8,277 Shares in Paymentus Holdings, Inc. (NYSE:PAY) Acquired by Cornerstone Investment Partners LLC

Cornerstone Investment Partners LLC acquired a new position in Paymentus Holdings, Inc. (NYSE:PAY) during the fourth quarter, Holdings Channel reports. The institutional investor acquired 8,277 shares of the business services provider’s stock, valued at approximately $270,000.

Other hedge funds have also recently added to or reduced their stakes in the company. Advisors Asset Management Inc. increased its holdings in Paymentus by 155.1% in the third quarter. Advisors Asset Management Inc. now owns 1,689 shares of the business services provider’s stock worth $34,000 after buying an additional 1,027 shares during the last quarter. TimesSquare Capital Management LLC acquired a new position in Paymentus in the fourth quarter worth approximately $35,000. Point72 Asia Singapore Pte. Ltd. acquired a new position in Paymentus in the third quarter worth approximately $43,000. R Squared Ltd acquired a new position in Paymentus in the fourth quarter worth approximately $43,000. Finally, Barclays PLC increased its holdings in Paymentus by 1,569.3% in the third quarter. Barclays PLC now owns 5,058 shares of the business services provider’s stock worth $101,000 after buying an additional 4,755 shares during the last quarter. Institutional investors and hedge funds own 78.38% of the company’s stock.

Paymentus Trading Down 2.1 %

PAY opened at $26.83 on Tuesday. Paymentus Holdings, Inc. has a 1-year low of $15.85 and a 1-year high of $38.94. The stock has a market capitalization of $3.34 billion, a price-to-earnings ratio of 86.56 and a beta of 1.66. The business has a 50 day moving average of $31.04 and a 200-day moving average of $28.33.

Insider Activity

In related news, CFO Sanjay Kalra sold 15,794 shares of the firm’s stock in a transaction on Tuesday, February 18th. The stock was sold at an average price of $31.99, for a total value of $505,250.06. Following the completion of the transaction, the chief financial officer now directly owns 466,035 shares of the company’s stock, valued at $14,908,459.65. This trade represents a 3.28 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, General Counsel Andrew A. Gerber sold 34,272 shares of the firm’s stock in a transaction on Wednesday, December 4th. The stock was sold at an average price of $37.36, for a total value of $1,280,401.92. Following the completion of the transaction, the general counsel now directly owns 97,925 shares of the company’s stock, valued at approximately $3,658,478. This trade represents a 25.92 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 53,136 shares of company stock valued at $1,883,831. 87.76% of the stock is owned by company insiders.

Analysts Set New Price Targets

A number of research firms recently commented on PAY. Robert W. Baird increased their price objective on Paymentus from $25.00 to $36.00 and gave the stock an “outperform” rating in a report on Wednesday, November 13th. Canaccord Genuity Group cut Paymentus from a “strong-buy” rating to a “hold” rating in a research report on Monday, November 11th. Wells Fargo & Company upped their target price on Paymentus from $27.00 to $33.00 and gave the stock an “equal weight” rating in a research report on Thursday, January 16th. The Goldman Sachs Group upped their target price on Paymentus from $23.50 to $33.00 and gave the stock a “neutral” rating in a research report on Friday, November 15th. Finally, Wedbush assumed coverage on Paymentus in a research report on Monday, February 3rd. They set an “outperform” rating for the company. Seven research 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.com, the stock presently 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.