Raymond James Financial Inc. Makes New Investment in Paymentus Holdings, Inc. (NYSE:PAY)

Raymond James Financial Inc. purchased a new stake in Paymentus Holdings, Inc. (NYSE:PAY - Free Report) during the 4th quarter, according to the company in its most recent disclosure with the SEC. The institutional investor purchased 95,179 shares of the business services provider's stock, valued at approximately $3,109,000. Raymond James Financial Inc. owned about 0.08% of Paymentus as of its most recent SEC filing.

Other hedge funds have also modified their holdings of the company. Vanguard Group Inc. raised its holdings in Paymentus by 17.9% in the 4th quarter. Vanguard Group Inc. now owns 1,796,659 shares of the business services provider's stock valued at $58,697,000 after buying an additional 273,027 shares during the period. JPMorgan Chase & Co. raised its stake in shares of Paymentus by 23.8% in the 4th quarter. JPMorgan Chase & Co. now owns 878,887 shares of the business services provider's stock valued at $28,713,000 after acquiring an additional 169,237 shares during the period. Invesco Ltd. lifted its holdings in shares of Paymentus by 246.2% in the 4th quarter. Invesco Ltd. now owns 579,459 shares of the business services provider's stock worth $18,931,000 after acquiring an additional 412,095 shares during the last quarter. Geode Capital Management LLC boosted its position in shares of Paymentus by 8.1% during the 4th quarter. Geode Capital Management LLC now owns 222,760 shares of the business services provider's stock worth $7,281,000 after purchasing an additional 16,620 shares during the period. Finally, Renaissance Technologies LLC increased its holdings in Paymentus by 159.9% in the 4th quarter. Renaissance Technologies LLC now owns 221,200 shares of the business services provider's stock valued at $7,227,000 after purchasing an additional 136,100 shares during the last quarter. 78.38% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Paymentus

In related news, General Counsel Andrew A. Gerber sold 3,070 shares of the business's stock in a transaction 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 owns 94,855 shares in the company, valued at approximately $3,033,462.90. The trade was a 3.14 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CFO Sanjay Kalra sold 15,794 shares of the firm's stock in a transaction on Tuesday, February 18th. The shares were 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 in the company, valued at approximately $14,908,459.65. This represents a 3.28 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 87.76% of the stock is owned by corporate insiders.

Analyst Ratings Changes

A number of research analysts have commented on PAY shares. Wells Fargo & Company upped their price target on Paymentus from $27.00 to $33.00 and gave the stock an "equal weight" rating in a research note on Thursday, January 16th. StockNews.com upgraded Paymentus from a "sell" rating to a "hold" rating in a report on Thursday. JPMorgan Chase & Co. lowered their target price on Paymentus from $31.00 to $29.00 and set a "neutral" rating for the company in a report on Tuesday, March 11th. Robert W. Baird cut their price target on shares of Paymentus from $36.00 to $30.00 and set an "outperform" rating on the stock in a research note on Friday, April 4th. Finally, The Goldman Sachs Group set a $28.00 price objective on shares of Paymentus and gave the company a "neutral" rating in a research note on Wednesday, April 2nd. Six equities research analysts have rated the stock with a hold rating, two have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the company has a consensus rating of "Hold" and an average target price of $30.00.

Paymentus Stock Performance

PAY stock traded up $1.12 during mid-day trading on Friday, reaching $34.57. The company had a trading volume of 569,447 shares, compared to its average volume of 340,248. The firm has a fifty day simple moving average of $28.12 and a 200 day simple moving average of $30.30. The company has a market capitalization of $4.32 billion, a price-to-earnings ratio of 111.52 and a beta of 1.61. Paymentus Holdings, Inc. has a fifty-two week low of $16.94 and a fifty-two week high of $38.94.

Paymentus 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.