Brokerages Set Paymentus Holdings, Inc. (NYSE:PAY) Price Target at $37.00

Paymentus Holdings, Inc. (NYSE:PAY) has been assigned a consensus recommendation of “Moderate Buy” from the eight brokerages that are covering the firm, MarketBeat Ratings reports. Four analysts have rated the stock with a hold recommendation and four have given a buy recommendation to the company. The average 1 year target price among analysts that have covered the stock in the last year is $37.00.

PAY has been the subject of several recent analyst reports. Wolfe Research upgraded Paymentus from a “peer perform” rating to an “outperform” rating in a research report on Tuesday, July 22nd. The Goldman Sachs Group boosted their target price on Paymentus from $28.00 to $34.00 and gave the stock a “neutral” rating in a research note on Tuesday, May 6th. JPMorgan Chase & Co. raised 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. Robert W. Baird lifted their price target on shares of Paymentus from $36.00 to $40.00 and gave the company an “outperform” rating in a report on Wednesday, June 4th. Finally, Raymond James Financial set a $38.00 price objective on shares of Paymentus and gave the stock an “outperform” rating in a research report on Tuesday, August 5th.

Paymentus Trading Up 0.5%

NYSE PAY opened at $37.46 on Thursday. The firm’s 50 day simple moving average is $31.86 and its 200 day simple moving average is $31.43. The firm has a market capitalization of $4.69 billion, a price-to-earnings ratio of 87.12 and a beta of 1.54. Paymentus has a 1 year low of $19.53 and a 1 year high of $40.43.

Paymentus (NYSE:PAY) last released its earnings results on Monday, August 4th. The business services provider reported $0.15 earnings per share for the quarter, topping the consensus estimate of $0.14 by $0.01. The firm had revenue of $280.08 million during the quarter, compared to analysts’ expectations of $262.78 million. Paymentus had a return on equity of 12.63% and a net margin of 5.37%. The company’s quarterly revenue was up 41.9% on a year-over-year basis. During the same period in the prior year, the company earned $0.12 earnings per share. On average, equities research analysts forecast that Paymentus will post 0.39 earnings per share for the current year.

Institutional Trading of Paymentus

Hedge funds have recently made changes to their positions in the company. Geode Capital Management LLC increased its stake in shares of Paymentus by 8.1% in the fourth quarter. Geode Capital Management LLC now owns 222,760 shares of the business services provider’s stock valued at $7,281,000 after buying an additional 16,620 shares during the period. Wells Fargo & Company MN grew its holdings in Paymentus by 374.5% during the 4th quarter. Wells Fargo & Company MN now owns 39,633 shares of the business services provider’s stock worth $1,295,000 after acquiring an additional 31,280 shares during the last quarter. Invesco Ltd. grew its holdings in Paymentus by 246.2% during the 4th quarter. Invesco Ltd. now owns 579,459 shares of the business services provider’s stock worth $18,931,000 after acquiring an additional 412,095 shares during the last quarter. Legal & General Group Plc increased its position in Paymentus by 40.1% in the 4th quarter. Legal & General Group Plc now owns 19,052 shares of the business services provider’s stock valued at $622,000 after acquiring an additional 5,452 shares during the period. Finally, Renaissance Technologies LLC raised its stake in shares of Paymentus by 159.9% during the fourth quarter. Renaissance Technologies LLC now owns 221,200 shares of the business services provider’s stock valued at $7,227,000 after acquiring an additional 136,100 shares during the last quarter. 78.38% of the stock is owned by institutional investors and hedge funds.

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.