Paymentus (NYSE:PAY) Price Target Raised to $33.00 at The Goldman Sachs Group

Paymentus (NYSE:PAY) had its price objective upped by The Goldman Sachs Group from $23.50 to $33.00 in a research report issued on Friday,Benzinga reports. The brokerage currently has a “neutral” rating on the business services provider’s stock. The Goldman Sachs Group’s target price points to a potential downside of 1.49% from the stock’s previous close.

PAY has been the topic of a number of other reports. JPMorgan Chase & Co. boosted their target price on shares of Paymentus from $21.00 to $26.00 and gave the stock a “neutral” rating in a report on Tuesday, August 20th. Wells Fargo & Company boosted their price objective on Paymentus from $21.00 to $27.00 and gave the company an “equal weight” rating in a research note on Wednesday. Robert W. Baird raised their price objective on shares of Paymentus from $25.00 to $36.00 and gave the stock an “outperform” rating in a research report on Wednesday. Canaccord Genuity Group lowered shares of Paymentus from a “strong-buy” rating to a “hold” rating in a report on Monday, November 11th. Finally, StockNews.com upgraded Paymentus from a “sell” rating to a “hold” rating in a research note on Saturday, August 3rd. Seven equities 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 stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $28.80.

Paymentus Price Performance

PAY stock opened at $33.50 on Friday. The company has a 50 day simple moving average of $23.65 and a 200 day simple moving average of $21.33. The stock has a market cap of $4.17 billion, a price-to-earnings ratio of 108.06 and a beta of 1.41. Paymentus has a 1 year low of $14.77 and a 1 year high of $37.00.

Institutional Trading of Paymentus

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in PAY. Vanguard Group Inc. boosted its holdings in Paymentus by 0.6% during the first quarter. Vanguard Group Inc. now owns 1,388,830 shares of the business services provider’s stock worth $31,596,000 after purchasing an additional 8,457 shares during the last quarter. Dimensional Fund Advisors LP boosted its holdings in shares of Paymentus by 4.0% in the second quarter. Dimensional Fund Advisors LP now owns 541,049 shares of the business services provider’s stock worth $10,279,000 after acquiring an additional 20,767 shares during the period. State Street Corp grew its stake in Paymentus by 2.6% during the third quarter. State Street Corp now owns 300,414 shares of the business services provider’s stock valued at $6,014,000 after acquiring an additional 7,525 shares in the last quarter. Millennium Management LLC grew its position in Paymentus by 1.1% during the second quarter. Millennium Management LLC now owns 285,781 shares of the business services provider’s stock worth $5,430,000 after buying an additional 3,124 shares in the last quarter. Finally, FMR LLC lifted its position in Paymentus by 32,191.6% during the third quarter. FMR LLC now owns 227,979 shares of the business services provider’s stock valued at $4,564,000 after purchasing an additional 227,273 shares during the last quarter. 12.55% of the stock is owned by 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.