Paymentus (NYSE:PAY) Given New $36.00 Price Target at Robert W. Baird

Paymentus (NYSE:PAY) had its price target raised by Robert W. Baird from $25.00 to $36.00 in a research note released on Wednesday,Benzinga reports. They currently have an outperform rating on the business services provider’s stock.

Several other brokerages have also weighed in on PAY. The Goldman Sachs Group increased their price objective on shares of Paymentus from $21.00 to $23.50 and gave the stock a “neutral” rating in a report on Friday, August 9th. Canaccord Genuity Group downgraded shares of Paymentus from a “strong-buy” rating to a “hold” rating in a research note on Monday, November 11th. JPMorgan Chase & Co. boosted their price objective on shares of Paymentus from $21.00 to $26.00 and gave the company a “neutral” rating in a research note on Tuesday, August 20th. Finally, StockNews.com upgraded Paymentus from a “sell” rating to a “hold” rating in a report on Saturday, August 3rd. Seven equities 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. According to MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $28.80.

Paymentus Stock Up 2.9 %

Shares of NYSE:PAY opened at $33.50 on Wednesday. The company has a market cap of $4.17 billion, a P/E ratio of 108.06 and a beta of 1.41. The business has a fifty day simple moving average of $23.65 and a 200-day simple moving average of $21.33. Paymentus has a 52 week low of $14.77 and a 52 week high of $37.00.

Institutional Trading of Paymentus

A number of hedge funds have recently made changes to their positions in the company. nVerses Capital LLC boosted its stake in shares of Paymentus by 550.0% in the third quarter. nVerses Capital LLC now owns 1,300 shares of the business services provider’s stock valued at $26,000 after purchasing an additional 1,100 shares during the period. MCF Advisors LLC boosted its position in Paymentus by 80.1% in the 2nd quarter. MCF Advisors LLC now owns 1,461 shares of the business services provider’s stock valued at $28,000 after buying an additional 650 shares during the last quarter. Advisors Asset Management Inc. grew its stake in shares of Paymentus by 155.1% during the third quarter. Advisors Asset Management Inc. now owns 1,689 shares of the business services provider’s stock valued at $34,000 after acquiring an additional 1,027 shares in the last quarter. Point72 Asia Singapore Pte. Ltd. purchased a new stake in shares of Paymentus during the third quarter worth about $43,000. Finally, Arcadia Investment Management Corp MI lifted its stake in shares of Paymentus by 141.1% in the second quarter. Arcadia Investment Management Corp MI now owns 2,360 shares of the business services provider’s stock worth $45,000 after acquiring an additional 1,381 shares in the last quarter. Hedge funds and other institutional investors own 12.55% of the company’s stock.

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.