Navellier & Associates Inc. Has $2.83 Million Stake in Paymentus Holdings, Inc. (NYSE:PAY)

Navellier & Associates Inc. raised its stake in shares of Paymentus Holdings, Inc. (NYSE:PAY) by 24.6% in the fourth quarter, according to its most recent 13F filing with the SEC. The fund owned 86,524 shares of the business services provider’s stock after purchasing an additional 17,061 shares during the period. Navellier & Associates Inc. owned approximately 0.07% of Paymentus worth $2,827,000 as of its most recent SEC filing.

A number of other hedge funds have also added to or reduced their stakes in the stock. JPMorgan Chase & Co. boosted its stake in 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 purchasing an additional 81,853 shares during the last quarter. State Street Corp boosted its stake in shares of Paymentus by 2.6% in the 3rd quarter. State Street Corp now owns 300,414 shares of the business services provider’s stock worth $6,014,000 after buying an additional 7,525 shares during the last quarter. FMR LLC boosted its stake in shares of Paymentus by 32,191.6% in the 3rd quarter. FMR LLC now owns 227,979 shares of the business services provider’s stock worth $4,564,000 after buying an additional 227,273 shares during the last quarter. Geode Capital Management LLC boosted its stake 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 buying an additional 5,127 shares during the last quarter. Finally, GSA Capital Partners LLP boosted its stake in shares of Paymentus by 38.2% in the 3rd quarter. GSA Capital Partners LLP now owns 124,189 shares of the business services provider’s stock worth $2,486,000 after buying an additional 34,307 shares during the last quarter. Institutional investors and hedge funds own 78.38% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts have recently weighed in on PAY shares. The Goldman Sachs Group boosted their target price on Paymentus from $23.50 to $33.00 and gave the stock a “neutral” rating in a research note on Friday, November 15th. Wedbush assumed coverage on Paymentus in a research note on Monday, February 3rd. They issued an “outperform” rating on the stock. Wells Fargo & Company upped their price objective on Paymentus from $27.00 to $33.00 and gave the company an “equal weight” rating in a research note on Thursday, January 16th. Robert W. Baird upped their price objective on Paymentus from $25.00 to $36.00 and gave the company an “outperform” rating in a research note on Wednesday, November 13th. Finally, Canaccord Genuity Group downgraded Paymentus from a “strong-buy” rating to a “hold” rating in a research note on Monday, November 11th. Seven 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 presently has a consensus rating of “Hold” and an average price target of $30.00.

Insider Buying and Selling at Paymentus

In other Paymentus news, CFO Sanjay Kalra sold 15,794 shares of the business’s stock in a transaction 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 owns 466,035 shares of the company’s stock, valued at $14,908,459.65. The trade was a 3.28 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, General Counsel Andrew A. Gerber sold 34,272 shares of the business’s stock in a transaction on Wednesday, December 4th. The shares were sold at an average price of $37.36, for a total transaction of $1,280,401.92. Following the sale, the general counsel now directly owns 97,925 shares in the company, valued at $3,658,478. The trade was a 25.92 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 53,136 shares of company stock valued at $1,883,831 in the last 90 days. 87.76% of the stock is currently owned by company insiders.

Paymentus Price Performance

Shares of PAY stock opened at $27.42 on Friday. The company’s fifty day simple moving average is $31.89 and its two-hundred day simple moving average is $27.98. Paymentus Holdings, Inc. has a 1 year low of $14.77 and a 1 year high of $38.94. The stock has a market capitalization of $3.42 billion, a price-to-earnings ratio of 88.45 and a beta of 1.66.

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.