Wakefield Asset Management LLLP Sells 2,988 Shares of Paymentus Holdings, Inc. $PAY

Wakefield Asset Management LLLP cut its stake in Paymentus Holdings, Inc. (NYSE:PAY) by 9.2% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 29,436 shares of the business services provider’s stock after selling 2,988 shares during the period. Wakefield Asset Management LLLP’s holdings in Paymentus were worth $964,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors also recently modified their holdings of the company. Dynamic Technology Lab Private Ltd bought a new position in shares of Paymentus in the first quarter worth about $471,000. Mirae Asset Global Investments Co. Ltd. raised its stake in shares of Paymentus by 2,763.9% during the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,062 shares of the business services provider’s stock worth $54,000 after buying an additional 1,990 shares during the last quarter. Next Century Growth Investors LLC raised its stake in shares of Paymentus by 5.4% during the first quarter. Next Century Growth Investors LLC now owns 1,356,980 shares of the business services provider’s stock worth $35,417,000 after buying an additional 69,156 shares during the last quarter. Counterpoint Mutual Funds LLC bought a new stake in shares of Paymentus during the second quarter worth approximately $681,000. Finally, Adage Capital Partners GP L.L.C. bought a new stake in shares of Paymentus during the first quarter worth approximately $2,338,000. 78.38% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of research firms recently weighed in on PAY. Wall Street Zen downgraded shares of Paymentus from a “buy” rating to a “hold” rating in a research note on Saturday, October 25th. Weiss Ratings reissued a “hold (c)” rating on shares of Paymentus in a research note on Wednesday, October 8th. Wolfe Research raised shares of Paymentus from a “peer perform” rating to an “outperform” rating in a research note on Tuesday, July 22nd. Finally, Raymond James Financial set a $38.00 price target on shares of Paymentus and gave the stock an “outperform” rating in a research note on Tuesday, August 5th. Four investment analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $37.00.

Paymentus Stock Performance

Shares of NYSE PAY opened at $28.54 on Monday. The stock has a market cap of $3.57 billion, a P/E ratio of 66.36 and a beta of 1.50. The firm has a 50 day moving average price of $32.88 and a 200 day moving average price of $33.37. Paymentus Holdings, Inc. has a 52-week low of $22.65 and a 52-week high of $40.43.

Paymentus (NYSE:PAY) last issued its quarterly earnings data on Monday, August 4th. The business services provider reported $0.15 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 net margin of 5.37% and a return on equity of 12.63%. The business’s revenue for the quarter was up 41.9% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.12 earnings per share. Analysts predict that Paymentus Holdings, Inc. will post 0.39 earnings per share for the current fiscal year.

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.