Franklin Resources Inc. Lowers Stock Position in Paymentus Holdings, Inc. (NYSE:PAY)

Franklin Resources Inc. trimmed its holdings in shares of Paymentus Holdings, Inc. (NYSE:PAY) by 17.4% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 1,686,449 shares of the business services provider’s stock after selling 354,607 shares during the quarter. Franklin Resources Inc. owned 1.35% of Paymentus worth $55,096,000 at the end of the most recent quarter.

A number of other hedge funds also recently made changes to their positions in PAY. TimesSquare Capital Management LLC purchased a new stake in Paymentus during the fourth quarter worth about $35,000. Point72 Asia Singapore Pte. Ltd. purchased a new stake in shares of Paymentus during the 3rd quarter worth approximately $43,000. R Squared Ltd bought a new stake in shares of Paymentus in the 4th quarter worth approximately $43,000. Barclays PLC lifted its stake in Paymentus by 1,569.3% in the third quarter. Barclays PLC now owns 5,058 shares of the business services provider’s stock valued at $101,000 after purchasing an additional 4,755 shares during the last quarter. Finally, Arcadia Investment Management Corp MI bought a new position in Paymentus during the fourth quarter valued at $134,000. 78.38% of the stock is currently owned by institutional investors.

Insider Activity

In related news, General Counsel Andrew A. Gerber sold 3,070 shares of Paymentus stock in a transaction on Tuesday, February 18th. The stock was sold at an average price of $31.98, for a total transaction of $98,178.60. Following the completion of the sale, the general counsel now owns 94,855 shares of the company’s stock, valued at approximately $3,033,462.90. This trade represents a 3.14 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Sanjay Kalra sold 15,794 shares of the company’s stock in a transaction dated Tuesday, February 18th. The stock was sold at an average price of $31.99, for a total value of $505,250.06. Following the completion of the transaction, the chief financial officer now owns 466,035 shares in the company, valued at $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. Company insiders own 87.76% of the company’s stock.

Analysts Set New Price Targets

Several brokerages have issued reports on PAY. StockNews.com lowered Paymentus from a “hold” rating to a “sell” rating in a research note on Friday. Robert W. Baird cut their target price on shares of Paymentus from $36.00 to $30.00 and set an “outperform” rating for the company in a research report on Friday. Wells Fargo & Company boosted their price target on shares of Paymentus from $27.00 to $33.00 and gave the company an “equal weight” rating in a research report on Thursday, January 16th. JPMorgan Chase & Co. cut their price objective on shares of Paymentus from $31.00 to $29.00 and set a “neutral” rating for the company in a report on Tuesday, March 11th. Finally, Wedbush reissued an “outperform” rating and set a $38.00 target price on shares of Paymentus in a report on Wednesday, March 12th. One analyst has rated the stock with a sell rating, five have given a hold rating, two have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $30.83.

Paymentus Trading Down 5.4 %

Shares of NYSE:PAY opened at $24.17 on Friday. Paymentus Holdings, Inc. has a 12 month low of $16.94 and a 12 month high of $38.94. The stock has a market cap of $3.02 billion, a P/E ratio of 77.97 and a beta of 1.65. The company has a 50 day moving average of $28.85 and a 200 day moving average of $29.12.

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.