HighTower Advisors LLC Takes $591,000 Position in Paymentus Holdings, Inc. (NYSE:PAY)

HighTower Advisors LLC purchased a new stake in shares of Paymentus Holdings, Inc. (NYSE:PAY - Free Report) during the 4th quarter, according to its most recent Form 13F filing with the SEC. The institutional investor purchased 18,093 shares of the business services provider's stock, valued at approximately $591,000.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. JPMorgan Chase & Co. boosted its holdings in shares of Paymentus by 13.0% in the third quarter. JPMorgan Chase & Co. now owns 709,650 shares of the business services provider's stock worth $14,207,000 after buying an additional 81,853 shares during the last quarter. State Street Corp increased its position in Paymentus by 2.6% in the third quarter. State Street Corp now owns 300,414 shares of the business services provider's stock worth $6,014,000 after buying an additional 7,525 shares in the last quarter. FMR LLC increased its holdings in Paymentus by 32,191.6% in the 3rd quarter. FMR LLC now owns 227,979 shares of the business services provider's stock worth $4,564,000 after acquiring an additional 227,273 shares in the last quarter. Geode Capital Management LLC boosted its position in shares of Paymentus by 2.6% in the third quarter. Geode Capital Management LLC now owns 206,140 shares of the business services provider's stock worth $4,129,000 after purchasing an additional 5,127 shares during the period. Finally, Raymond James Financial Inc. bought a new stake in Paymentus during the fourth quarter valued at about $3,109,000. 78.38% of the stock is owned by institutional investors.

Insider Buying and Selling

In other news, General Counsel Andrew A. Gerber sold 3,070 shares of Paymentus stock in a transaction that occurred on Tuesday, February 18th. The shares were sold at an average price of $31.98, for a total value of $98,178.60. Following 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 sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. 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 completion of the transaction, the chief financial officer now directly owns 466,035 shares in the company, valued at $14,908,459.65. This represents a 3.28 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 87.76% of the stock is owned by insiders.

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Analyst Ratings Changes

A number of brokerages have issued reports on PAY. Wells Fargo & Company increased their price objective on shares of Paymentus from $27.00 to $33.00 and gave the company an "equal weight" rating in a report on Thursday, January 16th. JPMorgan Chase & Co. lowered their target price on Paymentus from $31.00 to $29.00 and set a "neutral" rating for the company in a research report on Tuesday, March 11th. Wedbush restated an "outperform" rating and issued a $38.00 price target on shares of Paymentus in a research report on Wednesday, March 12th. StockNews.com upgraded shares of Paymentus from a "sell" rating to a "hold" rating in a research report on Wednesday, March 19th. Finally, Robert W. Baird decreased their target price on shares of Paymentus from $40.00 to $36.00 and set an "outperform" rating on the stock in a research report on Tuesday, March 11th. Six equities research analysts have rated the stock with a hold rating, two have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of "Hold" and an average target price of $31.83.

Paymentus Trading Up 0.7 %

Shares of NYSE PAY traded up $0.19 during mid-day trading on Wednesday, reaching $27.39. The company had a trading volume of 387,580 shares, compared to its average volume of 326,461. Paymentus Holdings, Inc. has a 52 week low of $16.94 and a 52 week high of $38.94. The business's 50-day moving average is $29.08 and its 200-day moving average is $29.12. The stock has a market cap of $3.42 billion, a price-to-earnings ratio of 88.35 and a beta of 1.68.

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.