Franklin Resources Inc. Sells 255,427 Shares of Paymentus Holdings, Inc. $PAY

Franklin Resources Inc. cut its stake in shares of Paymentus Holdings, Inc. (NYSE:PAY) by 12.4% in the 2nd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 1,798,222 shares of the business services provider’s stock after selling 255,427 shares during the period. Franklin Resources Inc. owned about 1.44% of Paymentus worth $58,892,000 as of its most recent SEC filing.

Several other hedge funds also recently modified their holdings of PAY. Vanguard Group Inc. increased its holdings in Paymentus by 30.7% in 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. Driehaus Capital Management LLC increased its stake in shares of Paymentus by 152.3% in the first quarter. Driehaus Capital Management LLC now owns 1,897,552 shares of the business services provider’s stock valued at $49,526,000 after buying an additional 1,145,557 shares during the period. Next Century Growth Investors LLC raised its holdings in Paymentus by 5.4% in the 1st quarter. Next Century Growth Investors LLC now owns 1,356,980 shares of the business services provider’s stock valued at $35,417,000 after buying an additional 69,156 shares during the last quarter. Invesco Ltd. raised its holdings in Paymentus by 81.5% in the 1st quarter. Invesco Ltd. now owns 1,051,664 shares of the business services provider’s stock valued at $27,448,000 after buying an additional 472,205 shares during the last quarter. Finally, TimesSquare Capital Management LLC boosted its position in Paymentus by 15.7% during the 2nd quarter. TimesSquare Capital Management LLC now owns 781,609 shares of the business services provider’s stock worth $25,598,000 after buying an additional 105,997 shares during the period. Institutional investors and hedge funds own 78.38% of the company’s stock.

Paymentus Stock Performance

Shares of NYSE PAY opened at $33.08 on Tuesday. The company’s 50 day moving average price is $32.52 and its 200-day moving average price is $33.72. Paymentus Holdings, Inc. has a 52-week low of $22.65 and a 52-week high of $40.43. The company has a market capitalization of $4.15 billion, a P/E ratio of 71.92 and a beta of 1.50.

Analyst Upgrades and Downgrades

PAY has been the subject of several analyst reports. Wall Street Zen raised shares of Paymentus from a “hold” rating to a “buy” rating in a research note on Saturday, November 8th. Weiss Ratings reissued a “hold (c+)” rating on shares of Paymentus in a research note on Monday, November 17th. Finally, Raymond James Financial set a $38.00 target price on Paymentus and gave the stock an “outperform” rating in a research report on Tuesday, August 5th. Four research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $37.00.

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.