Paymentus (NYSE:PAY) Price Target Raised to $38.00

Paymentus (NYSE:PAY) had its target price hoisted by equities research analysts at JPMorgan Chase & Co. from $35.00 to $38.00 in a research note issued to investors on Thursday,Benzinga reports. The firm presently has a “neutral” rating on the business services provider’s stock. JPMorgan Chase & Co.‘s price target would indicate a potential upside of 3.80% from the company’s previous close.

A number of other equities research analysts also recently weighed in on PAY. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Paymentus in a research report on Monday. Wall Street Zen raised Paymentus from a “hold” rating to a “buy” rating in a report on Saturday, November 8th. Four research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $37.50.

Paymentus Stock Up 5.1%

Shares of PAY traded up $1.77 during mid-day trading on Thursday, hitting $36.61. The stock had a trading volume of 257,167 shares, compared to its average volume of 644,658. Paymentus has a fifty-two week low of $22.65 and a fifty-two week high of $40.43. The company has a market cap of $4.59 billion, a PE ratio of 79.67 and a beta of 1.48. The company’s fifty day simple moving average is $32.64 and its two-hundred day simple moving average is $33.58.

Institutional Trading of Paymentus

A number of hedge funds have recently modified their holdings of the business. Capital International Investors grew its holdings in shares of Paymentus by 17.6% during the third quarter. Capital International Investors now owns 7,180,653 shares of the business services provider’s stock valued at $219,728,000 after buying an additional 1,072,387 shares in the last quarter. Wasatch Advisors LP boosted its stake in shares of Paymentus by 210.1% during the 3rd quarter. Wasatch Advisors LP now owns 4,694,109 shares of the business services provider’s stock valued at $143,640,000 after buying an additional 3,180,156 shares during the period. Invesco Ltd. grew its holdings in shares of Paymentus by 115.8% during the 3rd quarter. Invesco Ltd. now owns 3,788,090 shares of the business services provider’s stock valued at $115,916,000 after acquiring an additional 2,032,819 shares in the last quarter. Vanguard Group Inc. raised its position in Paymentus by 33.0% during the third quarter. Vanguard Group Inc. now owns 3,638,609 shares of the business services provider’s stock valued at $111,341,000 after acquiring an additional 903,627 shares in the last quarter. Finally, Capital World Investors boosted its stake in shares of Paymentus by 14.6% during the 3rd quarter. Capital World Investors now owns 2,393,613 shares of the business services provider’s stock worth $73,245,000 after acquiring an additional 304,399 shares in the last quarter. Hedge funds and other institutional investors own 78.38% of the company’s stock.

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.