Paymentus Holdings, Inc. (NYSE:PAY) Shares Sold by Essex Investment Management Co. LLC

Essex Investment Management Co. LLC cut its position in Paymentus Holdings, Inc. (NYSE:PAY - Free Report) by 29.7% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 147,816 shares of the business services provider's stock after selling 62,368 shares during the period. Essex Investment Management Co. LLC owned about 0.12% of Paymentus worth $4,829,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also recently modified their holdings of the company. Advisors Asset Management Inc. boosted 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 fourth quarter valued at about $35,000. RiverPark Advisors LLC boosted its stake in shares of Paymentus by 8.8% in the third quarter. RiverPark Advisors LLC now owns 15,527 shares of the business services provider's stock worth $311,000 after acquiring an additional 1,258 shares during the period. R Squared Ltd purchased a new stake in shares of Paymentus during the fourth quarter worth about $43,000. Finally, Point72 Asia Singapore Pte. Ltd. bought a new stake in Paymentus during the 3rd quarter valued at approximately $43,000. 78.38% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several research analysts have weighed in on PAY shares. JPMorgan Chase & Co. dropped their price target on Paymentus from $31.00 to $29.00 and set a "neutral" rating for the company in a research note on Tuesday. The Goldman Sachs Group boosted their price target on shares of Paymentus from $23.50 to $33.00 and gave the stock a "neutral" rating in a research note on Friday, November 15th. Wells Fargo & Company raised their price objective on Paymentus from $27.00 to $33.00 and gave the company an "equal weight" rating in a research report on Thursday, January 16th. Wedbush reaffirmed an "outperform" rating and issued a $38.00 target price on shares of Paymentus in a report on Wednesday. Finally, StockNews.com lowered Paymentus from a "hold" rating to a "sell" rating in a research note on Tuesday. One research analyst has rated the stock with a sell rating, six have assigned a hold rating, two have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, Paymentus presently has an average rating of "Hold" and an average target price of $31.83.

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Paymentus Trading Up 1.2 %

Shares of NYSE:PAY traded up $0.34 during trading on Thursday, reaching $29.29. The stock had a trading volume of 763,855 shares, compared to its average volume of 322,119. Paymentus Holdings, Inc. has a one year low of $16.94 and a one year high of $38.94. The firm's 50-day simple moving average is $30.18 and its 200 day simple moving average is $28.49. The company has a market capitalization of $3.65 billion, a P/E ratio of 94.50 and a beta of 1.68.

Insider Transactions at Paymentus

In other Paymentus news, General Counsel Andrew A. Gerber sold 3,070 shares of the company's stock in a transaction that occurred on Tuesday, February 18th. The shares were sold at an average price of $31.98, for a total transaction of $98,178.60. Following the transaction, the general counsel now owns 94,855 shares in the company, valued at approximately $3,033,462.90. This represents a 3.14 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, 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 transaction of $505,250.06. Following 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 disclosure for this sale can be found here. Insiders own 87.76% of the company's stock.

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.