Main Management ETF Advisors LLC Makes New $839,000 Investment in Paymentus Holdings, Inc. (NYSE:PAY)

Main Management ETF Advisors LLC acquired a new position in shares of Paymentus Holdings, Inc. (NYSE:PAY - Free Report) in the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund acquired 41,904 shares of the business services provider's stock, valued at approximately $839,000.

Other large investors have also recently made changes to their positions in the company. GSA Capital Partners LLP boosted its stake in shares of Paymentus by 38.2% during the third quarter. GSA Capital Partners LLP now owns 124,189 shares of the business services provider's stock valued at $2,486,000 after purchasing an additional 34,307 shares during the period. PDT Partners LLC raised its holdings in shares of Paymentus by 39.4% in the third quarter. PDT Partners LLC now owns 48,174 shares of the business services provider's stock valued at $964,000 after acquiring an additional 13,621 shares in the last quarter. Cerity Partners LLC bought a new stake in shares of Paymentus in the third quarter valued at about $629,000. Connor Clark & Lunn Investment Management Ltd. raised its holdings in shares of Paymentus by 196.9% in the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 43,168 shares of the business services provider's stock valued at $864,000 after acquiring an additional 28,628 shares in the last quarter. Finally, Versor Investments LP bought a new stake in shares of Paymentus in the third quarter valued at about $331,000. 12.55% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several analysts recently weighed in on the company. Canaccord Genuity Group downgraded Paymentus from a "strong-buy" rating to a "hold" rating in a report on Monday, November 11th. The Goldman Sachs Group lifted their price objective on Paymentus from $23.50 to $33.00 and gave the company a "neutral" rating in a report on Friday, November 15th. Robert W. Baird lifted their price objective on Paymentus from $25.00 to $36.00 and gave the company an "outperform" rating in a report on Wednesday, November 13th. Wells Fargo & Company boosted their target price on shares of Paymentus from $21.00 to $27.00 and gave the stock an "equal weight" rating in a report on Wednesday, November 13th. Finally, JPMorgan Chase & Co. boosted their target price on shares of Paymentus from $21.00 to $26.00 and gave the stock a "neutral" rating in a report on Tuesday, August 20th. Seven analysts have rated the stock with a hold rating, one has issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, Paymentus currently has a consensus rating of "Hold" and an average target price of $28.80.

Insider Activity

In other news, General Counsel Andrew A. Gerber sold 34,272 shares of the company's stock in a transaction dated Wednesday, December 4th. The shares were sold at an average price of $37.36, for a total transaction of $1,280,401.92. Following the transaction, the general counsel now owns 97,925 shares in the company, valued at $3,658,478. This represents a 25.92 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Corporate insiders own 87.76% of the company's stock.

Paymentus Stock Down 6.8 %

Shares of PAY traded down $2.54 during mid-day trading on Friday, hitting $34.61. 748,506 shares of the company traded hands, compared to its average volume of 540,719. Paymentus Holdings, Inc. has a 1-year low of $14.77 and a 1-year high of $38.94. The company has a market capitalization of $4.31 billion, a PE ratio of 111.65 and a beta of 1.63. The business has a 50 day moving average of $28.39 and a 200 day moving average of $23.17.

About Paymentus

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.