Wells Fargo & Company MN Has $1.30 Million Stock Position in Paymentus Holdings, Inc. (NYSE:PAY)

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

A number of other hedge funds also recently made changes to their positions in the company. JPMorgan Chase & Co. boosted its stake in shares of Paymentus by 13.0% during the 3rd quarter. JPMorgan Chase & Co. now owns 709,650 shares of the business services provider's stock valued at $14,207,000 after buying an additional 81,853 shares during the last quarter. Victory Capital Management Inc. bought a new position in Paymentus during the 4th quarter valued at $215,000. Barclays PLC grew its holdings in Paymentus by 1,569.3% during the 3rd quarter. Barclays PLC now owns 5,058 shares of the business services provider's stock worth $101,000 after acquiring an additional 4,755 shares in the last quarter. Geode Capital Management LLC increased its position in shares of Paymentus by 2.6% in the 3rd quarter. Geode Capital Management LLC now owns 206,140 shares of the business services provider's stock worth $4,129,000 after purchasing an additional 5,127 shares during the last quarter. Finally, Teacher Retirement System of Texas acquired a new stake in shares of Paymentus in the 4th quarter valued at about $1,363,000. Hedge funds and other institutional investors own 78.38% of the company's stock.

Wall Street Analyst Weigh In

Several analysts have issued reports on PAY shares. JPMorgan Chase & Co. cut their price objective on Paymentus from $31.00 to $29.00 and set a "neutral" rating on the stock in a research note on Tuesday, March 11th. StockNews.com raised Paymentus from a "sell" rating to a "hold" rating in a research report on Thursday. Wedbush reaffirmed an "outperform" rating and issued a $38.00 price objective on shares of Paymentus in a report on Wednesday, March 12th. Wells Fargo & Company increased their target price on shares of Paymentus from $27.00 to $33.00 and gave the stock an "equal weight" rating in a report on Thursday, January 16th. 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 report on Wednesday, April 2nd. Six research analysts have rated the stock with a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat.com, Paymentus has an average rating of "Hold" and a consensus price target of $30.00.

Paymentus Price Performance

Shares of NYSE PAY traded up $0.89 during mid-day trading on Friday, reaching $34.34. 337,000 shares of the company traded hands, compared to its average volume of 455,886. Paymentus Holdings, Inc. has a fifty-two week low of $16.94 and a fifty-two week high of $38.94. The firm has a market cap of $4.29 billion, a PE ratio of 110.68 and a beta of 1.65. The stock has a fifty day simple moving average of $27.96 and a 200-day simple moving average of $30.19.

Insider Buying and Selling at Paymentus

In other news, General Counsel Andrew A. Gerber sold 3,070 shares of Paymentus 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. The trade was a 3.14 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, CFO Sanjay Kalra sold 15,794 shares of the stock in a transaction that occurred on Tuesday, February 18th. The shares were 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 of the company's stock, 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 currently owned by corporate insiders.

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.