Paymentus (NYSE:PAY) Price Target Raised to $27.00

Paymentus (NYSE:PAY) had its price target raised by Wells Fargo & Company from $21.00 to $27.00 in a report issued on Wednesday,Benzinga reports. They currently have an equal weight rating on the business services provider’s stock.

Other research analysts have also issued research reports about the stock. StockNews.com raised shares of Paymentus from a “sell” rating to a “hold” rating in a research note on Saturday, August 3rd. Robert W. Baird raised their price target on shares of Paymentus from $25.00 to $36.00 and gave the company an “outperform” rating in a research report on Wednesday. Canaccord Genuity Group downgraded shares of Paymentus from a “strong-buy” rating to a “hold” rating in a research note on Monday, November 11th. The Goldman Sachs Group increased their price objective on Paymentus from $21.00 to $23.50 and gave the company a “neutral” rating in a research note on Friday, August 9th. Finally, JPMorgan Chase & Co. boosted their target price on Paymentus from $21.00 to $26.00 and gave the stock a “neutral” rating in a research note on Tuesday, August 20th. Seven 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. According to MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $28.80.

Paymentus Stock Performance

PAY opened at $33.50 on Wednesday. The company has a fifty day moving average of $23.65 and a two-hundred day moving average of $21.32. Paymentus has a fifty-two week low of $14.77 and a fifty-two week high of $37.00. The stock has a market capitalization of $4.17 billion, a price-to-earnings ratio of 108.03 and a beta of 1.41.

Institutional Investors Weigh In On Paymentus

Large investors have recently modified their holdings of the company. nVerses Capital LLC lifted its holdings in shares of Paymentus by 550.0% during the third quarter. nVerses Capital LLC now owns 1,300 shares of the business services provider’s stock worth $26,000 after purchasing an additional 1,100 shares during the period. MCF Advisors LLC lifted its position in Paymentus by 80.1% in the second quarter. MCF Advisors LLC now owns 1,461 shares of the business services provider’s stock valued at $28,000 after purchasing an additional 650 shares during the period. Advisors Asset Management Inc. boosted its holdings in Paymentus by 155.1% in the 3rd quarter. Advisors Asset Management Inc. now owns 1,689 shares of the business services provider’s stock valued at $34,000 after purchasing an additional 1,027 shares in the last quarter. Point72 Asia Singapore Pte. Ltd. purchased a new stake in Paymentus in the 3rd quarter valued at approximately $43,000. Finally, Arcadia Investment Management Corp MI increased its position in Paymentus by 141.1% during the 2nd quarter. Arcadia Investment Management Corp MI now owns 2,360 shares of the business services provider’s stock worth $45,000 after purchasing an additional 1,381 shares during the period. 12.55% 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.