Paymentus (NYSE:PAY) Reaches New 52-Week High – What’s Next?

Paymentus Holdings, Inc. (NYSE:PAY) reached a new 52-week high during trading on Monday . The stock traded as high as $39.28 and last traded at $39.28, with a volume of 1092 shares. The stock had previously closed at $37.81.

Analyst Ratings Changes

A number of equities research analysts recently issued reports on the stock. Robert W. Baird upped their price objective on shares of Paymentus from $25.00 to $36.00 and gave the company an “outperform” rating in a report on Wednesday, November 13th. The Goldman Sachs Group increased their price target on shares of Paymentus from $23.50 to $33.00 and gave the company a “neutral” rating in a research note on Friday, November 15th. Canaccord Genuity Group downgraded Paymentus from a “strong-buy” rating to a “hold” rating in a research report on Monday, November 11th. Wells Fargo & Company upped their price target on Paymentus from $21.00 to $27.00 and gave the stock an “equal weight” rating in a research note on Wednesday, November 13th. Finally, JPMorgan Chase & Co. lifted their price objective on Paymentus from $21.00 to $26.00 and gave the company a “neutral” rating in a research note on Tuesday, August 20th. Seven analysts have rated the stock with a hold rating, one has assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, Paymentus has an average rating of “Hold” and an average target price of $28.80.

Paymentus Price Performance

The firm has a market cap of $4.86 billion, a price-to-earnings ratio of 121.97 and a beta of 1.41. The company’s 50 day simple moving average is $26.78 and its 200 day simple moving average is $22.55.

Hedge Funds Weigh In On Paymentus

Several hedge funds and other institutional investors have recently made changes to their positions in PAY. Vanguard Group Inc. lifted its position in shares of Paymentus by 0.6% during the 1st quarter. Vanguard Group Inc. now owns 1,388,830 shares of the business services provider’s stock worth $31,596,000 after purchasing an additional 8,457 shares during the last quarter. Comerica Bank lifted its holdings in Paymentus by 4,713.1% during the 1st quarter. Comerica Bank now owns 20,552 shares of the business services provider’s stock worth $468,000 after buying an additional 20,125 shares during the last quarter. RiverPark Advisors LLC boosted its position in shares of Paymentus by 139.1% during the 2nd quarter. RiverPark Advisors LLC now owns 14,269 shares of the business services provider’s stock worth $271,000 after acquiring an additional 8,302 shares in the last quarter. Ridgewood Investments LLC increased its holdings in shares of Paymentus by 61.5% in the 2nd quarter. Ridgewood Investments LLC now owns 42,000 shares of the business services provider’s stock valued at $798,000 after acquiring an additional 16,000 shares during the last quarter. Finally, MCF Advisors LLC raised its position in shares of Paymentus by 80.1% during the 2nd quarter. MCF Advisors LLC now owns 1,461 shares of the business services provider’s stock worth $28,000 after acquiring an additional 650 shares in the last quarter. Hedge funds and other institutional investors own 12.55% of the company’s stock.

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.