Wedbush Cuts Paymentus (NYSE:PAY) Price Target to $32.00

Paymentus (NYSE:PAY) had its price objective reduced by Wedbush from $40.00 to $32.00 in a report released on Tuesday morning, MarketBeat reports. They currently have an outperform rating on the business services provider’s stock.

Several other equities analysts have also recently issued reports on PAY. JPMorgan Chase & Co. boosted their price objective on Paymentus from $35.00 to $38.00 and gave the company a “neutral” rating in a report on Thursday, December 4th. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Paymentus in a report on Monday, December 29th. The Goldman Sachs Group decreased their price target on Paymentus from $37.00 to $32.00 and set a “neutral” rating for the company in a report on Tuesday. Raymond James Financial upgraded Paymentus from an “outperform” rating to a “strong-buy” rating and set a $35.00 price objective on the stock in a research report on Friday, February 20th. Finally, Wall Street Zen raised shares of Paymentus from a “hold” rating to a “buy” rating in a research note on Sunday, February 8th. One investment analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and four have assigned a Hold rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $35.33.

Paymentus Price Performance

NYSE:PAY opened at $24.83 on Tuesday. The company’s fifty day moving average price is $27.89 and its 200-day moving average price is $31.79. Paymentus has a 1-year low of $22.02 and a 1-year high of $40.43. The firm has a market capitalization of $3.11 billion, a P/E ratio of 47.75 and a beta of 1.49.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in PAY. Plato Investment Management Ltd acquired a new stake in Paymentus in the 3rd quarter valued at $33,000. Blue Trust Inc. lifted its holdings in Paymentus by 186.8% during the fourth quarter. Blue Trust Inc. now owns 2,025 shares of the business services provider’s stock valued at $64,000 after purchasing an additional 1,319 shares in the last quarter. Los Angeles Capital Management LLC purchased a new position in Paymentus during the fourth quarter valued at $80,000. Cliffwater LLC acquired a new stake in shares of Paymentus in the second quarter valued at about $124,000. Finally, Advisors Asset Management Inc. increased its stake in shares of Paymentus by 11.7% during the second quarter. Advisors Asset Management Inc. now owns 3,853 shares of the business services provider’s stock worth $126,000 after purchasing an additional 403 shares in the last quarter. Hedge funds and other institutional investors own 78.38% of the company’s stock.

About Paymentus

Paymentus is a U.S.-based financial technology company that specializes in cloud-native bill payment and presentment solutions. Its platform enables businesses and government entities to manage the entire payment lifecycle, from electronic bill presentment and real-time payment processing to reconciliation and reporting. Through web portals, mobile applications, interactive voice response (IVR) systems and in-person channels, Paymentus helps clients streamline accounts receivable operations, enhance customer engagement and reduce operational costs.

Founded in 2004 and headquartered in Wilmington, Delaware, Paymentus has built a modular suite of services that can be tailored to the needs of various industries.