Paymentus (NYSE:PAY) Price Target Raised to $36.00 at Robert W. Baird

Paymentus (NYSE:PAY - Free Report) had its price objective lifted by Robert W. Baird from $30.00 to $36.00 in a research note published on Tuesday morning,Benzinga reports. The firm currently has an outperform rating on the business services provider's stock.

Several other analysts also recently issued reports on PAY. Wedbush reissued an "outperform" rating and issued a $38.00 price objective on shares of Paymentus in a research note on Wednesday, March 12th. StockNews.com raised shares of Paymentus from a "sell" rating to a "hold" rating in a research report on Thursday, May 1st. JPMorgan Chase & Co. reduced their target price on shares of Paymentus from $31.00 to $29.00 and set a "neutral" rating for the company in a report on Tuesday, March 11th. The Goldman Sachs Group set a $28.00 target price on shares of Paymentus and gave the stock a "neutral" rating in a research report on Wednesday, April 2nd. Finally, Wells Fargo & Company raised their price objective on Paymentus from $27.00 to $33.00 and gave the stock an "equal weight" rating in a research note on Thursday, January 16th. Five research analysts have rated the stock with a hold rating, two have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $36.00.

Paymentus Trading Down 0.2 %

Shares of NYSE PAY traded down $0.06 during trading hours on Tuesday, hitting $36.90. 405,215 shares of the company traded hands, compared to its average volume of 341,387. The stock has a market capitalization of $4.61 billion, a price-to-earnings ratio of 119.03 and a beta of 1.61. The company's 50 day moving average price is $28.99 and its 200 day moving average price is $30.66. Paymentus has a 12 month low of $16.94 and a 12 month high of $38.94.

Insider Transactions at Paymentus

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

Institutional Investors Weigh In On Paymentus

Several large investors have recently bought and sold shares of the company. JPMorgan Chase & Co. boosted its stake in shares of Paymentus by 13.0% in the third quarter. JPMorgan Chase & Co. now owns 709,650 shares of the business services provider's stock worth $14,207,000 after acquiring an additional 81,853 shares during the last quarter. Legal & General Group Plc grew its holdings in shares of Paymentus by 40.1% during the fourth quarter. Legal & General Group Plc now owns 19,052 shares of the business services provider's stock worth $622,000 after buying an additional 5,452 shares in the last quarter. Victory Capital Management Inc. acquired a new stake in shares of Paymentus in the fourth quarter valued at about $215,000. Barclays PLC lifted its stake in shares of Paymentus by 1,569.3% in the third quarter. Barclays PLC now owns 5,058 shares of the business services provider's stock worth $101,000 after buying an additional 4,755 shares in the last quarter. Finally, Teacher Retirement System of Texas acquired a new position in Paymentus during the fourth quarter worth about $1,363,000. 78.38% of the stock is currently owned by hedge funds and other institutional investors.

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.