Robert W. Baird Cuts Paymentus (NYSE:PAY) Price Target to $30.00

Paymentus (NYSE:PAY) had its target price lowered by Robert W. Baird from $36.00 to $30.00 in a report issued on Friday morning,Benzinga reports. The firm currently has an outperform rating on the business services provider’s stock.

A number of other analysts have also issued reports on PAY. Wedbush reiterated an “outperform” rating and issued a $38.00 price target on shares of Paymentus in a report on Wednesday, March 12th. Wells Fargo & Company raised their price target on Paymentus from $27.00 to $33.00 and gave the stock an “equal weight” rating in a report on Thursday, January 16th. StockNews.com raised shares of Paymentus from a “sell” rating to a “hold” rating in a report on Wednesday, March 19th. Finally, JPMorgan Chase & Co. cut their price target on shares of Paymentus from $31.00 to $29.00 and set a “neutral” rating on the stock in a report on Tuesday, March 11th. One investment analyst has rated the stock with a sell rating, five have issued a hold rating, two have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, Paymentus currently has an average rating of “Hold” and an average target price of $30.83.

Paymentus Stock Down 5.4 %

Shares of Paymentus stock opened at $24.17 on Friday. The stock’s fifty day moving average is $28.85 and its two-hundred day moving average is $29.22. Paymentus has a 52 week low of $16.94 and a 52 week high of $38.94. The company has a market capitalization of $3.02 billion, a PE ratio of 77.97 and a beta of 1.65.

Insider Transactions at Paymentus

In other Paymentus news, CFO Sanjay Kalra sold 15,794 shares of the stock in a transaction dated Tuesday, February 18th. The shares were sold at an average price of $31.99, for a total transaction of $505,250.06. Following the completion of the transaction, the chief financial officer now 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 sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, General Counsel Andrew A. Gerber sold 3,070 shares of the business’s stock in a transaction that occurred on Tuesday, February 18th. The shares were sold at an average price of $31.98, for a total transaction of $98,178.60. Following the completion of the sale, the general counsel now directly owns 94,855 shares in the company, valued at $3,033,462.90. This trade represents 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.

Institutional Trading of Paymentus

Institutional investors have recently added to or reduced their stakes in the stock. JPMorgan Chase & Co. boosted its position in shares of Paymentus by 13.0% during the third quarter. JPMorgan Chase & Co. now owns 709,650 shares of the business services provider’s stock worth $14,207,000 after buying an additional 81,853 shares during the period. Cerity Partners LLC purchased a new position in Paymentus during the 3rd quarter valued at about $629,000. Victory Capital Management Inc. acquired a new position in Paymentus in the 4th quarter valued at about $215,000. Barclays PLC increased its stake in Paymentus by 1,569.3% during the third quarter. Barclays PLC now owns 5,058 shares of the business services provider’s stock worth $101,000 after purchasing an additional 4,755 shares during the period. Finally, Geode Capital Management LLC lifted its position in shares of Paymentus by 2.6% during the third quarter. Geode Capital Management LLC now owns 206,140 shares of the business services provider’s stock worth $4,129,000 after purchasing an additional 5,127 shares in the last quarter. Institutional investors and hedge funds own 78.38% 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.