Paymentus (NYSE:PAY) Shares Down 8.2% Following Insider Selling

Paymentus Holdings, Inc. (NYSE:PAY)’s share price fell 8.2% during mid-day trading on Thursday after an insider sold shares in the company. The company traded as low as $29.69 and last traded at $29.91. 195,974 shares were traded during mid-day trading, a decline of 48% from the average session volume of 378,924 shares. The stock had previously closed at $32.57.

Specifically, General Counsel Andrew A. Gerber sold 3,070 shares of the firm’s stock in a transaction dated Tuesday, February 18th. The shares were sold at an average price of $31.98, for a total value of $98,178.60. Following the completion of the sale, the general counsel now owns 94,855 shares in the company, valued at approximately $3,033,462.90. This trade represents a 3.14 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Sanjay Kalra sold 15,794 shares of the firm’s stock in a transaction dated Tuesday, February 18th. The stock was sold at an average price of $31.99, for a total transaction of $505,250.06. Following the completion of the transaction, the chief financial officer now directly owns 466,035 shares in the company, valued at $14,908,459.65. This represents a 3.28 % decrease in their position. The disclosure for this sale can be found here.

Analysts Set New Price Targets

A number of research firms have commented on PAY. Wedbush began coverage on shares of Paymentus in a research report on Monday, February 3rd. They set an “outperform” rating on the stock. The Goldman Sachs Group raised 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. Robert W. Baird raised 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, November 13th. Wells Fargo & Company raised their target price on shares of Paymentus from $27.00 to $33.00 and gave the company an “equal weight” rating in a research report on Thursday, January 16th. Finally, Canaccord Genuity Group downgraded shares of Paymentus from a “strong-buy” rating to a “hold” rating in a research report on Monday, November 11th. Seven research analysts have rated the stock with a hold rating, two have issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Paymentus currently has a consensus rating of “Hold” and a consensus target price of $30.00.

Paymentus Stock Performance

The firm’s 50 day simple moving average is $32.15 and its 200 day simple moving average is $27.91. The firm has a market capitalization of $3.71 billion, a price-to-earnings ratio of 96.48 and a beta of 1.66.

Institutional Trading of Paymentus

Several institutional investors and hedge funds have recently bought and sold shares of the business. Castleark Management LLC acquired a new stake in Paymentus during the 4th quarter valued at approximately $3,251,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its holdings in shares of Paymentus by 34.7% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 46,308 shares of the business services provider’s stock valued at $1,513,000 after purchasing an additional 11,924 shares in the last quarter. Wolverine Trading LLC purchased a new position in shares of Paymentus during the 4th quarter valued at approximately $291,000. Voloridge Investment Management LLC purchased a new position in shares of Paymentus during the 4th quarter valued at approximately $2,065,000. Finally, Two Sigma Investments LP increased its holdings in shares of Paymentus by 28.1% during the 4th quarter. Two Sigma Investments LP now owns 92,918 shares of the business services provider’s stock valued at $3,036,000 after purchasing an additional 20,410 shares in the last quarter. 78.38% of the stock is currently owned by institutional investors and hedge funds.

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.