Paymentus Holdings, Inc. (NYSE:PAY) Shares Bought by Wells Fargo & Company MN

Wells Fargo & Company MN raised its stake in shares of Paymentus Holdings, Inc. (NYSE:PAY - Free Report) by 374.5% in the 4th quarter, according to its most recent Form 13F filing with the SEC. The fund owned 39,633 shares of the business services provider's stock after purchasing an additional 31,280 shares during the period. Wells Fargo & Company MN's holdings in Paymentus were worth $1,295,000 at the end of the most recent reporting period.

A number of other large investors also recently bought and sold shares of PAY. Vanguard Group Inc. grew its holdings in shares of Paymentus by 17.9% during the 4th quarter. Vanguard Group Inc. now owns 1,796,659 shares of the business services provider's stock worth $58,697,000 after purchasing an additional 273,027 shares during the period. JPMorgan Chase & Co. increased its position in shares of Paymentus by 23.8% in the fourth quarter. JPMorgan Chase & Co. now owns 878,887 shares of the business services provider's stock worth $28,713,000 after acquiring an additional 169,237 shares in the last quarter. Geode Capital Management LLC raised its stake in shares of Paymentus by 8.1% in the 4th quarter. Geode Capital Management LLC now owns 222,760 shares of the business services provider's stock valued at $7,281,000 after acquiring an additional 16,620 shares during the period. Connor Clark & Lunn Investment Management Ltd. lifted its holdings in shares of Paymentus by 158.1% during the 4th quarter. Connor Clark & Lunn Investment Management Ltd. now owns 111,403 shares of the business services provider's stock valued at $3,640,000 after acquiring an additional 68,235 shares in the last quarter. Finally, Raymond James Financial Inc. purchased a new stake in Paymentus during the 4th quarter worth $3,109,000. Hedge funds and other institutional investors own 78.38% of the company's stock.

Paymentus Stock Up 3.3 %

Shares of NYSE:PAY traded up $1.12 on Friday, reaching $34.57. 569,447 shares of the company's stock were exchanged, compared to its average volume of 340,248. Paymentus Holdings, Inc. has a fifty-two week low of $16.94 and a fifty-two week high of $38.94. The business's 50-day moving average is $28.12 and its two-hundred day moving average is $30.30. The firm has a market capitalization of $4.32 billion, a price-to-earnings ratio of 111.52 and a beta of 1.61.

Wall Street Analysts Forecast Growth

A number of research firms have recently issued reports on PAY. Wedbush reiterated an "outperform" rating and issued a $38.00 target price on shares of Paymentus in a research note on Wednesday, March 12th. Robert W. Baird dropped their price objective 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. The Goldman Sachs Group set a $28.00 target price on shares of Paymentus and gave the company a "neutral" rating in a research note on Wednesday, April 2nd. Wells Fargo & Company lifted their price target on shares of Paymentus from $27.00 to $33.00 and gave the stock an "equal weight" rating in a research note on Thursday, January 16th. Finally, StockNews.com raised shares of Paymentus from a "sell" rating to a "hold" rating in a research report on Thursday. Six research analysts have rated the stock with a hold rating, two have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of "Hold" and a consensus price target of $30.00.

Insider Buying and Selling

In other news, CFO Sanjay Kalra sold 15,794 shares of the stock in a transaction that occurred 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 sale, the chief financial officer now directly owns 466,035 shares in the company, valued at approximately $14,908,459.65. This represents a 3.28 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, General Counsel Andrew A. Gerber sold 3,070 shares of the business's stock in a transaction that occurred 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 transaction, the general counsel now owns 94,855 shares of the company's stock, valued at $3,033,462.90. This represents a 3.14 % decrease in their position. The disclosure for this sale can be found here. 87.76% of the stock is owned by company insiders.

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.