Connor Clark & Lunn Investment Management Ltd. Buys 68,235 Shares of Paymentus Holdings, Inc. (NYSE:PAY)

Connor Clark & Lunn Investment Management Ltd. increased its stake in shares of Paymentus Holdings, Inc. (NYSE:PAY - Free Report) by 158.1% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 111,403 shares of the business services provider's stock after acquiring an additional 68,235 shares during the quarter. Connor Clark & Lunn Investment Management Ltd. owned approximately 0.09% of Paymentus worth $3,640,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also bought and sold shares of the stock. Advisors Asset Management Inc. lifted its holdings in Paymentus by 155.1% in the 3rd quarter. Advisors Asset Management Inc. now owns 1,689 shares of the business services provider's stock worth $34,000 after buying an additional 1,027 shares during the period. TimesSquare Capital Management LLC purchased a new position in shares of Paymentus in the 4th quarter valued at approximately $35,000. Point72 Asia Singapore Pte. Ltd. purchased a new position in shares of Paymentus in the 3rd quarter valued at approximately $43,000. R Squared Ltd purchased a new position in shares of Paymentus in the 4th quarter valued at approximately $43,000. Finally, Barclays PLC lifted its stake in shares of Paymentus by 1,569.3% in the 3rd quarter. Barclays PLC now owns 5,058 shares of the business services provider's stock valued at $101,000 after purchasing an additional 4,755 shares during the period. 78.38% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In related news, CFO Sanjay Kalra sold 15,794 shares of Paymentus stock in a transaction on Tuesday, February 18th. The stock was sold at an average price of $31.99, for a total value of $505,250.06. Following the completion of the sale, the chief financial officer now owns 466,035 shares of the company's stock, valued at $14,908,459.65. The trade was 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 business's stock in a transaction dated Tuesday, February 18th. The shares were sold at an average price of $31.98, for a total value of $98,178.60. Following the sale, the general counsel now directly owns 94,855 shares of the company's stock, valued at $3,033,462.90. This represents a 3.14 % decrease in their position. The disclosure for this sale can be found here. 87.76% of the stock is currently owned by corporate insiders.

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Paymentus Stock Down 0.2 %

Shares of Paymentus stock traded down $0.06 on Friday, reaching $27.31. The company's stock had a trading volume of 483,849 shares, compared to its average volume of 320,720. The company has a market capitalization of $3.40 billion, a price-to-earnings ratio of 88.10 and a beta of 1.68. The firm's fifty day simple moving average is $29.65 and its two-hundred day simple moving average is $28.69. Paymentus Holdings, Inc. has a 52 week low of $16.94 and a 52 week high of $38.94.

Analyst Ratings Changes

A number of research analysts have recently commented on PAY shares. Wedbush restated an "outperform" rating and issued a $38.00 target price on shares of Paymentus in a research note on Wednesday, March 12th. Robert W. Baird lowered their target price on Paymentus from $40.00 to $36.00 and set an "outperform" rating for the company in a research note on Tuesday, March 11th. StockNews.com upgraded Paymentus from a "sell" rating to a "hold" rating in a research note on Wednesday. Wells Fargo & Company lifted their price objective on 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. lowered their price objective on Paymentus from $31.00 to $29.00 and set a "neutral" rating for the company in a research note on Tuesday, March 11th. Six analysts have rated the stock with a hold rating, two have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the company has an average rating of "Hold" and an average price target of $31.83.

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.