Robert W. Baird Lowers Paymentus (NYSE:PAY) Price Target to $36.00

Paymentus (NYSE:PAY) had its price target dropped by stock analysts at Robert W. Baird from $40.00 to $36.00 in a research report issued on Tuesday,Benzinga reports. The brokerage currently has an “outperform” rating on the business services provider’s stock. Robert W. Baird’s price target indicates a potential upside of 24.27% from the stock’s previous close.

A number of other brokerages have also weighed in on PAY. Wells Fargo & Company lifted their price target on shares of Paymentus from $27.00 to $33.00 and gave the company an “equal weight” rating in a report on Thursday, January 16th. Wedbush started coverage on shares of Paymentus in a research note on Monday, February 3rd. They issued an “outperform” rating on the stock. The Goldman Sachs Group raised their target price on shares of Paymentus from $23.50 to $33.00 and gave the company a “neutral” rating in a research note on Friday, November 15th. Finally, Canaccord Genuity Group downgraded shares of Paymentus from a “strong-buy” rating to a “hold” rating in a research note on Monday, November 11th. One analyst has rated the stock with a sell rating, six have issued a hold rating, two have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, Paymentus currently has a consensus rating of “Hold” and an average price target of $31.83.

Paymentus Stock Down 5.8 %

Shares of PAY opened at $28.97 on Tuesday. The firm has a market cap of $3.61 billion, a PE ratio of 93.45 and a beta of 1.68. The company’s fifty day moving average is $30.18 and its two-hundred day moving average is $28.49. Paymentus has a fifty-two week low of $16.94 and a fifty-two week high of $38.94.

Insiders Place Their Bets

In other news, General Counsel Andrew A. Gerber sold 3,070 shares of Paymentus stock in a transaction dated Tuesday, February 18th. The shares were sold at an average price of $31.98, for a total value 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 position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. 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 transaction of $505,250.06. Following the completion of the transaction, 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 disclosure for this sale can be found here. 87.76% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of the business. Capital International Investors grew its position in Paymentus by 25.6% in the 4th quarter. Capital International Investors now owns 4,362,065 shares of the business services provider’s stock worth $142,509,000 after purchasing an additional 888,914 shares during the last quarter. Vanguard Group Inc. boosted its holdings in shares of Paymentus by 17.9% in the fourth quarter. Vanguard Group Inc. now owns 1,796,659 shares of the business services provider’s stock valued at $58,697,000 after acquiring an additional 273,027 shares in the last quarter. JPMorgan Chase & Co. lifted its stake in Paymentus by 23.8% during the fourth quarter. JPMorgan Chase & Co. now owns 878,887 shares of the business services provider’s stock valued at $28,713,000 after purchasing an additional 169,237 shares during the last quarter. Driehaus Capital Management LLC acquired a new stake in Paymentus during the fourth quarter valued at approximately $24,568,000. Finally, Invesco Ltd. lifted its stake in Paymentus by 246.2% during the fourth quarter. Invesco Ltd. now owns 579,459 shares of the business services provider’s stock valued at $18,931,000 after purchasing an additional 412,095 shares during the last quarter. 78.38% of the stock is owned by institutional investors and hedge funds.

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.