Paymentus (NYSE:PAY) Stock Price Expected to Rise, JPMorgan Chase & Co. Analyst Says

Paymentus (NYSE:PAY) had its price objective lifted by JPMorgan Chase & Co. from $29.00 to $35.00 in a report released on Tuesday morning,Benzinga reports. They currently have a neutral rating on the business services provider’s stock.

PAY has been the subject of a number of other reports. Wells Fargo & Company raised 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. Wedbush restated an “outperform” rating and issued a $38.00 price objective on shares of Paymentus in a report on Wednesday, March 12th. The Goldman Sachs Group set a $28.00 price target on shares of Paymentus and gave the company a “neutral” rating in a research report on Wednesday, April 2nd. StockNews.com raised Paymentus from a “sell” rating to a “hold” rating in a research report on Thursday, May 1st. Finally, Robert W. Baird increased their target price on shares of Paymentus from $30.00 to $36.00 and gave the company an “outperform” rating in a research note on Tuesday. Five investment 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. According to MarketBeat, Paymentus presently has a consensus rating of “Moderate Buy” and an average target price of $36.00.

Paymentus Stock Performance

Paymentus stock opened at $36.99 on Tuesday. Paymentus has a one year low of $16.94 and a one year high of $38.94. The firm has a market capitalization of $4.62 billion, a PE ratio of 119.33 and a beta of 1.61. The stock’s 50 day moving average price is $28.79 and its 200 day moving average price is $30.53.

Insider Buying and Selling

In other Paymentus news, General Counsel Andrew A. Gerber sold 3,070 shares of the stock in a transaction dated 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 directly owns 94,855 shares of the company’s stock, valued at $3,033,462.90. This represents a 3.14 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Sanjay Kalra sold 15,794 shares of the company’s stock in a transaction dated Tuesday, February 18th. The shares were sold at an average price of $31.99, for a total transaction 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 trade represents a 3.28 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 75.43% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Paymentus

Hedge funds and other institutional investors have recently bought and sold shares of the company. JPMorgan Chase & Co. grew its stake in shares of Paymentus by 13.0% in the third quarter. JPMorgan Chase & Co. now owns 709,650 shares of the business services provider’s stock worth $14,207,000 after purchasing an additional 81,853 shares during the last quarter. Legal & General Group Plc boosted its position in shares of Paymentus by 40.1% during the 4th quarter. Legal & General Group Plc now owns 19,052 shares of the business services provider’s stock worth $622,000 after purchasing an additional 5,452 shares in the last quarter. Victory Capital Management Inc. acquired a new stake in Paymentus in the 4th quarter valued at $215,000. Barclays PLC boosted its stake in Paymentus by 1,569.3% during the 3rd 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, Teacher Retirement System of Texas purchased a new stake in Paymentus in the 4th quarter valued at $1,363,000. Institutional investors own 78.38% of the company’s stock.

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.