Paymentus (NYSE:PAY) Upgraded at Wall Street Zen

Wall Street Zen upgraded shares of Paymentus (NYSE:PAY) from a hold rating to a buy rating in a research note issued to investors on Saturday morning.

Several other research firms also recently commented on PAY. Wells Fargo & Company increased their price objective on Paymentus from $30.00 to $35.00 and gave the company an “equal weight” rating in a research note on Wednesday, May 7th. Robert W. Baird increased their price objective on Paymentus from $36.00 to $40.00 and gave the company an “outperform” rating in a research note on Wednesday, June 4th. Wedbush set a $40.00 price objective on Paymentus and gave the company an “outperform” rating in a research note on Tuesday, May 6th. JPMorgan Chase & Co. increased their price objective on Paymentus from $29.00 to $35.00 and gave the company a “neutral” rating in a research note on Tuesday, May 6th. Finally, The Goldman Sachs Group increased their price objective on Paymentus from $28.00 to $34.00 and gave the company a “neutral” rating in a research note on Tuesday, May 6th. Four investment analysts have rated the stock with a hold rating, three have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $36.80.

Paymentus Price Performance

Shares of PAY stock opened at $30.86 on Friday. The company has a market cap of $3.86 billion, a price-to-earnings ratio of 79.13 and a beta of 1.56. The stock has a 50 day simple moving average of $35.35 and a 200-day simple moving average of $31.59. Paymentus has a 1-year low of $17.70 and a 1-year high of $40.43.

Insider Activity

In other Paymentus news, Director William Ingram sold 11,409 shares of the firm’s stock in a transaction on Monday, May 12th. The stock was sold at an average price of $38.01, for a total value of $433,656.09. Following the completion of the sale, the director directly owned 73,963 shares of the company’s stock, valued at $2,811,333.63. This trade represents a 13.36% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 87.76% of the stock is owned by company insiders.

Institutional Trading of Paymentus

Hedge funds and other institutional investors have recently modified their holdings of the stock. Bessemer Group Inc. acquired a new stake in shares of Paymentus in the 1st quarter worth $108,000. Legal & General Group Plc increased its stake in shares of Paymentus by 40.1% in the 4th quarter. Legal & General Group Plc now owns 19,052 shares of the business services provider’s stock worth $622,000 after acquiring an additional 5,452 shares during the last quarter. Victory Capital Management Inc. acquired a new stake in shares of Paymentus in the 4th quarter worth $215,000. Bank of America Corp DE increased its stake in shares of Paymentus by 83.9% in the 4th quarter. Bank of America Corp DE now owns 14,096 shares of the business services provider’s stock worth $461,000 after acquiring an additional 6,429 shares during the last quarter. Finally, SG Americas Securities LLC increased its stake in shares of Paymentus by 103.6% in the 1st quarter. SG Americas Securities LLC now owns 14,077 shares of the business services provider’s stock worth $367,000 after acquiring an additional 7,163 shares during the last quarter. 78.38% of the stock is owned by institutional investors and hedge funds.

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.