Legato Capital Management LLC Sells 27,905 Shares of Paymentus Holdings, Inc. (NYSE:PAY)

Legato Capital Management LLC cut its holdings in Paymentus Holdings, Inc. (NYSE:PAY) by 38.7% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 44,158 shares of the business services provider’s stock after selling 27,905 shares during the period. Legato Capital Management LLC’s holdings in Paymentus were worth $1,443,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently modified their holdings of the business. AQR Capital Management LLC bought a new position in Paymentus in the 2nd quarter valued at $233,000. SG Americas Securities LLC bought a new position in Paymentus during the third quarter valued at about $132,000. nVerses Capital LLC grew its position in Paymentus by 550.0% during the third quarter. nVerses Capital LLC now owns 1,300 shares of the business services provider’s stock valued at $26,000 after buying an additional 1,100 shares during the period. Better Money Decisions LLC purchased a new stake in Paymentus during the third quarter worth about $205,000. Finally, Versor Investments LP bought a new stake in Paymentus in the third quarter worth about $331,000. 78.38% of the stock is owned by hedge funds and other institutional investors.

Paymentus Stock Performance

Shares of PAY opened at $30.22 on Thursday. Paymentus Holdings, Inc. has a 52-week low of $14.77 and a 52-week high of $38.94. The stock’s 50-day simple moving average is $32.42 and its 200 day simple moving average is $27.53. The stock has a market capitalization of $3.77 billion, a price-to-earnings ratio of 97.48 and a beta of 1.66.

Insider Activity

In related news, General Counsel Andrew A. Gerber sold 34,272 shares of the business’s stock in a transaction that occurred on Wednesday, December 4th. The shares were sold at an average price of $37.36, for a total transaction of $1,280,401.92. Following the completion of the transaction, the general counsel now owns 97,925 shares of the company’s stock, valued at approximately $3,658,478. The trade was a 25.92 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 87.76% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts recently commented on PAY shares. Robert W. Baird upped their price objective on Paymentus from $25.00 to $36.00 and gave the company an “outperform” rating in a research note on Wednesday, November 13th. Wells Fargo & Company increased their price target on Paymentus from $27.00 to $33.00 and gave the stock an “equal weight” rating in a research note on Thursday, January 16th. The Goldman Sachs Group boosted their price objective on Paymentus from $23.50 to $33.00 and gave the company a “neutral” rating in a research note on Friday, November 15th. Canaccord Genuity Group lowered shares of Paymentus from a “strong-buy” rating to a “hold” rating in a research report on Monday, November 11th. Finally, Wedbush started coverage on shares of Paymentus in a research note on Monday, February 3rd. They issued an “outperform” rating for the company. Seven investment analysts have rated the stock with a hold rating, two have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $30.00.

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.