Paymentus (NYSE:PAY) Upgraded to Buy at Wall Street Zen

Paymentus (NYSE:PAY - Get Free Report) was upgraded by investment analysts at Wall Street Zen from a "hold" rating to a "buy" rating in a research report issued on Saturday.

PAY has been the subject of several other research reports. Robert W. Baird upped their price target on shares of Paymentus from $36.00 to $40.00 and gave the stock an "outperform" rating in a research report on Wednesday, June 4th. Wedbush set a $40.00 price target on shares of Paymentus and gave the stock an "outperform" rating in a research report 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 report on Tuesday, May 6th. JPMorgan Chase & Co. upped their price target on shares of Paymentus from $29.00 to $35.00 and gave the stock a "neutral" rating in a research report on Tuesday, May 6th. Finally, Wells Fargo & Company upped their price target 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. Four investment analysts have rated the stock with a hold rating, three have given a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat.com, Paymentus currently has a consensus rating of "Moderate Buy" and a consensus target price of $36.80.

Paymentus Trading Up 2.1%

Shares of PAY traded up $0.65 during mid-day trading on Friday, hitting $31.77. The company's stock had a trading volume of 627,519 shares, compared to its average volume of 413,394. The company's 50-day moving average is $35.38 and its 200-day moving average is $31.64. Paymentus has a 52-week low of $17.70 and a 52-week high of $40.43. The firm has a market capitalization of $3.98 billion, a price-to-earnings ratio of 81.46 and a beta of 1.56.

Insider Buying and Selling

In related news, Director William Ingram sold 11,409 shares of the stock in a transaction that occurred on 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 sale, the director owned 73,963 shares of the company's stock, valued at $2,811,333.63. This represents a 13.36% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 75.43% of the stock is owned by insiders.

Institutional Investors Weigh In On Paymentus

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Bank of New York Mellon Corp increased its stake in Paymentus by 13.0% during the 4th quarter. Bank of New York Mellon Corp now owns 39,832 shares of the business services provider's stock valued at $1,301,000 after purchasing an additional 4,571 shares in the last quarter. Charles Schwab Investment Management Inc. acquired a new position in Paymentus during the 4th quarter valued at approximately $286,000. Victory Capital Management Inc. acquired a new position in Paymentus during the 4th quarter valued at approximately $215,000. Raymond James Financial Inc. acquired a new position in Paymentus during the 4th quarter valued at approximately $3,109,000. Finally, Bay Colony Advisory Group Inc d b a Bay Colony Advisors acquired a new position in Paymentus during the 4th quarter valued at approximately $273,000. 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.