Paymentus (NYSE:PAY) Downgraded to Hold Rating by Canaccord Genuity Group

Canaccord Genuity Group lowered shares of Paymentus (NYSE:PAY) from a strong-buy rating to a hold rating in a research report report published on Monday morning,Zacks.com reports.

Several other research analysts have also weighed in on the company. StockNews.com raised Paymentus from a “sell” rating to a “hold” rating in a research report on Saturday, August 3rd. Robert W. Baird increased their price target on shares of Paymentus from $24.00 to $25.00 and gave the stock an “outperform” rating in a research report on Monday, October 14th. The Goldman Sachs Group boosted their price objective on shares of Paymentus from $21.00 to $23.50 and gave the company a “neutral” rating in a research report on Friday, August 9th. Finally, JPMorgan Chase & Co. increased their target price on shares of Paymentus from $21.00 to $26.00 and gave the stock a “neutral” rating in a research report on Tuesday, August 20th. Seven analysts have rated the stock with a hold rating, one has given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $23.50.

Paymentus Stock Performance

NYSE PAY opened at $26.79 on Monday. The firm’s 50 day moving average price is $22.81 and its two-hundred day moving average price is $21.02. The stock has a market cap of $3.33 billion, a price-to-earnings ratio of 107.16 and a beta of 1.41. Paymentus has a twelve month low of $14.77 and a twelve month high of $27.93.

Institutional Investors Weigh In On Paymentus

A number of large investors have recently bought and sold shares of the business. Quadrature Capital Ltd boosted its holdings in Paymentus by 130.1% during the first quarter. Quadrature Capital Ltd now owns 69,219 shares of the business services provider’s stock valued at $1,575,000 after acquiring an additional 39,136 shares during the period. GSA Capital Partners LLP boosted its holdings in Paymentus by 38.2% during the third quarter. GSA Capital Partners LLP now owns 124,189 shares of the business services provider’s stock valued at $2,486,000 after acquiring an additional 34,307 shares during the period. Vanguard Group Inc. raised its position in shares of Paymentus by 0.6% during the first quarter. Vanguard Group Inc. now owns 1,388,830 shares of the business services provider’s stock valued at $31,596,000 after buying an additional 8,457 shares during the last quarter. Comerica Bank raised its position in shares of Paymentus by 4,713.1% during the first quarter. Comerica Bank now owns 20,552 shares of the business services provider’s stock valued at $468,000 after buying an additional 20,125 shares during the last quarter. Finally, Algert Global LLC raised its position in shares of Paymentus by 3.2% during the second quarter. Algert Global LLC now owns 135,056 shares of the business services provider’s stock valued at $2,566,000 after buying an additional 4,216 shares during the last quarter. 12.55% of the stock is currently owned by institutional investors.

Paymentus Company Profile

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.