Vanguard Group Inc. Buys 273,027 Shares of Paymentus Holdings, Inc. (NYSE:PAY)

Vanguard Group Inc. raised its stake in Paymentus Holdings, Inc. (NYSE:PAY - Free Report) by 17.9% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 1,796,659 shares of the business services provider's stock after acquiring an additional 273,027 shares during the period. Vanguard Group Inc. owned about 1.44% of Paymentus worth $58,697,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. TimesSquare Capital Management LLC acquired a new position in Paymentus in the fourth quarter valued at about $35,000. R Squared Ltd acquired a new stake in Paymentus during the 4th quarter valued at $43,000. Arcadia Investment Management Corp MI acquired a new position in Paymentus in the fourth quarter worth $134,000. KLP Kapitalforvaltning AS bought a new stake in shares of Paymentus during the fourth quarter worth $137,000. Finally, Barclays PLC increased its stake in shares of Paymentus by 1,569.3% in the third quarter. Barclays PLC now owns 5,058 shares of the business services provider's stock valued at $101,000 after buying an additional 4,755 shares in the last quarter. 78.38% of the stock is owned by institutional investors.

Paymentus Price Performance

Shares of Paymentus stock traded down $0.07 on Thursday, hitting $29.04. The company had a trading volume of 25,890 shares, compared to its average volume of 471,001. The stock has a 50-day moving average of $27.89 and a 200-day moving average of $29.44. Paymentus Holdings, Inc. has a twelve month low of $16.94 and a twelve month high of $38.94. The firm has a market capitalization of $3.63 billion, a P/E ratio of 93.68 and a beta of 1.65.

Wall Street Analysts Forecast Growth

Several equities research analysts have weighed in on the stock. JPMorgan Chase & Co. lowered their price objective on shares of Paymentus from $31.00 to $29.00 and set a "neutral" rating for the company in a research report on Tuesday, March 11th. Wells Fargo & Company upped their target price on shares of Paymentus from $27.00 to $33.00 and gave the company an "equal weight" rating in a research report on Thursday, January 16th. Robert W. Baird reduced their price target on Paymentus from $36.00 to $30.00 and set an "outperform" rating on the stock in a research report on Friday, April 4th. The Goldman Sachs Group set a $28.00 price objective on Paymentus and gave the company a "neutral" rating in a report on Wednesday, April 2nd. Finally, StockNews.com cut Paymentus from a "hold" rating to a "sell" rating in a report on Friday, April 4th. One analyst has rated the stock with a sell rating, five have given a hold rating, two have assigned a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat, Paymentus has a consensus rating of "Hold" and a consensus target price of $30.00.

Insider Buying and Selling

In other Paymentus news, General Counsel Andrew A. Gerber sold 3,070 shares of Paymentus stock in a transaction on Tuesday, February 18th. The shares were sold at an average price of $31.98, for a total value of $98,178.60. Following 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 position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Sanjay Kalra sold 15,794 shares of Paymentus stock in a transaction dated Tuesday, February 18th. The shares were sold at an average price of $31.99, for a total value of $505,250.06. Following the completion of the sale, the chief financial officer now directly owns 466,035 shares in the company, valued at approximately $14,908,459.65. This represents a 3.28 % decrease in their position. The disclosure for this sale can be found here. Company insiders own 87.76% of the company's stock.

Paymentus 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.