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.

Other analysts have also issued reports about the stock. 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. Wolfe Research raised Paymentus from a “peer perform” rating to an “outperform” rating in a report on Tuesday, July 22nd. Finally, Weiss Ratings reaffirmed a “hold (c)” rating on shares of Paymentus in a research note on Wednesday, October 8th. Four research analysts have rated the stock with a Buy rating and four have given a Hold rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $37.00.

Paymentus Stock Up 0.7%

PAY stock opened at $37.73 on Friday. The company has a 50-day simple moving average of $32.50 and a 200 day simple moving average of $33.61. The company has a market capitalization of $4.73 billion, a P/E ratio of 82.02 and a beta of 1.50. Paymentus has a fifty-two week low of $22.65 and a fifty-two week high of $40.43.

Institutional Investors Weigh In On Paymentus

Several large investors have recently modified their holdings of the stock. Vanguard Group Inc. raised its position in shares of Paymentus by 33.0% during the third quarter. Vanguard Group Inc. now owns 3,638,609 shares of the business services provider’s stock worth $111,341,000 after purchasing an additional 903,627 shares during the period. Driehaus Capital Management LLC increased its stake in Paymentus by 152.3% in the 1st quarter. Driehaus Capital Management LLC now owns 1,897,552 shares of the business services provider’s stock worth $49,526,000 after purchasing an additional 1,145,557 shares in the last quarter. Invesco Ltd. raised its holdings in Paymentus by 66.9% during the 2nd quarter. Invesco Ltd. now owns 1,755,271 shares of the business services provider’s stock worth $57,485,000 after buying an additional 703,607 shares during the period. Wasatch Advisors LP acquired a new stake in shares of Paymentus during the second quarter valued at approximately $49,582,000. Finally, Next Century Growth Investors LLC raised its stake in Paymentus by 5.4% during 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 purchasing an additional 69,156 shares during the period. 78.38% of the stock is owned by institutional investors.

About Paymentus

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.