Paymentus (NYSE:PAY) Given New $24.00 Price Target at Robert W. Baird

Paymentus (NYSE:PAY) had its target price upped by Robert W. Baird from $23.00 to $24.00 in a report released on Friday, Benzinga reports. The brokerage currently has an outperform rating on the business services provider’s stock.

A number of other brokerages also recently issued reports on PAY. Baird R W upgraded shares of Paymentus from a hold rating to a strong-buy rating in a report on Wednesday, July 10th. Citigroup raised their price objective on shares of Paymentus from $20.00 to $22.00 and gave the company a neutral rating in a report on Tuesday, May 7th. Wells Fargo & Company boosted their target price on Paymentus from $19.00 to $21.00 and gave the stock an equal weight rating in a research note on Tuesday, May 7th. Canaccord Genuity Group raised Paymentus to a strong-buy rating in a report on Monday, July 8th. Finally, The Goldman Sachs Group lifted their target price on shares of Paymentus from $20.00 to $22.50 and gave the company a neutral rating in a report on Monday, April 15th. Seven analysts have rated the stock with a hold rating, two have assigned a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of Moderate Buy and a consensus target price of $19.31.

Paymentus Stock Up 13.9 %

Shares of Paymentus stock traded up $2.71 on Friday, hitting $22.22. 352,246 shares of the company were exchanged, compared to its average volume of 136,785. The company has a 50-day moving average price of $19.50 and a 200 day moving average price of $19.23. The stock has a market capitalization of $2.76 billion, a price-to-earnings ratio of 96.61 and a beta of 1.47. Paymentus has a 1-year low of $12.98 and a 1-year high of $25.21.

Insiders Place Their Bets

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

Hedge Funds Weigh In On Paymentus

Large investors have recently added to or reduced their stakes in the business. MCF Advisors LLC increased its stake in Paymentus by 80.1% during the second quarter. MCF Advisors LLC now owns 1,461 shares of the business services provider’s stock worth $28,000 after acquiring an additional 650 shares during the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. acquired a new stake in shares of Paymentus during the 4th quarter valued at approximately $45,000. Arcadia Investment Management Corp MI lifted its position in shares of Paymentus by 141.1% in the 2nd quarter. Arcadia Investment Management Corp MI now owns 2,360 shares of the business services provider’s stock worth $45,000 after buying an additional 1,381 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank boosted its stake in Paymentus by 2,948.4% in the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 4,786 shares of the business services provider’s stock valued at $86,000 after acquiring an additional 4,629 shares during the period. Finally, Russell Investments Group Ltd. bought a new position in Paymentus during the 1st quarter worth $106,000. 12.55% of the stock is currently owned by hedge funds and other institutional investors.

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.