Frontier Capital Management Co. LLC Acquires 69,896 Shares of Paymentus Holdings, Inc. (NYSE:PAY)

Frontier Capital Management Co. LLC lifted its stake in Paymentus Holdings, Inc. (NYSE:PAY - Free Report) by 119.0% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 128,633 shares of the business services provider's stock after buying an additional 69,896 shares during the period. Frontier Capital Management Co. LLC owned approximately 0.10% of Paymentus worth $4,202,000 as of its most recent SEC filing.

Other large investors have also recently modified their holdings of the company. Cetera Investment Advisers grew its stake in shares of Paymentus by 7.1% in the fourth quarter. Cetera Investment Advisers now owns 13,296 shares of the business services provider's stock worth $434,000 after purchasing an additional 883 shares during the last quarter. 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 worth $1,222,000 after purchasing an additional 1,000 shares during the last quarter. TimesSquare Capital Management LLC bought a new stake in shares of Paymentus in the fourth quarter worth about $35,000. R Squared Ltd bought a new stake in shares of Paymentus in the fourth quarter worth about $43,000. Finally, Deutsche Bank AG bought a new stake in shares of Paymentus in the fourth quarter worth about $73,000. Hedge funds and other institutional investors own 78.38% of the company's stock.

Paymentus Stock Up 3.5%

PAY stock traded up $1.28 during trading on Monday, reaching $38.13. The company's stock had a trading volume of 557,047 shares, compared to its average volume of 342,250. Paymentus Holdings, Inc. has a 1 year low of $16.94 and a 1 year high of $38.94. The company has a market capitalization of $4.76 billion, a P/E ratio of 122.98 and a beta of 1.61. The company's fifty day moving average is $29.24 and its 200-day moving average is $30.79.

Insider Buying and Selling at Paymentus

In other Paymentus news, CFO Sanjay Kalra sold 15,794 shares of the stock in a transaction dated Tuesday, February 18th. The shares were sold at an average price of $31.99, for a total transaction of $505,250.06. Following the completion of the transaction, the chief financial officer now owns 466,035 shares of the company's stock, valued at $14,908,459.65. This represents a 3.28% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, General Counsel Andrew A. Gerber sold 3,070 shares of the stock in a transaction dated Tuesday, February 18th. The shares were sold at an average price of $31.98, for a total transaction of $98,178.60. Following the transaction, the general counsel now directly owns 94,855 shares of the company's stock, 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. Insiders own 75.43% of the company's stock.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on PAY. JPMorgan Chase & Co. upped their target price on Paymentus from $29.00 to $35.00 and gave the stock a "neutral" rating in a report on Tuesday, May 6th. Wedbush set a $40.00 target price on Paymentus and gave the stock an "outperform" rating in a report on Tuesday, May 6th. The Goldman Sachs Group upped their target price on Paymentus from $28.00 to $34.00 and gave the stock a "neutral" rating in a report on Tuesday, May 6th. Wells Fargo & Company upped their target price on Paymentus from $30.00 to $35.00 and gave the stock an "equal weight" rating in a report on Wednesday, May 7th. Finally, Robert W. Baird upped their target price on Paymentus from $30.00 to $36.00 and gave the stock an "outperform" rating in a report on Tuesday, May 6th. Five investment analysts have rated the stock with a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, Paymentus presently has an average rating of "Moderate Buy" and an average price target of $36.00.

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.