Citigroup Increases Paymentus (NYSE:PAY) Price Target to $22.00

Paymentus (NYSE:PAY) had its price objective increased by Citigroup from $20.00 to $22.00 in a research note issued on Tuesday, Benzinga reports. The brokerage presently has a “neutral” rating on the business services provider’s stock. Citigroup’s price objective suggests a potential upside of 13.58% from the stock’s previous close.

A number of other equities research analysts have also weighed in on the company. Raymond James lowered Paymentus from an “outperform” rating to a “market perform” rating in a research report on Thursday, March 14th. TheStreet lowered shares of Paymentus from a “c-” rating to a “d+” rating in a research note on Thursday, February 15th. JPMorgan Chase & Co. raised their target price on shares of Paymentus from $17.00 to $19.00 and gave the company a “neutral” rating in a research report on Wednesday, March 6th. Wells Fargo & Company upped their price target on shares of Paymentus from $19.00 to $21.00 and gave the stock an “equal weight” rating in a research report on Tuesday. Finally, Robert W. Baird lifted their price objective on shares of Paymentus from $22.00 to $23.00 and gave the company a “neutral” rating in a report on Tuesday. Eight research analysts have rated the stock with a hold rating and one has issued a buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $19.06.

Paymentus Price Performance

NYSE:PAY opened at $19.37 on Tuesday. The company has a market cap of $2.40 billion, a price-to-earnings ratio of 107.61 and a beta of 1.54. Paymentus has a 1 year low of $8.61 and a 1 year high of $25.21. The stock’s 50 day simple moving average is $20.89 and its two-hundred day simple moving average is $18.02.

Paymentus (NYSE:PAY) last issued its earnings results on Monday, March 4th. The business services provider reported $0.09 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.06 by $0.03. The firm had revenue of $164.80 million during the quarter, compared to analyst estimates of $157.38 million. Paymentus had a net margin of 3.63% and a return on equity of 7.42%. The business’s revenue was up 24.7% on a year-over-year basis. During the same period in the previous year, the firm earned $0.02 earnings per share. As a group, 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 made changes to their positions in PAY. Bank of New York Mellon Corp grew its stake 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 worth $622,000 after buying an additional 17,592 shares during the last quarter. Swiss National Bank grew its stake in shares of Paymentus by 3.9% during the third quarter. Swiss National Bank now owns 37,500 shares of the business services provider’s stock worth $622,000 after acquiring an additional 1,400 shares during the last quarter. Deutsche Bank AG acquired a new position in shares of Paymentus during the third quarter valued at about $11,806,000. Lord Abbett & CO. LLC purchased a new position in shares of Paymentus in the 3rd quarter valued at approximately $8,026,000. Finally, Clearbridge Investments LLC boosted its stake in Paymentus by 1.7% in the 3rd 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 owned by institutional investors and hedge funds.

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.