Legal & General Group Plc Grows Position in Paymentus Holdings, Inc. (NYSE:PAY)

Legal & General Group Plc grew its holdings in Paymentus Holdings, Inc. (NYSE:PAY) by 40.1% during the fourth quarter, according to the company in its most recent filing with the SEC. The fund owned 19,052 shares of the business services provider’s stock after acquiring an additional 5,452 shares during the quarter. Legal & General Group Plc’s holdings in Paymentus were worth $622,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Invesco Ltd. boosted its holdings in shares of Paymentus by 246.2% in the fourth quarter. Invesco Ltd. now owns 579,459 shares of the business services provider’s stock valued at $18,931,000 after acquiring an additional 412,095 shares during the period. Vanguard Group Inc. lifted its holdings in shares of Paymentus by 17.9% in the 4th quarter. Vanguard Group Inc. now owns 1,796,659 shares of the business services provider’s stock valued at $58,697,000 after buying an additional 273,027 shares during the period. JPMorgan Chase & Co. boosted its position in shares of Paymentus by 23.8% during the 4th quarter. JPMorgan Chase & Co. now owns 878,887 shares of the business services provider’s stock worth $28,713,000 after purchasing an additional 169,237 shares in the last quarter. Raymond James Financial Inc. purchased a new position in Paymentus in the fourth quarter valued at about $3,109,000. Finally, Norges Bank purchased a new position in Paymentus in the 4th quarter valued at approximately $3,091,000. Institutional investors and hedge funds own 78.38% of the company’s stock.

Paymentus Stock Up 2.3 %

Shares of NYSE PAY opened at $32.11 on Tuesday. The business has a fifty day simple moving average of $27.68 and a 200-day simple moving average of $30.08. The company has a market cap of $4.01 billion, a price-to-earnings ratio of 103.58 and a beta of 1.65. Paymentus Holdings, Inc. has a 12 month low of $16.94 and a 12 month high of $38.94.

Insider Transactions at Paymentus

In other news, CFO Sanjay Kalra sold 15,794 shares of Paymentus 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 transaction, the chief financial officer now owns 466,035 shares of the company’s stock, valued at $14,908,459.65. This trade represents a 3.28 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, General Counsel Andrew A. Gerber sold 3,070 shares of Paymentus stock in a transaction that occurred on Tuesday, February 18th. The stock was sold at an average price of $31.98, for a total value of $98,178.60. Following the completion of the transaction, the general counsel now directly owns 94,855 shares in the company, valued at approximately $3,033,462.90. This 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 owned by insiders.

Analyst Ratings Changes

Several research firms have weighed in on PAY. Wedbush reissued an “outperform” rating and set a $38.00 price target on shares of Paymentus in a research report on Wednesday, March 12th. Robert W. Baird cut their price target on shares of Paymentus from $36.00 to $30.00 and set an “outperform” rating on the stock in a research note on Friday, April 4th. JPMorgan Chase & Co. decreased their target price on Paymentus from $31.00 to $29.00 and set a “neutral” rating for the company in a report on Tuesday, March 11th. Wells Fargo & Company increased their price target on Paymentus from $27.00 to $33.00 and gave the company an “equal weight” rating in a report on Thursday, January 16th. Finally, The Goldman Sachs Group set a $28.00 target price on shares of Paymentus and gave the stock a “neutral” rating in a research report on Wednesday, April 2nd. One investment analyst has rated the stock with a sell rating, five have given a hold rating, two have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $30.00.

Paymentus 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.