Paymentus Holdings, Inc. (NYSE:PAY) Shares Sold by Franklin Resources Inc.

Franklin Resources Inc. reduced its holdings in Paymentus Holdings, Inc. (NYSE:PAY - Free Report) by 17.4% in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 1,686,449 shares of the business services provider's stock after selling 354,607 shares during the period. Franklin Resources Inc. owned approximately 1.35% of Paymentus worth $55,096,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also recently made changes to their positions in PAY. Vanguard Group Inc. grew its position in Paymentus by 17.9% in the fourth quarter. Vanguard Group Inc. now owns 1,796,659 shares of the business services provider's stock worth $58,697,000 after acquiring an additional 273,027 shares in the last quarter. FMR LLC increased its position in shares of Paymentus by 32,191.6% during the 3rd quarter. FMR LLC now owns 227,979 shares of the business services provider's stock valued at $4,564,000 after purchasing an additional 227,273 shares during the last quarter. JPMorgan Chase & Co. raised its holdings in Paymentus by 23.8% during the 4th quarter. JPMorgan Chase & Co. now owns 878,887 shares of the business services provider's stock valued at $28,713,000 after buying an additional 169,237 shares during the period. Raymond James Financial Inc. bought a new stake in Paymentus in the fourth quarter worth $3,109,000. Finally, Norges Bank purchased a new position in Paymentus during the fourth quarter worth $3,091,000. 78.38% of the stock is currently owned by institutional investors.

Insider Buying and Selling 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 dated Tuesday, February 18th. The stock was sold at an average price of $31.99, for a total value of $505,250.06. Following the sale, the chief financial officer now directly owns 466,035 shares of the company's stock, valued at $14,908,459.65. This trade represents a 3.28 % decrease in their position. The disclosure for this sale can be found here. Insiders own 87.76% of the company's stock.

Paymentus Trading Down 3.5 %

Shares of PAY traded down $0.95 during midday trading on Thursday, reaching $26.29. 54,148 shares of the stock were exchanged, compared to its average volume of 327,646. The company's 50 day moving average is $28.28 and its two-hundred day moving average is $29.24. The company has a market capitalization of $3.29 billion, a P/E ratio of 84.81 and a beta of 1.65. Paymentus Holdings, Inc. has a 52 week low of $16.94 and a 52 week high of $38.94.

Wall Street Analyst Weigh In

Several research firms have recently issued reports on PAY. StockNews.com lowered shares of Paymentus from a "hold" rating to a "sell" rating in a report on Friday, April 4th. The Goldman Sachs Group set a $28.00 target price on Paymentus and gave the company a "neutral" rating in a research note on Wednesday, April 2nd. Wedbush reissued an "outperform" rating and set a $38.00 price target on shares of Paymentus in a research note on Wednesday, March 12th. JPMorgan Chase & Co. cut their price objective on Paymentus from $31.00 to $29.00 and set a "neutral" rating on the stock in a research report on Tuesday, March 11th. Finally, Robert W. Baird decreased their target price on Paymentus from $36.00 to $30.00 and set an "outperform" rating for the company in a research report on Friday, April 4th. One investment analyst has rated the stock with a sell rating, five have issued a hold rating, two have assigned a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat.com, Paymentus 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.