Jupiter Asset Management Ltd. Takes Position in Paymentus Holdings, Inc. $PAY

Jupiter Asset Management Ltd. bought a new stake in Paymentus Holdings, Inc. (NYSE:PAY) in the 2nd quarter, HoldingsChannel.com reports. The institutional investor bought 97,583 shares of the business services provider’s stock, valued at approximately $3,196,000.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of PAY. AlphaQuest LLC lifted its stake in Paymentus by 152,600.0% in the first quarter. AlphaQuest LLC now owns 1,527 shares of the business services provider’s stock worth $40,000 after acquiring an additional 1,526 shares during the last quarter. Summit Securities Group LLC acquired a new stake in shares of Paymentus in the first quarter valued at approximately $47,000. Advisors Asset Management Inc. increased its stake in Paymentus by 23.9% in the first quarter. Advisors Asset Management Inc. now owns 3,450 shares of the business services provider’s stock valued at $90,000 after purchasing an additional 665 shares during the period. KLP Kapitalforvaltning AS raised its stake in Paymentus by 35.7% during the 2nd quarter. KLP Kapitalforvaltning AS now owns 5,700 shares of the business services provider’s stock valued at $187,000 after acquiring an additional 1,500 shares during the last quarter. Finally, Mitsubishi UFJ Asset Management Co. Ltd. raised its stake in shares of Paymentus by 11.2% during the first quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 8,202 shares of the business services provider’s stock worth $214,000 after purchasing an additional 823 shares during the last quarter. 78.38% of the stock is currently owned by hedge funds and other institutional investors.

Paymentus Stock Performance

Shares of PAY stock opened at $37.47 on Friday. The stock has a market capitalization of $4.69 billion, a price-to-earnings ratio of 81.45 and a beta of 1.50. Paymentus Holdings, Inc. has a one year low of $22.65 and a one year high of $40.43. The company’s 50-day simple moving average is $32.48 and its 200-day simple moving average is $33.70.

Analysts Set New Price Targets

PAY has been the subject of a number of recent analyst reports. Raymond James Financial set a $38.00 price objective on shares of Paymentus and gave the company an “outperform” rating in a research report on Tuesday, August 5th. Weiss Ratings reissued a “hold (c)” rating on shares of Paymentus in a research note on Wednesday, October 8th. Wolfe Research upgraded shares of Paymentus from a “peer perform” rating to an “outperform” rating in a report on Tuesday, July 22nd. Finally, Wall Street Zen upgraded Paymentus from a “hold” rating to a “buy” rating in a report on Saturday, November 8th. Four analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $37.00.

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.