Connor Clark & Lunn Investment Management Ltd. Reduces Stock Holdings in Paymentus Holdings, Inc. $PAY

Connor Clark & Lunn Investment Management Ltd. cut its holdings in Paymentus Holdings, Inc. (NYSE:PAY) by 40.7% during the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 64,685 shares of the business services provider’s stock after selling 44,472 shares during the period. Connor Clark & Lunn Investment Management Ltd.’s holdings in Paymentus were worth $2,118,000 as of its most recent SEC filing.

A number of other large investors have also recently added to or reduced their stakes in PAY. Driehaus Capital Management LLC increased its holdings in Paymentus by 152.3% during the 1st quarter. Driehaus Capital Management LLC now owns 1,897,552 shares of the business services provider’s stock valued at $49,526,000 after acquiring an additional 1,145,557 shares in the last quarter. Vanguard Group Inc. increased its stake in shares of Paymentus by 30.7% during the 1st quarter. Vanguard Group Inc. now owns 2,347,870 shares of the business services provider’s stock worth $61,279,000 after purchasing an additional 551,211 shares in the last quarter. Invesco Ltd. raised its position in shares of Paymentus by 81.5% during the 1st quarter. Invesco Ltd. now owns 1,051,664 shares of the business services provider’s stock worth $27,448,000 after purchasing an additional 472,205 shares during the last quarter. Goldman Sachs Group Inc. lifted its stake in Paymentus by 275.8% in the 1st quarter. Goldman Sachs Group Inc. now owns 571,917 shares of the business services provider’s stock valued at $14,927,000 after buying an additional 419,736 shares in the last quarter. Finally, Deutsche Bank AG grew its holdings in Paymentus by 9,777.0% during the 1st quarter. Deutsche Bank AG now owns 221,639 shares of the business services provider’s stock valued at $5,785,000 after buying an additional 219,395 shares during the last quarter. 78.38% of the stock is owned by institutional investors and hedge funds.

Paymentus Stock Performance

Shares of PAY stock opened at $37.70 on Friday. The firm has a market capitalization of $4.73 billion, a price-to-earnings ratio of 81.96 and a beta of 1.50. Paymentus Holdings, Inc. has a one year low of $22.65 and a one year high of $40.43. The company has a 50 day moving average price of $32.50 and a 200 day moving average price of $33.74.

Analyst Ratings Changes

A number of equities analysts have recently weighed in on PAY shares. Wall Street Zen raised Paymentus from a “hold” rating to a “buy” rating in a report on Saturday, November 8th. Wolfe Research raised shares of Paymentus from a “peer perform” rating to an “outperform” rating in a research note on Tuesday, July 22nd. Weiss Ratings restated a “hold (c)” rating on shares of Paymentus in a report on Wednesday, October 8th. Finally, Raymond James Financial set a $38.00 price target on shares of Paymentus and gave the stock an “outperform” rating in a research note on Tuesday, August 5th. Four equities research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $37.00.

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.