Wolfe Research Upgrades Paymentus (NYSE:PAY) to "Outperform"

Paymentus (NYSE:PAY - Get Free Report) was upgraded by equities researchers at Wolfe Research from a "peer perform" rating to an "outperform" rating in a research note issued on Tuesday, Marketbeat Ratings reports.

Other analysts also recently issued research reports about the stock. Wells Fargo & Company lifted their target price on shares of Paymentus from $30.00 to $35.00 and gave the company an "equal weight" rating in a report on Wednesday, May 7th. The Goldman Sachs Group lifted their target price on shares of Paymentus from $28.00 to $34.00 and gave the company a "neutral" rating in a report on Tuesday, May 6th. Wall Street Zen raised shares of Paymentus from a "hold" rating to a "buy" rating in a report on Saturday, July 5th. Robert W. Baird boosted their price objective on shares of Paymentus from $36.00 to $40.00 and gave the stock an "outperform" rating in a report on Wednesday, June 4th. Finally, Wedbush set a $40.00 price objective on shares of Paymentus and gave the stock an "outperform" rating in a report on Tuesday, May 6th. Four research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat, Paymentus has a consensus rating of "Moderate Buy" and a consensus target price of $36.80.

Paymentus Trading Up 0.6%

Shares of NYSE:PAY traded up $0.18 during midday trading on Tuesday, hitting $29.03. The stock had a trading volume of 100,684 shares, compared to its average volume of 533,413. The company has a market capitalization of $3.63 billion, a PE ratio of 74.36 and a beta of 1.56. The stock has a 50 day moving average price of $33.93 and a two-hundred day moving average price of $31.30. Paymentus has a 1 year low of $17.70 and a 1 year high of $40.43.

Insider Transactions at Paymentus

In other Paymentus news, Director William Ingram sold 11,409 shares of Paymentus stock in a transaction dated 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 transaction, the director owned 73,963 shares in the company, valued at approximately $2,811,333.63. The trade was a 13.36% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders own 75.43% of the company's stock.

Hedge Funds Weigh In On Paymentus

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its position in shares of Paymentus by 3.2% in the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 15,612 shares of the business services provider's stock valued at $510,000 after buying an additional 484 shares during the last quarter. Advisors Asset Management Inc. grew its stake in Paymentus by 23.9% during the first quarter. Advisors Asset Management Inc. now owns 3,450 shares of the business services provider's stock worth $90,000 after buying an additional 665 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. grew its stake in Paymentus by 11.2% during the first quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 8,202 shares of the business services provider's stock worth $214,000 after buying an additional 823 shares during the period. Cetera Investment Advisers grew its stake in Paymentus by 7.1% during the fourth quarter. Cetera Investment Advisers now owns 13,296 shares of the business services provider's stock worth $434,000 after buying an additional 883 shares during the period. Finally, Park Square Financial Group LLC purchased a new position in shares of Paymentus in the fourth quarter valued at $32,000. Institutional investors and hedge funds own 78.38% of the company's stock.

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.