JPMorgan Chase & Co. Cuts Paymentus (NYSE:PAY) Price Target to $29.00

Paymentus (NYSE:PAY) had its price objective cut by investment analysts at JPMorgan Chase & Co. from $31.00 to $29.00 in a report issued on Tuesday,Benzinga reports. The brokerage currently has a “neutral” rating on the business services provider’s stock. JPMorgan Chase & Co.‘s price target indicates a potential downside of 4.70% from the stock’s current price.

Other equities analysts have also recently issued research reports about the company. The Goldman Sachs Group boosted their price objective on Paymentus from $23.50 to $33.00 and gave the stock a “neutral” rating in a research report on Friday, November 15th. Wedbush assumed coverage on shares of Paymentus in a report on Monday, February 3rd. They set an “outperform” rating for the company. Wells Fargo & Company increased their target price on Paymentus from $27.00 to $33.00 and gave the stock an “equal weight” rating in a report on Thursday, January 16th. Robert W. Baird cut their price objective on Paymentus from $40.00 to $36.00 and set an “outperform” rating for the company in a report on Tuesday. Finally, Canaccord Genuity Group cut shares of Paymentus from a “strong-buy” rating to a “hold” rating in a research note on Monday, November 11th. Seven research analysts have rated the stock with a hold rating, two have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $30.60.

Paymentus Stock Performance

Shares of NYSE PAY traded up $5.75 during mid-day trading on Tuesday, reaching $30.43. 656,043 shares of the company traded hands, compared to its average volume of 318,647. The company’s fifty day moving average is $30.45 and its two-hundred day moving average is $28.41. Paymentus has a fifty-two week low of $16.94 and a fifty-two week high of $38.94. The stock has a market cap of $3.79 billion, a PE ratio of 98.16 and a beta of 1.68.

Insider Activity at Paymentus

In related news, CFO Sanjay Kalra sold 15,794 shares of the business’s stock in a transaction that occurred on Tuesday, February 18th. The shares were sold at an average price of $31.99, for a total transaction of $505,250.06. Following the completion of the sale, the chief financial officer now directly owns 466,035 shares of the company’s stock, valued at $14,908,459.65. The trade was a 3.28 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, General Counsel Andrew A. Gerber sold 3,070 shares of Paymentus stock in a transaction on Tuesday, February 18th. The stock was sold at an average price of $31.98, for a total transaction of $98,178.60. Following the sale, the general counsel now directly owns 94,855 shares of the company’s stock, valued at $3,033,462.90. This represents a 3.14 % decrease in their position. The disclosure for this sale can be found here. 87.76% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in PAY. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its stake in Paymentus by 3.2% in the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 15,612 shares of the business services provider’s stock valued at $510,000 after buying an additional 484 shares during the period. Cetera Investment Advisers increased its stake in shares of Paymentus by 7.1% in the 4th quarter. Cetera Investment Advisers now owns 13,296 shares of the business services provider’s stock valued at $434,000 after acquiring an additional 883 shares during the last quarter. Park Square Financial Group LLC acquired a new stake in shares of Paymentus in the 4th quarter valued at approximately $32,000. Swiss National Bank boosted its stake in Paymentus by 2.7% during the 4th quarter. Swiss National Bank now owns 37,400 shares of the business services provider’s stock worth $1,222,000 after acquiring an additional 1,000 shares during the last quarter. Finally, Advisors Asset Management Inc. grew its holdings in 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 purchasing an additional 1,027 shares during the period. 78.38% of the stock is currently 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.