HighTower Advisors LLC Makes New Investment in Paymentus Holdings, Inc. (NYSE:PAY)

HighTower Advisors LLC purchased a new stake in shares of Paymentus Holdings, Inc. (NYSE:PAY) during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund purchased 18,093 shares of the business services provider’s stock, valued at approximately $591,000.

Other hedge funds have also modified their holdings of the company. Advisors Asset Management Inc. boosted its position in Paymentus by 155.1% during the third quarter. Advisors Asset Management Inc. now owns 1,689 shares of the business services provider’s stock valued at $34,000 after purchasing an additional 1,027 shares during the last quarter. TimesSquare Capital Management LLC purchased a new stake in shares of Paymentus during the 4th quarter worth about $35,000. Point72 Asia Singapore Pte. Ltd. acquired a new stake in shares of Paymentus during the 3rd quarter valued at about $43,000. R Squared Ltd bought a new stake in shares of Paymentus in the 4th quarter valued at approximately $43,000. Finally, Barclays PLC increased its holdings in Paymentus by 1,569.3% in the third quarter. Barclays PLC now owns 5,058 shares of the business services provider’s stock worth $101,000 after buying an additional 4,755 shares during the last quarter. 78.38% of the stock is owned by institutional investors and hedge funds.

Paymentus Stock Down 2.3 %

Shares of NYSE PAY opened at $26.33 on Friday. Paymentus Holdings, Inc. has a 12 month low of $16.94 and a 12 month high of $38.94. The company has a market cap of $3.29 billion, a P/E ratio of 84.94 and a beta of 1.68. The business’s 50 day moving average is $29.32 and its two-hundred day moving average is $29.00.

Insider Buying and Selling

In related news, CFO Sanjay Kalra sold 15,794 shares of the stock in a transaction dated Tuesday, February 18th. The shares were sold at an average price of $31.99, for a total value of $505,250.06. Following the completion of the sale, the chief financial officer now owns 466,035 shares in the company, valued at approximately $14,908,459.65. This trade represents a 3.28 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, General Counsel Andrew A. Gerber sold 3,070 shares of Paymentus stock in a transaction dated Tuesday, February 18th. The stock was sold at an average price of $31.98, for a total value 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. This trade represents a 3.14 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 87.76% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

A number of research analysts have recently weighed in on PAY shares. StockNews.com upgraded shares of Paymentus from a “sell” rating to a “hold” rating in a report on Wednesday, March 19th. Wells Fargo & Company raised their price objective on Paymentus from $27.00 to $33.00 and gave the company an “equal weight” rating in a research note on Thursday, January 16th. Robert W. Baird decreased their target price on Paymentus from $40.00 to $36.00 and set an “outperform” rating for the company in a research report on Tuesday, March 11th. Wedbush reiterated an “outperform” rating and set a $38.00 price target on shares of Paymentus in a report on Wednesday, March 12th. Finally, JPMorgan Chase & Co. reduced their price objective on shares of Paymentus from $31.00 to $29.00 and set a “neutral” rating for the company in a research note on Tuesday, March 11th. Six equities research analysts have rated the stock with a hold rating, two have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, Paymentus presently has a consensus rating of “Hold” and an average price target of $31.83.

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.