Paymentus (NYSE:PAY) Shares Down 4.7% After Insider Selling

Paymentus Holdings, Inc. (NYSE:PAY)’s share price dropped 4.7% on Friday following insider selling activity. The stock traded as low as $35.28 and last traded at $35.40. Approximately 287,508 shares changed hands during mid-day trading, an increase of 8% from the average daily volume of 266,373 shares. The stock had previously closed at $37.15.

Specifically, General Counsel Andrew A. Gerber sold 34,272 shares of the company’s stock in a transaction on Wednesday, December 4th. The stock was sold at an average price of $37.36, for a total value of $1,280,401.92. Following the completion of the transaction, the general counsel now directly owns 97,925 shares in the company, valued at approximately $3,658,478. This represents a 25.92 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website.

Analyst Upgrades and Downgrades

PAY has been the subject of several analyst reports. JPMorgan Chase & Co. upped 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. Robert W. Baird upped their target price on Paymentus from $25.00 to $36.00 and gave the company an “outperform” rating in a research note on Wednesday, November 13th. Canaccord Genuity Group lowered Paymentus from a “strong-buy” rating to a “hold” rating in a research note on Monday, November 11th. The Goldman Sachs Group upped their target price on Paymentus from $23.50 to $33.00 and gave the company a “neutral” rating in a research note on Friday, November 15th. Finally, Wells Fargo & Company upped their target price on Paymentus from $21.00 to $27.00 and gave the company an “equal weight” rating in a research note on Wednesday, November 13th. Seven research analysts have rated the stock with a hold rating, one has assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, Paymentus has a consensus rating of “Hold” and a consensus price target of $28.80.

Paymentus Price Performance

The stock has a 50-day simple moving average of $28.39 and a 200-day simple moving average of $23.14. The stock has a market cap of $4.31 billion, a PE ratio of 111.65 and a beta of 1.63.

Institutional Investors Weigh In On Paymentus

Institutional investors have recently added to or reduced their stakes in the company. Barclays PLC boosted its position 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 worth $101,000 after buying an additional 4,755 shares during the period. Geode Capital Management LLC boosted its position in shares of Paymentus by 2.6% in the third quarter. Geode Capital Management LLC now owns 206,140 shares of the business services provider’s stock worth $4,129,000 after buying an additional 5,127 shares during the period. Y Intercept Hong Kong Ltd boosted its position in shares of Paymentus by 96.8% in the third quarter. Y Intercept Hong Kong Ltd now owns 36,538 shares of the business services provider’s stock worth $731,000 after buying an additional 17,969 shares during the period. Main Management ETF Advisors LLC purchased a new stake in shares of Paymentus in the third quarter worth about $839,000. Finally, XTX Topco Ltd boosted its position in shares of Paymentus by 17.2% in the third quarter. XTX Topco Ltd now owns 20,905 shares of the business services provider’s stock worth $419,000 after buying an additional 3,064 shares during the period. Hedge funds and other institutional investors own 12.55% of the company’s stock.

Paymentus Company 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.