Wells Fargo & Company Issues Positive Forecast for Paymentus (NYSE:PAY) Stock Price

Paymentus (NYSE:PAY - Get Free Report) had its target price increased by stock analysts at Wells Fargo & Company from $27.00 to $33.00 in a note issued to investors on Thursday,Benzinga reports. The brokerage currently has an "equal weight" rating on the business services provider's stock. Wells Fargo & Company's target price points to a potential upside of 9.29% from the company's current price.

Other equities analysts have also issued research reports about the company. 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 research note on Friday, November 15th. Robert W. Baird lifted their price objective on shares of Paymentus from $25.00 to $36.00 and gave the company an "outperform" rating in a report on Wednesday, November 13th. Finally, Canaccord Genuity Group cut Paymentus from a "strong-buy" rating to a "hold" rating in a research report on Monday, November 11th. Seven analysts have rated the stock with a hold rating, one has assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, Paymentus presently has an average rating of "Hold" and an average target price of $30.00.

Paymentus Stock Down 0.5 %

Shares of NYSE:PAY traded down $0.14 during midday trading on Thursday, reaching $30.20. The company's stock had a trading volume of 565,971 shares, compared to its average volume of 589,597. The firm has a market capitalization of $3.76 billion, a PE ratio of 97.41 and a beta of 1.67. The stock has a fifty day moving average of $33.72 and a 200 day moving average of $25.92. Paymentus has a twelve month low of $14.77 and a twelve month high of $38.94.

Insider Buying and Selling at Paymentus

In related 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 value of $1,280,401.92. Following the completion of the sale, the general counsel now owns 97,925 shares of the company's stock, valued at approximately $3,658,478. This represents a 25.92 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. 87.76% of the stock is owned by company insiders.

Hedge Funds Weigh In On Paymentus

A number of hedge funds have recently modified their holdings of the business. GSA Capital Partners LLP lifted its position in Paymentus by 38.2% in 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 buying an additional 34,307 shares during the last quarter. JPMorgan Chase & Co. raised its stake in shares of Paymentus by 13.0% in the 3rd quarter. JPMorgan Chase & Co. now owns 709,650 shares of the business services provider's stock valued at $14,207,000 after acquiring an additional 81,853 shares during the period. Cerity Partners LLC acquired a new position in shares of Paymentus in the 3rd quarter worth approximately $629,000. PDT Partners LLC boosted its position in shares of Paymentus by 39.4% during the 3rd quarter. PDT Partners LLC now owns 48,174 shares of the business services provider's stock worth $964,000 after purchasing an additional 13,621 shares during the period. Finally, Connor Clark & Lunn Investment Management Ltd. increased its holdings in Paymentus by 196.9% in the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 43,168 shares of the business services provider's stock valued at $864,000 after purchasing an additional 28,628 shares during the last quarter. 78.38% of the stock is currently owned by hedge funds and other institutional investors.

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.