Paymentus (NYSE:PAY) Stock Price Down 3%

Paymentus Holdings, Inc. (NYSE:PAY)’s share price was down 3% during trading on Tuesday . The company traded as low as $22.71 and last traded at $23.11. Approximately 146,996 shares changed hands during trading, a decline of 50% from the average daily volume of 292,598 shares. The stock had previously closed at $23.82.

Analyst Ratings Changes

A number of equities research analysts recently commented on PAY shares. Wells Fargo & Company started coverage on Paymentus in a research note on Wednesday, January 17th. They set an “equal weight” rating and a $17.00 price objective for the company. JPMorgan Chase & Co. lifted their price objective on Paymentus from $17.00 to $19.00 and gave the stock a “neutral” rating in a research note on Wednesday, March 6th. TheStreet cut Paymentus from a “c-” rating to a “d+” rating in a research note on Thursday, February 15th. The Goldman Sachs Group boosted their target price on Paymentus from $18.00 to $20.00 and gave the company a “neutral” rating in a research note on Tuesday, March 5th. Finally, Raymond James cut Paymentus from an “outperform” rating to a “market perform” rating in a research note on Thursday, March 14th. Nine equities research analysts have rated the stock with a hold rating and one has assigned a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $17.00.

Paymentus Stock Up 1.2 %

The firm has a market cap of $2.82 billion, a P/E ratio of 124.94 and a beta of 1.40. The firm has a fifty day moving average of $18.06 and a 200-day moving average of $16.99.

Paymentus (NYSE:PAY) last released its earnings results on Monday, March 4th. The business services provider reported $0.09 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.06 by $0.03. The business had revenue of $164.80 million for the quarter, compared to analyst estimates of $157.38 million. Paymentus had a return on equity of 7.42% and a net margin of 3.63%. Paymentus’s revenue was up 24.7% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.02 earnings per share. On average, equities analysts forecast that Paymentus Holdings, Inc. will post 0.35 EPS for the current year.

Hedge Funds Weigh In On Paymentus

Several institutional investors and hedge funds have recently made changes to their positions in the company. Capital International Investors grew its position in shares of Paymentus by 43.2% in the first quarter. Capital International Investors now owns 1,637,137 shares of the business services provider’s stock valued at $34,511,000 after purchasing an additional 494,137 shares during the last quarter. Vanguard Group Inc. grew its position in Paymentus by 7.9% during the third quarter. Vanguard Group Inc. now owns 1,464,695 shares of the business services provider’s stock worth $14,236,000 after buying an additional 107,318 shares in the last quarter. Frontier Capital Management Co. LLC grew its position in Paymentus by 3.5% during the second quarter. Frontier Capital Management Co. LLC now owns 1,390,302 shares of the business services provider’s stock worth $14,682,000 after buying an additional 46,925 shares in the last quarter. Clearbridge Investments LLC grew its position in Paymentus by 1.7% during the third quarter. Clearbridge Investments LLC now owns 748,043 shares of the business services provider’s stock worth $12,418,000 after buying an additional 12,400 shares in the last quarter. Finally, Deutsche Bank AG acquired a new stake in Paymentus during the third quarter worth approximately $11,806,000. Institutional investors and hedge funds own 12.55% of the company’s stock.

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.