Teacher Retirement System of Texas Makes New Investment in Paymentus Holdings, Inc. (NYSE:PAY)

Teacher Retirement System of Texas purchased a new stake in Paymentus Holdings, Inc. (NYSE:PAY - Free Report) in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm purchased 41,712 shares of the business services provider's stock, valued at approximately $1,363,000.

Several other hedge funds and other institutional investors also recently made changes to their positions in the business. TimesSquare Capital Management LLC bought a new stake in shares of Paymentus in the 4th quarter worth $35,000. R Squared Ltd purchased a new stake in Paymentus in the 4th quarter valued at about $43,000. Advisors Asset Management Inc. lifted its position in shares of Paymentus by 155.1% during the 3rd quarter. Advisors Asset Management Inc. now owns 1,689 shares of the business services provider's stock worth $34,000 after buying an additional 1,027 shares in the last quarter. Point72 Asia Singapore Pte. Ltd. purchased a new position in shares of Paymentus in the 3rd quarter worth approximately $43,000. Finally, Arcadia Investment Management Corp MI purchased a new stake in shares of Paymentus during the fourth quarter valued at approximately $134,000. 78.38% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on PAY. Robert W. Baird reduced their price objective on Paymentus from $40.00 to $36.00 and set an "outperform" rating for the company in a research note on Tuesday, March 11th. Wedbush restated an "outperform" rating and set a $38.00 price objective on shares of Paymentus in a report on Wednesday, March 12th. StockNews.com upgraded shares of Paymentus from a "sell" rating to a "hold" rating in a research note on Wednesday, March 19th. JPMorgan Chase & Co. decreased their price target on shares of Paymentus from $31.00 to $29.00 and set a "neutral" rating for the company in a research note on Tuesday, March 11th. Finally, Wells Fargo & Company upped their price objective on Paymentus from $27.00 to $33.00 and gave the company an "equal weight" rating in a research note on Thursday, January 16th. 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. According to MarketBeat, the company presently has an average rating of "Hold" and a consensus target price of $31.83.

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Insider Activity

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

Paymentus Trading Up 3.0 %

Shares of PAY stock traded up $0.77 during trading hours on Tuesday, hitting $26.87. 182,615 shares of the company's stock were exchanged, compared to its average volume of 325,382. The company has a market capitalization of $3.36 billion, a PE ratio of 86.32 and a beta of 1.68. Paymentus Holdings, Inc. has a 12-month low of $16.94 and a 12-month high of $38.94. The business's 50 day simple moving average is $29.24 and its 200-day simple moving average is $29.09.

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.