Paymentus (NYSE:PAY) Shares Down 8.2% on Insider Selling

Paymentus Holdings, Inc. (NYSE:PAY) shares dropped 8.2% during trading on Thursday after an insider sold shares in the company. The stock traded as low as $29.69 and last traded at $29.91. Approximately 195,974 shares changed hands during trading, a decline of 48% from the average daily volume of 378,924 shares. The stock had previously closed at $32.57.

Specifically, General Counsel Andrew A. Gerber sold 3,070 shares of the business’s stock in a transaction that occurred on Tuesday, February 18th. The stock was sold at an average price of $31.98, for a total transaction of $98,178.60. Following the sale, the general counsel now directly owns 94,855 shares in the company, valued at approximately $3,033,462.90. The trade was a 3.14 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CFO Sanjay Kalra sold 15,794 shares of the business’s stock in a transaction that occurred on Tuesday, February 18th. The shares were sold at an average price of $31.99, for a total value of $505,250.06. Following the sale, the chief financial officer now owns 466,035 shares in the company, valued at approximately $14,908,459.65. This represents a 3.28 % decrease in their ownership of the stock. The disclosure for this sale can be found here.

Wall Street Analyst Weigh In

A number of equities analysts have recently issued reports on PAY shares. Wedbush started coverage on shares of Paymentus in a research note on Monday, February 3rd. They issued an “outperform” rating for the company. Wells Fargo & Company raised their price target on shares of Paymentus from $27.00 to $33.00 and gave the stock an “equal weight” rating in a research note on Thursday, January 16th. The Goldman Sachs Group raised their price target on shares of Paymentus from $23.50 to $33.00 and gave the stock a “neutral” rating in a research note on Friday, November 15th. Robert W. Baird raised their price target on shares of Paymentus from $25.00 to $36.00 and gave the stock an “outperform” rating in a research note on Wednesday, November 13th. Finally, Canaccord Genuity Group lowered Paymentus from a “strong-buy” rating to a “hold” rating in a research note on Monday, November 11th. Seven equities research analysts have rated the stock with a hold rating, two have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $30.00.

Paymentus Stock Performance

The stock has a 50-day moving average of $31.89 and a 200 day moving average of $27.98. The firm has a market capitalization of $3.42 billion, a P/E ratio of 88.45 and a beta of 1.66.

Institutional Trading of Paymentus

Several large investors have recently made changes to their positions in PAY. TimesSquare Capital Management LLC bought a new position in shares of Paymentus in the fourth quarter valued at about $35,000. R Squared Ltd bought a new position in shares of Paymentus in the fourth quarter worth about $43,000. Advisors Asset Management Inc. lifted its position in shares of Paymentus by 155.1% during the third quarter. Advisors Asset Management Inc. now owns 1,689 shares of the business services provider’s stock worth $34,000 after purchasing an additional 1,027 shares in the last quarter. Point72 Asia Singapore Pte. Ltd. bought a new stake in shares of Paymentus during the third quarter valued at approximately $43,000. Finally, Deutsche Bank AG bought a new stake in shares of Paymentus during the fourth quarter valued at approximately $73,000. Institutional investors own 78.38% of the company’s stock.

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.