Counterpoint Mutual Funds LLC Acquires 31,446 Shares of Paymentus Holdings, Inc. (NYSE:PAY)

Counterpoint Mutual Funds LLC increased its holdings in shares of Paymentus Holdings, Inc. (NYSE:PAY - Free Report) by 295.6% in the 4th quarter, according to its most recent filing with the SEC. The fund owned 42,085 shares of the business services provider's stock after purchasing an additional 31,446 shares during the period. Counterpoint Mutual Funds LLC's holdings in Paymentus were worth $1,375,000 at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in the business. Swiss National Bank lifted its holdings in shares of Paymentus by 2.7% during the fourth quarter. Swiss National Bank now owns 37,400 shares of the business services provider's stock worth $1,222,000 after buying an additional 1,000 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. increased its position in Paymentus by 158.1% during the fourth quarter. Connor Clark & Lunn Investment Management Ltd. now owns 111,403 shares of the business services provider's stock worth $3,640,000 after acquiring an additional 68,235 shares during the period. HighTower Advisors LLC bought a new position in Paymentus during the fourth quarter worth $591,000. Independent Advisor Alliance acquired a new position in Paymentus during the 4th quarter valued at $418,000. Finally, Bay Colony Advisory Group Inc d b a Bay Colony Advisors bought a new stake in Paymentus in the 4th quarter valued at $273,000. Institutional investors own 78.38% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on the stock. Wells Fargo & Company upped their price objective on shares of Paymentus from $27.00 to $33.00 and gave the company an "equal weight" rating in a research report on Thursday, January 16th. Robert W. Baird cut their price target on Paymentus from $40.00 to $36.00 and set an "outperform" rating for the company in a report on Tuesday, March 11th. Wedbush reissued an "outperform" rating and set a $38.00 price objective on shares of Paymentus in a report on Wednesday, March 12th. JPMorgan Chase & Co. reduced 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. Finally, StockNews.com upgraded shares of Paymentus from a "sell" rating to a "hold" rating in a research note on Wednesday. Six analysts have rated the stock with a hold rating, two have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of "Hold" and a consensus price target of $31.83.

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Insider Buying and Selling

In other 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 directly owns 94,855 shares in the company, valued at approximately $3,033,462.90. This represents a 3.14 % 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, CFO Sanjay Kalra sold 15,794 shares of the stock in a transaction that occurred on Tuesday, February 18th. The shares were sold at an average price of $31.99, for a total transaction of $505,250.06. Following the sale, the chief financial officer now directly owns 466,035 shares in the company, valued at $14,908,459.65. This trade 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 corporate insiders.

Paymentus Stock Down 0.2 %

NYSE:PAY traded down $0.06 on Friday, reaching $27.31. The stock had a trading volume of 483,849 shares, compared to its average volume of 320,720. The stock has a fifty day moving average price of $29.65 and a 200-day moving average price of $28.69. Paymentus Holdings, Inc. has a 1-year low of $16.94 and a 1-year high of $38.94. The company has a market capitalization of $3.40 billion, a P/E ratio of 88.10 and a beta of 1.68.

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.