wells Fargo & Company lifted their price target on Paymentus from $27.00 to $33.00 and gave the stock an "equal weight" rating in a research report on Thursday, January 16th. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating, two have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, Paymentus currently has a consensus rating of "Hold" and an average target price of $30.00.

Paymentus Price Performance

NYSE:PAY traded down $0.14 during trading hours on Wednesday, reaching $32.53. 312,703 shares of the company traded hands, compared to its average volume of 337,411. Paymentus Holdings, Inc. has a 1-year low of $16.94 and a 1-year high of $38.94. The firm's 50-day moving average is $27.85 and its 200-day moving average is $30.12. The stock has a market cap of $4.07 billion, a P/E ratio of 104.94 and a beta of 1.65.

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.