Paymentus (NYSE:PAY - Free Report) had its price objective lifted by JPMorgan Chase & Co. from $29.00 to $35.00 in a research report sent to investors 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 research reports about the stock. Wells Fargo & Company upped their price objective on shares of Paymentus from $27.00 to $33.00 and gave the company an "equal weight" rating in a research note on Thursday, January 16th. StockNews.com raised Paymentus from a "sell" rating to a "hold" rating in a research report on Thursday, May 1st. Robert W. Baird increased their price objective on Paymentus from $30.00 to $36.00 and gave the company an "outperform" rating in a report on Tuesday. Wedbush reaffirmed an "outperform" rating and issued a $38.00 target price on shares of Paymentus in a report on Wednesday, March 12th. Finally, The Goldman Sachs Group set a $28.00 target price on shares of Paymentus and gave the stock a "neutral" rating in a research note on Wednesday, April 2nd. Five investment analysts have rated the stock with a hold rating, two have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average target price of $36.00.
Check Out Our Latest Report on Paymentus
Paymentus Stock Performance
PAY stock traded down $0.06 during midday trading on Tuesday, reaching $36.90. 405,215 shares of the company were exchanged, compared to its average volume of 341,030. The company has a market cap of $4.61 billion, a price-to-earnings ratio of 119.03 and a beta of 1.61. Paymentus has a 1-year low of $16.94 and a 1-year high of $38.94. The stock's 50-day simple moving average is $28.99 and its 200 day simple moving average is $30.61.
Insider Activity
In other Paymentus news, General Counsel Andrew A. Gerber sold 3,070 shares of the business's stock in a transaction on 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 directly owns 94,855 shares in the company, valued at approximately $3,033,462.90. The trade was a 3.14 % decrease in their ownership of the stock. The transaction 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 company's stock in a transaction on Tuesday, February 18th. The shares were sold at an average price of $31.99, for a total value of $505,250.06. Following the completion of the sale, the chief financial officer now directly owns 466,035 shares in the company, valued at $14,908,459.65. This trade represents a 3.28 % decrease in their position. The disclosure for this sale can be found here. Insiders own 75.43% of the company's stock.
Hedge Funds Weigh In On Paymentus
Several hedge funds have recently added to or reduced their stakes in the business. Capital International Investors raised its position in shares of Paymentus by 25.6% during the 4th quarter. Capital International Investors now owns 4,362,065 shares of the business services provider's stock worth $142,509,000 after purchasing an additional 888,914 shares during the last quarter. Vanguard Group Inc. lifted its position in shares of Paymentus by 30.7% in the first quarter. Vanguard Group Inc. now owns 2,347,870 shares of the business services provider's stock valued at $61,279,000 after acquiring an additional 551,211 shares in the last quarter. JPMorgan Chase & Co. boosted its stake in shares of Paymentus by 23.8% during the fourth quarter. JPMorgan Chase & Co. now owns 878,887 shares of the business services provider's stock valued at $28,713,000 after acquiring an additional 169,237 shares during the last quarter. Driehaus Capital Management LLC purchased a new stake in Paymentus during the 4th quarter worth about $24,568,000. Finally, TimesSquare Capital Management LLC raised its stake in Paymentus by 63,516.9% in the 1st quarter. TimesSquare Capital Management LLC now owns 675,612 shares of the business services provider's stock valued at $17,633,000 after purchasing an additional 674,550 shares during the last quarter. 78.38% of the stock is currently owned by hedge funds and other institutional investors.
About Paymentus
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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.
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