Paymentus (NYSE:PAY) Stock Price Expected to Rise, Robert W. Baird Analyst Says

Paymentus (NYSE:PAY - Get Free Report) had its price objective upped by analysts at Robert W. Baird from $36.00 to $40.00 in a report released on Wednesday,Benzinga reports. The firm presently has an "outperform" rating on the business services provider's stock. Robert W. Baird's target price suggests a potential upside of 9.62% from the company's current price.

Several other analysts also recently weighed in on PAY. Wells Fargo & Company boosted their price objective on shares of Paymentus from $30.00 to $35.00 and gave the stock an "equal weight" rating in a research report on Wednesday, May 7th. Wedbush set a $40.00 price target on shares of Paymentus and gave the stock an "outperform" rating in a research note on Tuesday, May 6th. The Goldman Sachs Group raised their price target on Paymentus from $28.00 to $34.00 and gave the company a "neutral" rating in a report on Tuesday, May 6th. Wall Street Zen upgraded shares of Paymentus from a "sell" rating to a "hold" rating in a research report on Thursday, May 1st. Finally, JPMorgan Chase & Co. lifted their price objective on Paymentus from $29.00 to $35.00 and gave the stock a "neutral" rating in a report on Tuesday, May 6th. Five investment analysts have rated the stock with a hold rating, two have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average price target of $36.80.

Paymentus Trading Up 1.9%

Paymentus stock traded up $0.68 during midday trading on Wednesday, reaching $36.49. 617,910 shares of the stock traded hands, compared to its average volume of 381,801. Paymentus has a 12-month low of $16.94 and a 12-month high of $40.43. The firm has a market cap of $4.57 billion, a PE ratio of 117.71 and a beta of 1.61. The company has a 50-day simple moving average of $33.20 and a two-hundred day simple moving average of $32.02.

Insiders Place Their Bets

In related news, Director William Ingram sold 11,409 shares of the company's stock in a transaction on Monday, May 12th. The shares were sold at an average price of $38.01, for a total transaction of $433,656.09. Following the completion of the sale, the director now directly owns 73,963 shares of the company's stock, valued at approximately $2,811,333.63. This represents a 13.36% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 75.43% of the stock is owned by insiders.

Hedge Funds Weigh In On Paymentus

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Driehaus Capital Management LLC boosted its stake in shares of Paymentus by 152.3% in the first quarter. Driehaus Capital Management LLC now owns 1,897,552 shares of the business services provider's stock valued at $49,526,000 after purchasing an additional 1,145,557 shares during the period. Capital International Investors boosted its position in Paymentus by 25.6% in the 4th quarter. Capital International Investors now owns 4,362,065 shares of the business services provider's stock valued at $142,509,000 after buying an additional 888,914 shares during the last quarter. TimesSquare Capital Management LLC boosted its position 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 buying an additional 674,550 shares during the last quarter. Vanguard Group Inc. grew its stake in shares of Paymentus by 30.7% during 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. Finally, Invesco Ltd. increased its position in shares of Paymentus by 81.5% during the first quarter. Invesco Ltd. now owns 1,051,664 shares of the business services provider's stock worth $27,448,000 after acquiring an additional 472,205 shares during the last quarter. 78.38% of the stock is owned by institutional investors and hedge funds.

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.