Paymentus (NYSE:PAY) Shares Down 4% - Should You Sell?

Paymentus Holdings, Inc. (NYSE:PAY - Get Free Report) traded down 4% during trading on Tuesday . The company traded as low as $37.73 and last traded at $38.12. 428,333 shares traded hands during trading, an increase of 16% from the average session volume of 368,518 shares. The stock had previously closed at $39.72.

Analyst Upgrades and Downgrades

Several analysts recently commented on PAY shares. Wall Street Zen cut shares of Paymentus from a "buy" rating to a "hold" rating in a report on Friday. 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 research report on Wednesday, May 7th. JPMorgan Chase & Co. lifted their target price on shares of Paymentus from $29.00 to $35.00 and gave the company a "neutral" rating in a research note on Tuesday, May 6th. The Goldman Sachs Group upped their price target on shares of Paymentus from $28.00 to $34.00 and gave the stock a "neutral" rating in a research note on Tuesday, May 6th. Finally, Wedbush set a $40.00 price objective on Paymentus and gave the stock an "outperform" rating in a report on Tuesday, May 6th. Five equities research 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. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average target price of $36.80.

Paymentus Stock Performance

The company has a market cap of $4.57 billion, a price-to-earnings ratio of 117.71 and a beta of 1.65. The company's 50 day moving average price is $33.20 and its 200 day moving average price is $32.02.

Insiders Place Their Bets

In related news, Director William Ingram sold 11,409 shares of the business's stock in a transaction that occurred on Monday, May 12th. The stock was sold at an average price of $38.01, for a total value of $433,656.09. Following the completion of the sale, the director now directly owns 73,963 shares in the company, valued at approximately $2,811,333.63. The trade was a 13.36% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Company insiders own 75.43% of the company's stock.

Institutional Trading of Paymentus

Institutional investors and hedge funds have recently modified their holdings of the company. Goldman Sachs Group Inc. grew its stake in Paymentus by 275.8% in the 1st quarter. Goldman Sachs Group Inc. now owns 571,917 shares of the business services provider's stock valued at $14,927,000 after buying an additional 419,736 shares during the last quarter. Dynamic Technology Lab Private Ltd bought a new stake in Paymentus during the first quarter valued at about $471,000. Millennium Management LLC grew its position in shares of Paymentus by 4.2% in the first quarter. Millennium Management LLC now owns 243,860 shares of the business services provider's stock valued at $6,365,000 after purchasing an additional 9,890 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position in shares of Paymentus by 4.4% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 16,295 shares of the business services provider's stock valued at $425,000 after purchasing an additional 683 shares during the last quarter. Finally, Advisors Asset Management Inc. increased its stake in shares of Paymentus by 23.9% in the first quarter. Advisors Asset Management Inc. now owns 3,450 shares of the business services provider's stock worth $90,000 after purchasing an additional 665 shares during the period. 78.38% of the stock is currently owned by institutional investors and hedge funds.

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.