Paymentus (NYSE:PAY) Price Target Raised to $36.00 at Robert W. Baird

Paymentus (NYSE:PAY - Free Report) had its price target lifted by Robert W. Baird from $25.00 to $36.00 in a research report released on Wednesday,Benzinga reports. The brokerage currently has an outperform rating on the business services provider's stock.

A number of other research firms also recently commented on PAY. The Goldman Sachs Group raised 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 Paymentus from $21.00 to $26.00 and gave the company a "neutral" rating in a research note on Tuesday, August 20th. Canaccord Genuity Group cut shares of Paymentus from a "strong-buy" rating to a "hold" rating in a report on Monday. Finally, StockNews.com upgraded shares of Paymentus from a "sell" rating to a "hold" rating in a research note on Saturday, August 3rd. Seven research analysts have rated the stock with a hold rating, one has given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Hold" and an average target price of $26.90.

Paymentus Stock Performance

Paymentus stock traded up $7.19 during trading hours on Wednesday, hitting $33.80. The company had a trading volume of 3,036,850 shares, compared to its average volume of 253,837. The company has a 50-day moving average price of $22.92 and a two-hundred day moving average price of $21.06. Paymentus has a 1 year low of $14.77 and a 1 year high of $37.00. The firm has a market cap of $4.21 billion, a P/E ratio of 118.06 and a beta of 1.41.

Hedge Funds Weigh In On Paymentus

Several large investors have recently added to or reduced their stakes in PAY. Vanguard Group Inc. grew its position in Paymentus by 0.6% during the 1st quarter. Vanguard Group Inc. now owns 1,388,830 shares of the business services provider's stock worth $31,596,000 after purchasing an additional 8,457 shares in the last quarter. Dimensional Fund Advisors LP increased its stake in shares of Paymentus by 4.0% in the second quarter. Dimensional Fund Advisors LP now owns 541,049 shares of the business services provider's stock worth $10,279,000 after acquiring an additional 20,767 shares during the last quarter. Millennium Management LLC boosted its position in Paymentus by 1.1% during the second quarter. Millennium Management LLC now owns 285,781 shares of the business services provider's stock valued at $5,430,000 after purchasing an additional 3,124 shares during the last quarter. FMR LLC raised its stake in shares of Paymentus by 32,191.6% during the 3rd quarter. FMR LLC now owns 227,979 shares of the business services provider's stock worth $4,564,000 after purchasing an additional 227,273 shares in the last quarter. Finally, Cubist Systematic Strategies LLC lifted its holdings in shares of Paymentus by 8.5% during the 2nd quarter. Cubist Systematic Strategies LLC now owns 137,272 shares of the business services provider's stock valued at $2,608,000 after buying an additional 10,729 shares during the last quarter. 12.55% of the stock is currently owned by 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.