Paymentus (NYSE:PAY) Stock Passes Above 200 Day Moving Average - Here's Why

Paymentus Holdings, Inc. (NYSE:PAY - Get Free Report) passed above its 200-day moving average during trading on Monday . The stock has a 200-day moving average of $31.71 and traded as high as $32.50. Paymentus shares last traded at $32.31, with a volume of 787,523 shares traded.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on the stock. Wedbush set a $40.00 price objective on shares of Paymentus and gave the company an "outperform" rating in a report on Tuesday, May 6th. Wells Fargo & Company boosted their target price on shares of Paymentus from $30.00 to $35.00 and gave the company an "equal weight" rating in a research note on Wednesday, May 7th. Wall Street Zen raised Paymentus from a "hold" rating to a "buy" rating in a report on Saturday, June 14th. 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. Finally, Robert W. Baird upped their price objective on Paymentus from $36.00 to $40.00 and gave the company an "outperform" rating in a research report on Wednesday, June 4th. Four equities research analysts have rated the stock with a hold rating, three have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average target price of $36.80.

Paymentus Stock Down 4.5%

The stock has a market capitalization of $4.03 billion, a PE ratio of 82.56 and a beta of 1.65. The stock's 50 day moving average price is $35.14 and its 200-day moving average price is $31.74.

Insiders Place Their Bets

In other Paymentus news, Director William Ingram sold 11,409 shares of Paymentus stock in a transaction on 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 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 sale was disclosed in a legal filing with the SEC, which is accessible through this link. 75.43% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the company. Capital International Investors boosted its stake in Paymentus by 25.6% during the fourth 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. Vanguard Group Inc. boosted its position in shares of Paymentus by 30.7% during 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 acquiring an additional 551,211 shares during the last quarter. Driehaus Capital Management LLC grew its holdings 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 in the last quarter. Next Century Growth Investors LLC increased its position in Paymentus by 5.4% in the first quarter. Next Century Growth Investors LLC now owns 1,356,980 shares of the business services provider's stock worth $35,417,000 after purchasing an additional 69,156 shares during the last quarter. Finally, Invesco Ltd. raised its stake in Paymentus by 81.5% during the first quarter. Invesco Ltd. now owns 1,051,664 shares of the business services provider's stock valued at $27,448,000 after purchasing an additional 472,205 shares in the last quarter. Hedge funds and other institutional investors 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.