Paymentus (NYSE:PAY) Stock Price Up 4.9% - Time to Buy?

Paymentus Holdings, Inc. (NYSE:PAY - Get Free Report) traded up 4.9% on Tuesday . The stock traded as high as $29.27 and last traded at $29.37. 106,737 shares changed hands during mid-day trading, a decline of 68% from the average session volume of 330,562 shares. The stock had previously closed at $28.00.

Analyst Upgrades and Downgrades

Several brokerages recently commented on PAY. Robert W. Baird reduced their price target on Paymentus from $36.00 to $30.00 and set an "outperform" rating for the company in a research report on Friday, April 4th. Wells Fargo & Company boosted their target price on shares of Paymentus from $27.00 to $33.00 and gave the stock an "equal weight" rating in a report on Thursday, January 16th. Wedbush reissued an "outperform" rating and issued a $38.00 price objective on shares of Paymentus in a research report on Wednesday, March 12th. The Goldman Sachs Group set a $28.00 target price on shares of Paymentus and gave the company a "neutral" rating in a report on Wednesday, April 2nd. Finally, JPMorgan Chase & Co. reduced their price target on Paymentus from $31.00 to $29.00 and set a "neutral" rating for the company in a report on Tuesday, March 11th. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating, two have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of "Hold" and an average price target of $30.00.

Paymentus Price Performance

The company's 50-day simple moving average is $27.78 and its 200-day simple moving average is $29.63. The stock has a market capitalization of $3.63 billion, a price-to-earnings ratio of 93.60 and a beta of 1.65.

Insider Buying and Selling

In related news, General Counsel Andrew A. Gerber sold 3,070 shares of the business's stock in a transaction that occurred on Tuesday, February 18th. The stock was sold at an average price of $31.98, for a total value of $98,178.60. Following the completion of the sale, the general counsel now directly owns 94,855 shares in the company, valued at approximately $3,033,462.90. The trade was a 3.14 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, CFO Sanjay Kalra sold 15,794 shares of the firm's stock in a transaction on Tuesday, February 18th. The stock was sold at an average price of $31.99, for a total value of $505,250.06. Following the transaction, the chief financial officer now owns 466,035 shares in the company, valued at approximately $14,908,459.65. This trade represents a 3.28 % decrease in their position. The disclosure for this sale can be found here. 87.76% of the stock is currently owned by insiders.

Institutional Trading of Paymentus

Several large investors have recently modified their holdings of PAY. SG Americas Securities LLC lifted its position in Paymentus by 103.6% during the first quarter. SG Americas Securities LLC now owns 14,077 shares of the business services provider's stock worth $367,000 after purchasing an additional 7,163 shares during the period. Park Square Financial Group LLC bought a new stake in shares of Paymentus during the 4th quarter worth approximately $32,000. Universal Beteiligungs und Servicegesellschaft mbH bought a new position in Paymentus in the fourth quarter valued at approximately $3,241,000. Castleark Management LLC acquired a new position in Paymentus during the fourth quarter valued at approximately $3,251,000. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its stake in Paymentus by 34.7% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 46,308 shares of the business services provider's stock worth $1,513,000 after purchasing an additional 11,924 shares during the last quarter. 78.38% of the stock is owned by institutional investors and hedge funds.

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.