Wedbush Begins Coverage on Paymentus (NYSE:PAY)

Research analysts at Wedbush began coverage on shares of Paymentus (NYSE:PAY) in a research report issued on Monday, Marketbeat Ratings reports. The firm set an “outperform” rating on the business services provider’s stock.

Several other equities analysts also recently commented on the company. Canaccord Genuity Group downgraded Paymentus from a “strong-buy” rating to a “hold” rating in a research report on Monday, November 11th. The Goldman Sachs Group upped their price target on Paymentus from $23.50 to $33.00 and gave the stock a “neutral” rating in a research note on Friday, November 15th. Robert W. Baird lifted their price objective on shares of Paymentus from $25.00 to $36.00 and gave the company an “outperform” rating in a research report on Wednesday, November 13th. Finally, Wells Fargo & Company upped their target price on shares of Paymentus from $27.00 to $33.00 and gave the stock an “equal weight” rating in a research report on Thursday, January 16th. Seven 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’s stock. Based on data from MarketBeat.com, Paymentus currently has an average rating of “Hold” and a consensus price target of $30.00.

Paymentus Stock Performance

PAY opened at $32.45 on Monday. The stock has a market cap of $4.04 billion, a price-to-earnings ratio of 104.66 and a beta of 1.66. The firm’s fifty day moving average is $33.15 and its 200 day moving average is $27.11. Paymentus has a fifty-two week low of $14.77 and a fifty-two week high of $38.94.

Insider Buying and Selling

In related news, General Counsel Andrew A. Gerber sold 34,272 shares of Paymentus stock in a transaction dated Wednesday, December 4th. The stock was sold at an average price of $37.36, for a total value of $1,280,401.92. Following the completion of the transaction, the general counsel now owns 97,925 shares in the company, valued at approximately $3,658,478. This trade represents a 25.92 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 87.76% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Paymentus

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Advisors Asset Management Inc. increased its position in shares of Paymentus by 155.1% during the 3rd quarter. Advisors Asset Management Inc. now owns 1,689 shares of the business services provider’s stock valued at $34,000 after purchasing an additional 1,027 shares during the last quarter. TimesSquare Capital Management LLC purchased a new position in Paymentus during the fourth quarter worth $35,000. nVerses Capital LLC increased its position in Paymentus by 550.0% during the third quarter. nVerses Capital LLC now owns 1,300 shares of the business services provider’s stock valued at $26,000 after acquiring an additional 1,100 shares during the last quarter. RiverPark Advisors LLC raised its stake in shares of Paymentus by 8.8% in the third quarter. RiverPark Advisors LLC now owns 15,527 shares of the business services provider’s stock valued at $311,000 after acquiring an additional 1,258 shares during the period. Finally, R Squared Ltd bought a new stake in shares of Paymentus in the 4th quarter worth about $43,000. 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.