Wells Fargo & Company Forecasts Strong Price Appreciation for Paymentus (NYSE:PAY) Stock

Paymentus (NYSE:PAY) had its target price hoisted by analysts at Wells Fargo & Company from $27.00 to $33.00 in a research report issued to clients and investors on Thursday,Benzinga reports. The brokerage currently has an “equal weight” rating on the business services provider’s stock. Wells Fargo & Company‘s target price suggests a potential upside of 9.82% from the stock’s previous close.

A number of other research analysts also recently issued reports on the company. The Goldman Sachs Group boosted their price objective on Paymentus from $23.50 to $33.00 and gave the company a “neutral” rating in a research note on Friday, November 15th. Canaccord Genuity Group lowered Paymentus from a “strong-buy” rating to a “hold” rating in a research note on Monday, November 11th. Finally, Robert W. Baird raised their price objective on shares of Paymentus from $25.00 to $36.00 and gave the stock an “outperform” rating in a research report on Wednesday, November 13th. Seven research analysts have rated the stock with a hold rating, one has assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $30.00.

Paymentus Stock Down 0.6 %

PAY stock opened at $30.05 on Thursday. The firm has a market cap of $3.75 billion, a price-to-earnings ratio of 96.94 and a beta of 1.67. The company’s fifty day simple moving average is $33.86 and its 200 day simple moving average is $26.03. Paymentus has a 12-month low of $14.77 and a 12-month high of $38.94.

Insider Buying and Selling at Paymentus

In other news, General Counsel Andrew A. Gerber sold 34,272 shares of the company’s stock in a transaction that occurred on Wednesday, December 4th. The stock was sold at an average price of $37.36, for a total transaction of $1,280,401.92. Following the transaction, the general counsel now directly owns 97,925 shares of the company’s stock, valued at $3,658,478. This represents a 25.92 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Insiders own 87.76% of the company’s stock.

Institutional Trading of Paymentus

A number of hedge funds and other institutional investors have recently bought and sold shares of PAY. Advisors Asset Management Inc. lifted its stake in shares of Paymentus by 155.1% in the third quarter. Advisors Asset Management Inc. now owns 1,689 shares of the business services provider’s stock valued at $34,000 after buying an additional 1,027 shares in the last quarter. nVerses Capital LLC raised its holdings in shares of Paymentus by 550.0% in the 3rd quarter. nVerses Capital LLC now owns 1,300 shares of the business services provider’s stock worth $26,000 after acquiring an additional 1,100 shares during the last quarter. RiverPark Advisors LLC lifted its position in Paymentus by 8.8% in the 3rd quarter. RiverPark Advisors LLC now owns 15,527 shares of the business services provider’s stock valued at $311,000 after acquiring an additional 1,258 shares in the last quarter. Point72 Asia Singapore Pte. Ltd. acquired a new position in Paymentus during the 3rd quarter valued at about $43,000. Finally, XTX Topco Ltd increased its holdings in Paymentus by 17.2% during the 3rd quarter. XTX Topco Ltd now owns 20,905 shares of the business services provider’s stock worth $419,000 after purchasing an additional 3,064 shares in the last quarter. Institutional investors own 78.38% of the company’s stock.

Paymentus Company 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.