Wells Fargo & Company Forecasts Strong Price Appreciation for Paymentus (NYSE:PAY) Stock

Paymentus (NYSE:PAY - Free Report) had its price target hoisted by Wells Fargo & Company from $30.00 to $35.00 in a research note released on Wednesday, MarketBeat.com reports. The firm currently has an equal weight rating on the business services provider's stock.

Other analysts have also issued reports about the stock. The Goldman Sachs Group increased their price objective on shares of Paymentus from $28.00 to $34.00 and gave the stock a "neutral" rating in a research report on Tuesday, May 6th. StockNews.com raised Paymentus from a "sell" rating to a "hold" rating in a research note on Thursday, May 1st. Robert W. Baird upped their price objective on Paymentus from $30.00 to $36.00 and gave the company an "outperform" rating in a research report on Tuesday, May 6th. Wedbush reiterated an "outperform" rating and set a $38.00 target price on shares of Paymentus in a research report on Wednesday, March 12th. Finally, JPMorgan Chase & Co. boosted 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. 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 company's stock. According to MarketBeat.com, Paymentus has an average rating of "Moderate Buy" and a consensus price target of $36.00.

Paymentus Stock Performance

PAY stock traded up $1.59 during mid-day trading on Wednesday, reaching $38.44. 283,790 shares of the stock traded hands, compared to its average volume of 341,269. Paymentus has a one year low of $16.94 and a one year high of $38.94. The stock has a market capitalization of $4.80 billion, a PE ratio of 124.00 and a beta of 1.61. The business has a 50-day moving average price of $28.99 and a two-hundred day moving average price of $30.69.

Insider Buying and Selling

In other news, CFO Sanjay Kalra sold 15,794 shares of the firm's stock in a transaction on Tuesday, February 18th. The stock was sold at an average price of $31.99, for a total value of $505,250.06. Following the completion of the sale, the chief financial officer now owns 466,035 shares of the company's stock, valued at $14,908,459.65. This trade represents a 3.28% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, General Counsel Andrew A. Gerber sold 3,070 shares of the stock in a transaction that occurred on Tuesday, February 18th. The shares were sold at an average price of $31.98, for a total transaction of $98,178.60. Following the completion of the transaction, the general counsel now directly owns 94,855 shares of the company's stock, valued at $3,033,462.90. The trade was a 3.14% decrease in their ownership of the stock. The disclosure for this sale can be found here. 75.43% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Paymentus

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in PAY. Capital International Investors increased its holdings 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 worth $142,509,000 after buying an additional 888,914 shares during the period. Driehaus Capital Management LLC purchased a new stake in shares of Paymentus in the 4th quarter valued at $24,568,000. TimesSquare Capital Management LLC increased its stake in shares of Paymentus by 63,516.9% in the first quarter. TimesSquare Capital Management LLC now owns 675,612 shares of the business services provider's stock worth $17,633,000 after acquiring an additional 674,550 shares during the period. Vanguard Group Inc. raised its holdings 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 worth $61,279,000 after purchasing an additional 551,211 shares during the last quarter. Finally, Invesco Ltd. lifted its position in Paymentus by 246.2% during the fourth quarter. Invesco Ltd. now owns 579,459 shares of the business services provider's stock valued at $18,931,000 after purchasing an additional 412,095 shares during the period. 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.