Paymentus (NYSE:PAY) Stock Price Expected to Rise, Wells Fargo & Company Analyst Says

Paymentus (NYSE:PAY) had its price target upped by equities researchers at Wells Fargo & Company from $21.00 to $27.00 in a research note issued to investors on Wednesday,Benzinga reports. The firm presently has an “equal weight” rating on the business services provider’s stock. Wells Fargo & Company‘s price target would suggest a potential downside of 17.05% from the company’s current price.

PAY has been the topic of a number of other research reports. The Goldman Sachs Group lifted their price target on Paymentus from $21.00 to $23.50 and gave the company a “neutral” rating in a report on Friday, August 9th. StockNews.com upgraded Paymentus from a “sell” rating to a “hold” rating in a report on Saturday, August 3rd. JPMorgan Chase & Co. raised their price target on shares of Paymentus from $21.00 to $26.00 and gave the stock a “neutral” rating in a report on Tuesday, August 20th. Robert W. Baird upped their price objective on shares of Paymentus from $25.00 to $36.00 and gave the company an “outperform” rating in a research note on Wednesday. Finally, Canaccord Genuity Group lowered shares of Paymentus from a “strong-buy” rating to a “hold” rating in a research note on Monday. Seven research analysts have rated the stock with a hold rating, one has given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $26.90.

Paymentus Stock Performance

Shares of NYSE:PAY opened at $32.55 on Wednesday. Paymentus has a 52 week low of $14.77 and a 52 week high of $37.00. The company has a market cap of $4.05 billion, a PE ratio of 105.00 and a beta of 1.41. The firm has a 50 day simple moving average of $23.39 and a 200 day simple moving average of $21.23.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of PAY. Vanguard Group Inc. lifted its position in shares of Paymentus by 0.6% in the first quarter. Vanguard Group Inc. now owns 1,388,830 shares of the business services provider’s stock worth $31,596,000 after buying an additional 8,457 shares during the last quarter. Dimensional Fund Advisors LP lifted its holdings in Paymentus by 4.0% in the 2nd quarter. Dimensional Fund Advisors LP now owns 541,049 shares of the business services provider’s stock worth $10,279,000 after purchasing an additional 20,767 shares during the last quarter. Millennium Management LLC boosted its position in Paymentus by 1.1% during the second quarter. Millennium Management LLC now owns 285,781 shares of the business services provider’s stock worth $5,430,000 after purchasing an additional 3,124 shares during the period. FMR LLC grew its holdings in Paymentus by 32,191.6% during the third quarter. FMR LLC now owns 227,979 shares of the business services provider’s stock valued at $4,564,000 after purchasing an additional 227,273 shares during the last quarter. Finally, Cubist Systematic Strategies LLC raised its position in shares of Paymentus by 8.5% in the second quarter. Cubist Systematic Strategies LLC now owns 137,272 shares of the business services provider’s stock valued at $2,608,000 after purchasing an additional 10,729 shares during the period. Institutional investors own 12.55% 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.