Paymentus (NYSE:PAY) Sees Strong Trading Volume on Analyst Upgrade

Paymentus Holdings, Inc. (NYSE:PAY - Get Free Report) saw unusually-strong trading volume on Thursday after Robert W. Baird raised their price target on the stock from $36.00 to $40.00. Robert W. Baird currently has an outperform rating on the stock. Approximately 444,791 shares traded hands during mid-day trading, an increase of 19% from the previous session's volume of 374,751 shares.The stock last traded at $35.63 and had previously closed at $38.18.

Other analysts have also recently issued reports about the stock. Wedbush set a $40.00 price target on shares of Paymentus and gave the company an "outperform" rating in a report on Tuesday, May 6th. JPMorgan Chase & Co. increased their target price on shares of Paymentus from $29.00 to $35.00 and gave the stock a "neutral" rating in a report on Tuesday, May 6th. Wall Street Zen raised shares of Paymentus from a "sell" rating to a "hold" rating in a report on Thursday, May 1st. Wells Fargo & Company increased their target price on shares of Paymentus from $30.00 to $35.00 and gave the stock an "equal weight" rating in a report on Wednesday, May 7th. Finally, The Goldman Sachs Group increased their target price on shares of Paymentus from $28.00 to $34.00 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 issued a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average price target of $36.80.

Insider Buying and Selling

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

Institutional Trading of Paymentus

A number of large investors have recently modified their holdings of PAY. Driehaus Capital Management LLC increased its holdings in shares of Paymentus by 152.3% in the 1st quarter. Driehaus Capital Management LLC now owns 1,897,552 shares of the business services provider's stock worth $49,526,000 after acquiring an additional 1,145,557 shares during the period. Capital International Investors grew 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 in the last quarter. TimesSquare Capital Management LLC grew 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 in the last quarter. Vanguard Group Inc. grew its position in Paymentus by 30.7% in the 1st quarter. Vanguard Group Inc. now owns 2,347,870 shares of the business services provider's stock valued at $61,279,000 after buying an additional 551,211 shares in the last quarter. Finally, Invesco Ltd. grew its position in Paymentus by 81.5% in the 1st quarter. Invesco Ltd. now owns 1,051,664 shares of the business services provider's stock valued at $27,448,000 after buying an additional 472,205 shares in the last quarter. Institutional investors and hedge funds own 78.38% of the company's stock.

Paymentus Trading Down 6.3%

The stock's 50-day moving average is $33.02 and its 200-day moving average is $32.05. The stock has a market cap of $4.48 billion, a P/E ratio of 115.45 and a beta of 1.61.

Paymentus Company 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.