Cerity Partners LLC Purchases New Stake in Paymentus Holdings, Inc. (NYSE:PAY)

Cerity Partners LLC purchased a new stake in Paymentus Holdings, Inc. (NYSE:PAY - Free Report) during the third quarter, according to its most recent filing with the SEC. The firm purchased 31,402 shares of the business services provider's stock, valued at approximately $629,000.

A number of other hedge funds and other institutional investors also recently made changes to their positions in PAY. nVerses Capital LLC lifted its stake in Paymentus by 550.0% in the 3rd quarter. nVerses Capital LLC now owns 1,300 shares of the business services provider's stock valued at $26,000 after acquiring an additional 1,100 shares in the last quarter. MCF Advisors LLC boosted its position in shares of Paymentus by 80.1% in the second quarter. MCF Advisors LLC now owns 1,461 shares of the business services provider's stock valued at $28,000 after acquiring an additional 650 shares during the period. Advisors Asset Management Inc. increased its holdings in shares of Paymentus by 155.1% during the third quarter. Advisors Asset Management Inc. now owns 1,689 shares of the business services provider's stock worth $34,000 after purchasing an additional 1,027 shares during the period. Arcadia Investment Management Corp MI raised its holdings in Paymentus by 141.1% in the 2nd quarter. Arcadia Investment Management Corp MI now owns 2,360 shares of the business services provider's stock valued at $45,000 after acquiring an additional 1,381 shares in the last quarter. Finally, SG Americas Securities LLC bought a new position in Paymentus in the 3rd quarter valued at about $132,000. 12.55% of the stock is owned by institutional investors.

Insider Buying and Selling at Paymentus

In other news, General Counsel Andrew A. Gerber sold 34,272 shares of the stock in a transaction dated Wednesday, December 4th. The shares were sold at an average price of $37.36, for a total transaction of $1,280,401.92. Following the transaction, the general counsel now owns 97,925 shares of the company's stock, valued at $3,658,478. This represents a 25.92 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Insiders own 87.76% of the company's stock.

Paymentus Price Performance

Shares of Paymentus stock traded down $2.54 on Friday, hitting $34.61. 748,506 shares of the company's stock traded hands, compared to its average volume of 540,719. The company has a fifty day moving average of $28.39 and a two-hundred day moving average of $23.17. Paymentus Holdings, Inc. has a one year low of $14.77 and a one year high of $38.94. The company has a market capitalization of $4.31 billion, a price-to-earnings ratio of 111.65 and a beta of 1.63.

Analysts Set New Price Targets

A number of research analysts have issued reports on the company. Canaccord Genuity Group cut Paymentus from a "strong-buy" rating to a "hold" rating in a research report on Monday, November 11th. The Goldman Sachs Group increased their target price on Paymentus from $23.50 to $33.00 and gave the company a "neutral" rating in a research report on Friday, November 15th. Wells Fargo & Company upped their price target on shares of Paymentus from $21.00 to $27.00 and gave the company an "equal weight" rating in a research report on Wednesday, November 13th. JPMorgan Chase & Co. lifted their price target on shares of Paymentus from $21.00 to $26.00 and gave the stock a "neutral" rating in a report on Tuesday, August 20th. Finally, Robert W. Baird increased their price objective on Paymentus from $25.00 to $36.00 and gave the company an "outperform" rating in a report on Wednesday, November 13th. Seven research analysts have rated the stock with a hold rating, one has assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of "Hold" and an average target price of $28.80.

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.