Paymentus (NYSE:PAY) Downgraded by Canaccord Genuity Group to Hold

Paymentus (NYSE:PAY) was downgraded by analysts at Canaccord Genuity Group from a “strong-buy” rating to a “hold” rating in a report issued on Monday,Zacks.com reports.

Several other research analysts also recently commented on the stock. JPMorgan Chase & Co. increased their price objective on shares of Paymentus from $21.00 to $26.00 and gave the company a “neutral” rating in a report on Tuesday, August 20th. Robert W. Baird lifted their price objective on Paymentus from $24.00 to $25.00 and gave the stock an “outperform” rating in a research note on Monday, October 14th. The Goldman Sachs Group raised their target price on shares of Paymentus from $21.00 to $23.50 and gave the company a “neutral” rating in a report on Friday, August 9th. Finally, StockNews.com raised shares of Paymentus from a “sell” rating to a “hold” rating in a report on Saturday, August 3rd. Seven investment analysts have rated the stock with a hold rating, one has issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $23.50.

Paymentus Price Performance

PAY stock opened at $26.79 on Monday. Paymentus has a 1-year low of $14.77 and a 1-year high of $27.93. The business has a 50 day simple moving average of $22.81 and a two-hundred day simple moving average of $21.02. The company has a market capitalization of $3.33 billion, a price-to-earnings ratio of 107.16 and a beta of 1.41.

Hedge Funds Weigh In On Paymentus

Large investors have recently made changes to their positions in the company. nVerses Capital LLC grew its position in Paymentus by 550.0% in the 3rd quarter. nVerses Capital LLC now owns 1,300 shares of the business services provider’s stock valued at $26,000 after acquiring an additional 1,100 shares during the last quarter. MCF Advisors LLC increased its stake in Paymentus by 80.1% in the 2nd quarter. MCF Advisors LLC now owns 1,461 shares of the business services provider’s stock worth $28,000 after buying an additional 650 shares during the period. Advisors Asset Management Inc. lifted its holdings in Paymentus by 155.1% during the 3rd quarter. Advisors Asset Management Inc. now owns 1,689 shares of the business services provider’s stock valued at $34,000 after buying an additional 1,027 shares in the last quarter. Arcadia Investment Management Corp MI boosted its position in Paymentus by 141.1% in the 2nd quarter. Arcadia Investment Management Corp MI now owns 2,360 shares of the business services provider’s stock valued at $45,000 after buying an additional 1,381 shares during the period. Finally, Russell Investments Group Ltd. bought a new position in Paymentus in the 1st quarter worth about $106,000. 12.55% of the stock is owned by hedge funds and other institutional investors.

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.