Paymentus (NYSE:PAY) Price Target Increased to $21.00 by Analysts at Wells Fargo & Company

Paymentus (NYSE:PAY) had its price target boosted by Wells Fargo & Company from $19.00 to $21.00 in a research note published on Tuesday, Benzinga reports. The firm currently has an equal weight rating on the business services provider’s stock.

Other equities analysts have also issued research reports about the stock. Robert W. Baird upped their target price on shares of Paymentus from $22.00 to $23.00 and gave the stock a neutral rating in a research report on Tuesday. TheStreet lowered Paymentus from a c- rating to a d+ rating in a report on Thursday, February 15th. The Goldman Sachs Group raised their price objective on shares of Paymentus from $20.00 to $22.50 and gave the stock a neutral rating in a research note on Monday, April 15th. Raymond James cut Paymentus from an outperform rating to a market perform rating in a report on Thursday, March 14th. Finally, JPMorgan Chase & Co. raised their price target on shares of Paymentus from $17.00 to $19.00 and gave the stock a neutral rating in a research note on Wednesday, March 6th. Eight investment analysts have rated the stock with a hold rating and one has issued a buy rating to the stock. Based on data from MarketBeat, Paymentus presently has a consensus rating of Hold and an average target price of $19.06.

Paymentus Price Performance

Shares of Paymentus stock opened at $19.20 on Tuesday. The stock has a market capitalization of $2.38 billion, a PE ratio of 106.67 and a beta of 1.54. The company’s fifty day simple moving average is $20.81 and its 200-day simple moving average is $18.01. Paymentus has a 1-year low of $7.94 and a 1-year high of $25.21.

Paymentus (NYSE:PAY) last issued its quarterly earnings results on Monday, March 4th. The business services provider reported $0.09 earnings per share for the quarter, beating the consensus estimate of $0.06 by $0.03. Paymentus had a net margin of 3.63% and a return on equity of 7.42%. The business had revenue of $164.80 million for the quarter, compared to the consensus estimate of $157.38 million. During the same quarter in the previous year, the firm earned $0.02 earnings per share. The company’s revenue for the quarter was up 24.7% on a year-over-year basis. As a group, research analysts anticipate that Paymentus will post 0.35 EPS for the current year.

Hedge Funds Weigh In On Paymentus

A number of large investors have recently added to or reduced their stakes in the company. Bank of New York Mellon Corp increased its position in Paymentus by 88.4% during the 3rd quarter. Bank of New York Mellon Corp now owns 37,493 shares of the business services provider’s stock valued at $622,000 after buying an additional 17,592 shares in the last quarter. Swiss National Bank lifted its position in shares of Paymentus by 3.9% during the 3rd quarter. Swiss National Bank now owns 37,500 shares of the business services provider’s stock valued at $622,000 after buying an additional 1,400 shares in the last quarter. Deutsche Bank AG acquired a new stake in shares of Paymentus in the third quarter valued at about $11,806,000. Lord Abbett & CO. LLC acquired a new stake in Paymentus in the 3rd quarter worth about $8,026,000. Finally, Clearbridge Investments LLC increased its position in shares of Paymentus by 1.7% during the third quarter. Clearbridge Investments LLC now owns 748,043 shares of the business services provider’s stock worth $12,418,000 after purchasing an additional 12,400 shares in the last quarter. 12.55% of the stock is currently owned by institutional investors.

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.