JPMorgan Chase & Co. Raises Paymentus (NYSE:PAY) Price Target to $35.00

Paymentus (NYSE:PAY - Free Report) had its price objective upped by JPMorgan Chase & Co. from $29.00 to $35.00 in a research report report published on Tuesday morning,Benzinga reports. JPMorgan Chase & Co. currently has a neutral rating on the business services provider's stock.

Other equities analysts also recently issued reports about the stock. Wells Fargo & Company lifted their target price on shares of Paymentus from $27.00 to $33.00 and gave the stock an "equal weight" rating in a research note on Thursday, January 16th. The Goldman Sachs Group set a $28.00 price target on shares of Paymentus and gave the company a "neutral" rating in a research report on Wednesday, April 2nd. Robert W. Baird increased their price objective on Paymentus from $30.00 to $36.00 and gave the stock an "outperform" rating in a research report on Tuesday, May 6th. Wedbush reaffirmed an "outperform" rating and issued a $38.00 price target on shares of Paymentus in a research note on Wednesday, March 12th. Finally, StockNews.com raised Paymentus from a "sell" rating to a "hold" rating in a research report on Thursday, May 1st. Five equities research analysts have rated the stock with a hold rating, two have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $36.00.

Paymentus Price Performance

Paymentus stock traded down $0.06 during trading on Tuesday, reaching $36.90. 405,215 shares of the company were exchanged, compared to its average volume of 341,387. The stock's 50 day simple moving average is $28.99 and its two-hundred day simple moving average is $30.69. The company has a market capitalization of $4.61 billion, a P/E ratio of 119.03 and a beta of 1.61. Paymentus has a 52-week low of $16.94 and a 52-week high of $38.94.

Insider Buying and Selling

In other news, General Counsel Andrew A. Gerber sold 3,070 shares of the firm's stock in a transaction on Tuesday, February 18th. The shares were sold at an average price of $31.98, for a total value of $98,178.60. Following the sale, the general counsel now directly owns 94,855 shares in the company, valued at approximately $3,033,462.90. This trade represents a 3.14 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Sanjay Kalra sold 15,794 shares of the business's stock in a transaction on Tuesday, February 18th. The stock was sold at an average price of $31.99, for a total transaction of $505,250.06. Following the transaction, the chief financial officer now owns 466,035 shares of the company's stock, valued at approximately $14,908,459.65. The trade was a 3.28 % decrease in their position. The disclosure for this sale can be found here. 75.43% of the stock is owned by insiders.

Institutional Trading of Paymentus

A number of institutional investors have recently bought and sold shares of PAY. JPMorgan Chase & Co. lifted its stake in Paymentus by 13.0% during the third quarter. JPMorgan Chase & Co. now owns 709,650 shares of the business services provider's stock worth $14,207,000 after purchasing an additional 81,853 shares during the last quarter. Legal & General Group Plc lifted its position in shares of Paymentus by 40.1% during the 4th quarter. Legal & General Group Plc now owns 19,052 shares of the business services provider's stock worth $622,000 after buying an additional 5,452 shares during the last quarter. Victory Capital Management Inc. purchased a new position in shares of Paymentus in the 4th quarter valued at $215,000. Barclays PLC raised its stake in Paymentus by 1,569.3% during the 3rd quarter. Barclays PLC now owns 5,058 shares of the business services provider's stock worth $101,000 after acquiring an additional 4,755 shares in the last quarter. Finally, Teacher Retirement System of Texas purchased a new stake in Paymentus in the fourth quarter valued at $1,363,000. 78.38% of the stock is owned by hedge funds and other institutional investors.

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.