Wells Fargo & Company Issues Positive Forecast for Paymentus (NYSE:PAY) Stock Price

Paymentus (NYSE:PAY) had its price target boosted by Wells Fargo & Company from $27.00 to $33.00 in a research note released on Thursday,Benzinga reports. Wells Fargo & Company currently has an equal weight rating on the business services provider’s stock.

PAY has been the topic of a number of other research reports. Canaccord Genuity Group lowered Paymentus from a “strong-buy” rating to a “hold” rating in a research report on Monday, November 11th. The Goldman Sachs Group lifted their target price on Paymentus from $23.50 to $33.00 and gave the company a “neutral” rating in a research report on Friday, November 15th. Finally, Robert W. Baird lifted their target price on Paymentus from $25.00 to $36.00 and gave the company an “outperform” rating in a research report on Wednesday, November 13th. Seven investment 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’s stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $30.00.

Paymentus Price Performance

NYSE PAY opened at $30.05 on Thursday. The firm has a market cap of $3.75 billion, a P/E ratio of 96.94 and a beta of 1.67. The stock’s 50-day moving average is $33.86 and its 200-day moving average is $26.07. Paymentus has a one year low of $14.77 and a one year high of $38.94.

Insiders Place Their Bets

In other Paymentus news, General Counsel Andrew A. Gerber sold 34,272 shares of the business’s stock in a transaction that occurred on Wednesday, December 4th. The stock was sold at an average price of $37.36, for a total transaction of $1,280,401.92. Following the transaction, the general counsel now owns 97,925 shares of the company’s stock, valued at $3,658,478. The trade was a 25.92 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Insiders own 87.76% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in PAY. FMR LLC increased its position in shares of Paymentus by 32,191.6% during the 3rd quarter. FMR LLC now owns 227,979 shares of the business services provider’s stock worth $4,564,000 after purchasing an additional 227,273 shares during the last quarter. JPMorgan Chase & Co. increased its position in shares of Paymentus by 13.0% during the 3rd quarter. JPMorgan Chase & Co. now owns 709,650 shares of the business services provider’s stock worth $14,207,000 after purchasing an additional 81,853 shares during the last quarter. Main Management ETF Advisors LLC acquired a new position in shares of Paymentus during the 3rd quarter worth approximately $839,000. GSA Capital Partners LLP increased its position in shares of Paymentus by 38.2% during the 3rd quarter. GSA Capital Partners LLP now owns 124,189 shares of the business services provider’s stock worth $2,486,000 after purchasing an additional 34,307 shares during the last quarter. Finally, Cerity Partners LLC acquired a new position in shares of Paymentus during the 3rd quarter worth approximately $629,000. Institutional investors and hedge funds own 78.38% of the company’s stock.

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.