Wall Street Zen Upgrades Paymentus (NYSE:PAY) to “Buy”

Paymentus (NYSE:PAY) was upgraded by analysts at Wall Street Zen from a “hold” rating to a “buy” rating in a report released on Saturday.

Several other analysts have also recently issued reports on the stock. Wells Fargo & Company upped their price objective on shares of Paymentus from $30.00 to $35.00 and gave the company an “equal weight” rating in a research note on Wednesday, May 7th. Robert W. Baird increased their price target on shares of Paymentus from $36.00 to $40.00 and gave the company an “outperform” rating in a research note on Wednesday, June 4th. Wedbush set a $40.00 price target on shares of Paymentus and gave the company an “outperform” rating in a research note on Tuesday, May 6th. JPMorgan Chase & Co. increased their price target on shares of Paymentus from $29.00 to $35.00 and gave the company a “neutral” rating in a research note on Tuesday, May 6th. Finally, The Goldman Sachs Group increased their price target on shares of Paymentus from $28.00 to $34.00 and gave the company a “neutral” rating in a research note on Tuesday, May 6th. Four investment analysts have rated the stock with a hold rating, three have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $36.80.

Paymentus Trading Up 2.1%

Shares of NYSE PAY opened at $31.77 on Friday. Paymentus has a 12-month low of $17.70 and a 12-month high of $40.43. The stock has a market cap of $3.98 billion, a PE ratio of 81.46 and a beta of 1.56. The company has a 50-day moving average of $35.38 and a 200 day moving average of $31.64.

Insider Buying and Selling at Paymentus

In other news, Director William Ingram sold 11,409 shares of the stock in a transaction that occurred on Monday, May 12th. The shares were sold at an average price of $38.01, for a total value of $433,656.09. Following the completion of the sale, the director owned 73,963 shares of the company’s stock, valued at $2,811,333.63. This represents a 13.36% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. 75.43% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Paymentus

A number of hedge funds have recently made changes to their positions in PAY. Bank of New York Mellon Corp boosted its position in shares of Paymentus by 13.0% during the 4th quarter. Bank of New York Mellon Corp now owns 39,832 shares of the business services provider’s stock worth $1,301,000 after purchasing an additional 4,571 shares during the period. Charles Schwab Investment Management Inc. purchased a new position in shares of Paymentus during the 4th quarter worth approximately $286,000. Victory Capital Management Inc. purchased a new position in shares of Paymentus during the 4th quarter worth approximately $215,000. Raymond James Financial Inc. purchased a new position in shares of Paymentus during the 4th quarter worth approximately $3,109,000. Finally, Bay Colony Advisory Group Inc d b a Bay Colony Advisors purchased a new position in shares of Paymentus during the 4th quarter worth approximately $273,000. Hedge funds and other 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.