ClariVest Asset Management LLC Buys 58,888 Shares of Paymentus Holdings, Inc. (NYSE:PAY)

ClariVest Asset Management LLC increased its stake in shares of Paymentus Holdings, Inc. (NYSE:PAY) by 128,017.4% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 58,934 shares of the business services provider’s stock after buying an additional 58,888 shares during the quarter. ClariVest Asset Management LLC’s holdings in Paymentus were worth $1,341,000 at the end of the most recent quarter.

Other institutional investors have also bought and sold shares of the company. Mitsubishi UFJ Asset Management Co. Ltd. bought a new stake in Paymentus during the fourth quarter worth $45,000. Zurcher Kantonalbank Zurich Cantonalbank grew its holdings in Paymentus by 2,948.4% during the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 4,786 shares of the business services provider’s stock worth $86,000 after buying an additional 4,629 shares in the last quarter. RiverPark Advisors LLC bought a new stake in Paymentus during the first quarter worth $136,000. Trexquant Investment LP bought a new stake in Paymentus during the fourth quarter worth $254,000. Finally, Dynamic Technology Lab Private Ltd purchased a new position in Paymentus in the fourth quarter worth $283,000. Institutional investors own 12.55% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on the company. Canaccord Genuity Group raised Paymentus to a “strong-buy” rating in a research report on Monday, July 8th. Baird R W raised Paymentus from a “hold” rating to a “strong-buy” rating in a research report on Wednesday. Robert W. Baird raised Paymentus from a “neutral” rating to an “outperform” rating and set a $23.00 price objective on the stock in a research report on Wednesday. Wells Fargo & Company boosted their price objective on Paymentus from $19.00 to $21.00 and gave the stock an “equal weight” rating in a research report on Tuesday, May 7th. Finally, The Goldman Sachs Group boosted their price objective on Paymentus from $20.00 to $22.50 and gave the stock a “neutral” rating in a research report on Monday, April 15th. Seven investment analysts have rated the stock with a hold rating, two have assigned a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat.com, Paymentus has a consensus rating of “Moderate Buy” and an average price target of $19.06.

Paymentus Price Performance

Shares of NYSE PAY traded up $0.07 during trading on Friday, reaching $19.45. 110,377 shares of the stock traded hands, compared to its average volume of 211,868. Paymentus Holdings, Inc. has a 52-week low of $10.18 and a 52-week high of $25.21. The company has a 50-day moving average of $19.03 and a 200-day moving average of $18.83. The stock has a market capitalization of $2.42 billion, a P/E ratio of 84.57 and a beta of 1.46.

Paymentus (NYSE:PAY) last issued its quarterly earnings data on Monday, May 6th. The business services provider reported $0.08 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.06 by $0.02. The business had revenue of $184.88 million for the quarter, compared to analysts’ expectations of $174.75 million. Paymentus had a return on equity of 8.74% and a net margin of 4.43%. Analysts expect that Paymentus Holdings, Inc. will post 0.29 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, General Counsel Andrew A. Gerber sold 1,575 shares of the stock in a transaction dated Thursday, May 16th. The stock was sold at an average price of $18.81, for a total transaction of $29,625.75. Following the sale, the general counsel now owns 142,112 shares of the company’s stock, valued at approximately $2,673,126.72. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, General Counsel Andrew A. Gerber sold 1,575 shares of the stock in a transaction dated Thursday, May 16th. The stock was sold at an average price of $18.81, for a total transaction of $29,625.75. Following the sale, the general counsel now owns 142,112 shares of the company’s stock, valued at approximately $2,673,126.72. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, General Counsel Andrew A. Gerber sold 5,576 shares of the company’s stock in a transaction dated Friday, June 21st. The stock was sold at an average price of $18.85, for a total value of $105,107.60. Following the completion of the transaction, the general counsel now owns 136,536 shares in the company, valued at $2,573,703.60. The disclosure for this sale can be found here. 87.76% of the stock is currently owned by insiders.

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.