Paymentus (NYSE:PAY) Downgraded to "Hold" Rating by Canaccord Genuity Group

Paymentus (NYSE:PAY - Get Free Report) was downgraded by stock analysts at Canaccord Genuity Group from a "strong-buy" rating to a "hold" rating in a research note issued to investors on Monday,Zacks.com reports.

Several other analysts have also issued reports on the stock. The Goldman Sachs Group lifted their target price on shares of Paymentus from $21.00 to $23.50 and gave the company a "neutral" rating in a research report on Friday, August 9th. JPMorgan Chase & Co. lifted their target price on shares of Paymentus from $21.00 to $26.00 and gave the company a "neutral" rating in a research report on Tuesday, August 20th. StockNews.com upgraded shares of Paymentus from a "sell" rating to a "hold" rating in a research report on Saturday, August 3rd. Finally, Robert W. Baird raised their price target on shares of Paymentus from $24.00 to $25.00 and gave the stock an "outperform" rating in a research note on Monday, October 14th. 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's stock. According to MarketBeat.com, Paymentus presently has an average rating of "Hold" and a consensus target price of $23.50.

Paymentus Price Performance

PAY stock traded down $0.36 during midday trading on Monday, hitting $26.42. 149,060 shares of the stock traded hands, compared to its average volume of 239,679. The stock's fifty day simple moving average is $22.81 and its 200-day simple moving average is $21.02. Paymentus has a 1-year low of $14.77 and a 1-year high of $27.93. The firm has a market cap of $3.29 billion, a P/E ratio of 107.16 and a beta of 1.41.

Institutional Investors Weigh In On Paymentus

Institutional investors and hedge funds have recently made changes to their positions in the stock. nVerses Capital LLC raised its stake in shares of Paymentus by 550.0% in the 3rd quarter. nVerses Capital LLC now owns 1,300 shares of the business services provider's stock valued at $26,000 after acquiring an additional 1,100 shares during the period. MCF Advisors LLC raised its stake in shares of Paymentus by 80.1% in the 2nd quarter. MCF Advisors LLC now owns 1,461 shares of the business services provider's stock valued at $28,000 after acquiring an additional 650 shares during the period. Advisors Asset Management Inc. raised its stake in shares of Paymentus by 155.1% in the 3rd quarter. Advisors Asset Management Inc. now owns 1,689 shares of the business services provider's stock valued at $34,000 after acquiring an additional 1,027 shares during the period. Arcadia Investment Management Corp MI raised its stake in shares of Paymentus by 141.1% in the 2nd quarter. Arcadia Investment Management Corp MI now owns 2,360 shares of the business services provider's stock valued at $45,000 after acquiring an additional 1,381 shares during the period. Finally, Russell Investments Group Ltd. purchased a new stake in shares of Paymentus in the 1st quarter valued at approximately $106,000. 12.55% of the stock is owned by hedge funds and other institutional investors.

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.