Paymentus (NYSE:PAY) Stock Price Expected to Rise, Wells Fargo & Company Analyst Says

Paymentus (NYSE:PAY) had its target price hoisted by Wells Fargo & Company from $21.00 to $27.00 in a research note issued to investors on Wednesday,Benzinga reports. Wells Fargo & Company currently has an equal weight rating on the business services provider’s stock.

A number of other equities research analysts have also recently issued reports on PAY. JPMorgan Chase & Co. lifted their price target on shares of Paymentus from $21.00 to $26.00 and gave the company a “neutral” rating in a research note on Tuesday, August 20th. Robert W. Baird lifted their target price on shares of Paymentus from $25.00 to $36.00 and gave the company an “outperform” rating in a research report on Wednesday. The Goldman Sachs Group upped their price target on shares of Paymentus from $21.00 to $23.50 and gave the stock a “neutral” rating in a research report on Friday, August 9th. StockNews.com raised shares of Paymentus from a “sell” rating to a “hold” rating in a research note on Saturday, August 3rd. Finally, Canaccord Genuity Group lowered Paymentus from a “strong-buy” rating to a “hold” rating in a research note on Monday. Seven investment analysts have rated the stock with a hold rating, one has given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, Paymentus presently has a consensus rating of “Hold” and a consensus target price of $26.90.

Paymentus Price Performance

PAY opened at $33.75 on Wednesday. The firm has a fifty day moving average price of $23.16 and a 200 day moving average price of $21.15. Paymentus has a 1 year low of $14.77 and a 1 year high of $37.00. The stock has a market cap of $4.20 billion, a P/E ratio of 108.87 and a beta of 1.41.

Hedge Funds Weigh In On Paymentus

A number of hedge funds have recently made changes to their positions in the stock. Mirae Asset Global Investments Co. Ltd. lifted its stake in Paymentus by 15.1% during the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 25,441 shares of the business services provider’s stock worth $579,000 after purchasing an additional 3,341 shares in the last quarter. Sei Investments Co. acquired a new position in Paymentus during the 1st quarter worth about $513,000. Russell Investments Group Ltd. purchased a new position in Paymentus during the 1st quarter valued at about $106,000. Vanguard Group Inc. grew its position in Paymentus by 0.6% in the 1st quarter. Vanguard Group Inc. now owns 1,388,830 shares of the business services provider’s stock valued at $31,596,000 after acquiring an additional 8,457 shares in the last quarter. Finally, Quadrature Capital Ltd grew its position in Paymentus by 130.1% in the 1st quarter. Quadrature Capital Ltd now owns 69,219 shares of the business services provider’s stock valued at $1,575,000 after acquiring an additional 39,136 shares in the last quarter. Hedge funds and other institutional investors own 12.55% of the company’s stock.

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.