Paymentus (NYSE:PAY) Price Target Raised to $33.00 at Wells Fargo & Company

Paymentus (NYSE:PAY) had its price target upped by Wells Fargo & Company from $27.00 to $33.00 in a research note issued to investors on Thursday,Benzinga reports. Wells Fargo & Company currently has an equal weight rating on the business services provider’s stock.

Several other analysts have also recently weighed in on the stock. Robert W. Baird lifted their price objective on shares of Paymentus from $25.00 to $36.00 and gave the stock an “outperform” rating in a research note on Wednesday, November 13th. The Goldman Sachs Group boosted their target price on shares of Paymentus from $23.50 to $33.00 and gave the company a “neutral” rating in a research report on Friday, November 15th. Finally, Canaccord Genuity Group lowered shares of Paymentus from a “strong-buy” rating to a “hold” rating in a research report on Monday, November 11th. Seven equities research analysts have rated the stock with a hold rating, one has issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $30.00.

Paymentus Trading Down 0.5 %

Paymentus stock opened at $30.20 on Thursday. The company has a market capitalization of $3.76 billion, a price-to-earnings ratio of 97.41 and a beta of 1.67. The stock’s 50 day moving average is $33.80 and its 200-day moving average is $25.95. Paymentus has a 12 month low of $14.77 and a 12 month high of $38.94.

Insiders Place Their Bets

In other news, General Counsel Andrew A. Gerber sold 34,272 shares of the business’s stock in a transaction dated Wednesday, December 4th. The stock was sold at an average price of $37.36, for a total transaction of $1,280,401.92. Following the sale, the general counsel now directly owns 97,925 shares in the company, valued at approximately $3,658,478. The trade was a 25.92 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Insiders own 87.76% of the company’s stock.

Institutional Investors Weigh In On Paymentus

A number of institutional investors have recently added to or reduced their stakes in the business. Advisors Asset Management Inc. raised its stake in shares of Paymentus by 155.1% during the third quarter. Advisors Asset Management Inc. now owns 1,689 shares of the business services provider’s stock valued at $34,000 after acquiring an additional 1,027 shares during the last quarter. nVerses Capital LLC raised its position in Paymentus by 550.0% during the 3rd quarter. nVerses Capital LLC now owns 1,300 shares of the business services provider’s stock worth $26,000 after purchasing an additional 1,100 shares during the last quarter. RiverPark Advisors LLC lifted its holdings in Paymentus by 8.8% during the 3rd quarter. RiverPark Advisors LLC now owns 15,527 shares of the business services provider’s stock worth $311,000 after buying an additional 1,258 shares during the period. Point72 Asia Singapore Pte. Ltd. bought a new stake in shares of Paymentus in the 3rd quarter valued at about $43,000. Finally, XTX Topco Ltd increased its stake in shares of Paymentus by 17.2% in the third quarter. XTX Topco Ltd now owns 20,905 shares of the business services provider’s stock valued at $419,000 after buying an additional 3,064 shares during the period. 78.38% of the stock is owned by institutional investors.

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.