Arrowstreet Capital Limited Partnership Reduces Stock Position in Paymentus Holdings, Inc. (NYSE:PAY)

Arrowstreet Capital Limited Partnership lowered its stake in shares of Paymentus Holdings, Inc. (NYSE:PAY - Free Report) by 11.6% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 76,657 shares of the business services provider's stock after selling 10,042 shares during the quarter. Arrowstreet Capital Limited Partnership owned approximately 0.06% of Paymentus worth $2,504,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also modified their holdings of the company. FMR LLC grew its position in shares of Paymentus by 32,191.6% in the 3rd quarter. FMR LLC now owns 227,979 shares of the business services provider's stock valued at $4,564,000 after buying an additional 227,273 shares during the last quarter. Centiva Capital LP purchased a new position in shares of Paymentus during the third quarter worth about $305,000. Point72 Asset Management L.P. grew its holdings in shares of Paymentus by 1,305.6% during the third quarter. Point72 Asset Management L.P. now owns 9,600 shares of the business services provider's stock worth $192,000 after purchasing an additional 8,917 shares during the last quarter. State Street Corp increased its position in shares of Paymentus by 2.6% during the third quarter. State Street Corp now owns 300,414 shares of the business services provider's stock worth $6,014,000 after purchasing an additional 7,525 shares in the last quarter. Finally, XTX Topco Ltd lifted its holdings in shares of Paymentus by 17.2% in the 3rd quarter. XTX Topco Ltd now owns 20,905 shares of the business services provider's stock valued at $419,000 after purchasing an additional 3,064 shares during the last quarter. Hedge funds and other institutional investors own 78.38% of the company's stock.

Paymentus Price Performance

Shares of PAY stock traded up $0.83 during mid-day trading on Tuesday, hitting $28.83. The stock had a trading volume of 33,746 shares, compared to its average volume of 468,708. The firm has a market cap of $3.60 billion, a PE ratio of 92.98 and a beta of 1.65. The company's 50-day simple moving average is $28.00 and its 200-day simple moving average is $29.44. Paymentus Holdings, Inc. has a fifty-two week low of $16.94 and a fifty-two week high of $38.94.

Insider Activity at Paymentus

In related news, CFO Sanjay Kalra sold 15,794 shares of the company's stock in a transaction on Tuesday, February 18th. The stock was sold at an average price of $31.99, for a total transaction of $505,250.06. Following the transaction, the chief financial officer now owns 466,035 shares of the company's stock, valued at $14,908,459.65. This represents a 3.28 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, General Counsel Andrew A. Gerber sold 3,070 shares of the stock in a transaction on Tuesday, February 18th. The stock was sold at an average price of $31.98, for a total value of $98,178.60. Following the completion of the transaction, the general counsel now owns 94,855 shares of the company's stock, valued at $3,033,462.90. The trade was a 3.14 % decrease in their position. The disclosure for this sale can be found here. 87.76% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

Several research analysts have commented on the company. Wedbush reaffirmed an "outperform" rating and set a $38.00 price target on shares of Paymentus in a research report on Wednesday, March 12th. The Goldman Sachs Group set a $28.00 target price on shares of Paymentus and gave the company a "neutral" rating in a report on Wednesday, April 2nd. StockNews.com cut shares of Paymentus from a "hold" rating to a "sell" rating in a research note on Friday, April 4th. Wells Fargo & Company lifted their price objective on shares of Paymentus from $27.00 to $33.00 and gave the company an "equal weight" rating in a research note on Thursday, January 16th. Finally, JPMorgan Chase & Co. decreased their target price on shares of Paymentus from $31.00 to $29.00 and set a "neutral" rating for the company in a research note on Tuesday, March 11th. One research analyst has rated the stock with a sell rating, five have issued a hold rating, two have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, Paymentus presently has a consensus rating of "Hold" and an average target price of $30.00.

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.