Independent Advisor Alliance Acquires Shares of 12,788 Paymentus Holdings, Inc. (NYSE:PAY)

Independent Advisor Alliance purchased a new stake in Paymentus Holdings, Inc. (NYSE:PAY - Free Report) in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 12,788 shares of the business services provider's stock, valued at approximately $418,000.

A number of other hedge funds and other institutional investors also recently made changes to their positions in PAY. JPMorgan Chase & Co. raised its position in Paymentus by 13.0% during the third quarter. JPMorgan Chase & Co. now owns 709,650 shares of the business services provider's stock valued at $14,207,000 after purchasing an additional 81,853 shares in the last quarter. State Street Corp raised its position in Paymentus by 2.6% during the third quarter. State Street Corp now owns 300,414 shares of the business services provider's stock valued at $6,014,000 after purchasing an additional 7,525 shares in the last quarter. FMR LLC raised its position in Paymentus by 32,191.6% during the third 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 in the last quarter. Geode Capital Management LLC raised its position in Paymentus by 2.6% during the third quarter. Geode Capital Management LLC now owns 206,140 shares of the business services provider's stock valued at $4,129,000 after purchasing an additional 5,127 shares in the last quarter. Finally, Raymond James Financial Inc. acquired a new position in Paymentus during the fourth quarter valued at approximately $3,109,000. 78.38% of the stock is currently owned by institutional investors and hedge funds.

Paymentus Stock Down 0.2 %

PAY traded down $0.06 during trading on Friday, reaching $27.31. 483,849 shares of the stock traded hands, compared to its average volume of 320,720. The stock has a market capitalization of $3.40 billion, a PE ratio of 88.10 and a beta of 1.68. The stock's 50-day moving average is $29.65 and its 200 day moving average is $28.69. Paymentus Holdings, Inc. has a 12 month low of $16.94 and a 12 month high of $38.94.

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Insider Activity

In other news, CFO Sanjay Kalra sold 15,794 shares of the company's stock in a transaction dated Tuesday, February 18th. The shares were sold at an average price of $31.99, for a total transaction of $505,250.06. Following the transaction, the chief financial officer now owns 466,035 shares in the company, valued at approximately $14,908,459.65. This represents a 3.28 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, General Counsel Andrew A. Gerber sold 3,070 shares of the company's stock in a transaction dated 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 $3,033,462.90. This represents a 3.14 % decrease in their position. The disclosure for this sale can be found here. Company insiders own 87.76% of the company's stock.

Analyst Ratings Changes

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

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.