8,277 Shares in Paymentus Holdings, Inc. (NYSE:PAY) Acquired by Cornerstone Investment Partners LLC

Cornerstone Investment Partners LLC purchased a new position in Paymentus Holdings, Inc. (NYSE:PAY) during the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The firm purchased 8,277 shares of the business services provider’s stock, valued at approximately $270,000.

Several other hedge funds have also made changes to their positions in PAY. Advisors Asset Management Inc. lifted its holdings in shares of Paymentus by 155.1% in the 3rd quarter. Advisors Asset Management Inc. now owns 1,689 shares of the business services provider’s stock worth $34,000 after purchasing an additional 1,027 shares during the last quarter. TimesSquare Capital Management LLC bought a new stake in Paymentus during the 4th quarter valued at $35,000. Point72 Asia Singapore Pte. Ltd. bought a new stake in Paymentus during the 3rd quarter valued at $43,000. R Squared Ltd bought a new stake in Paymentus during the 4th quarter valued at $43,000. Finally, Barclays PLC raised its stake in Paymentus by 1,569.3% during the 3rd quarter. Barclays PLC now owns 5,058 shares of the business services provider’s stock valued at $101,000 after acquiring an additional 4,755 shares in the last quarter. Institutional investors own 78.38% of the company’s stock.

Analysts Set New Price Targets

Several analysts have weighed in on the company. Wells Fargo & Company lifted their target price on Paymentus from $27.00 to $33.00 and gave the company an “equal weight” rating in a research note on Thursday, January 16th. The Goldman Sachs Group lifted their target price on Paymentus from $23.50 to $33.00 and gave the company a “neutral” rating in a research note on Friday, November 15th. Robert W. Baird lifted their target price on Paymentus from $25.00 to $36.00 and gave the company an “outperform” rating in a research note on Wednesday, November 13th. Wedbush assumed coverage on Paymentus in a research note on Monday, February 3rd. They issued an “outperform” rating on the stock. Finally, Canaccord Genuity Group cut Paymentus from a “strong-buy” rating to a “hold” rating in a research note on Monday, November 11th. Seven 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. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $30.00.

Insider Buying and Selling at Paymentus

In other Paymentus news, General Counsel Andrew A. Gerber sold 34,272 shares of the company’s stock in a transaction dated Wednesday, December 4th. The shares were sold at an average price of $37.36, for a total transaction of $1,280,401.92. Following the completion of the sale, the general counsel now directly owns 97,925 shares of the company’s stock, valued at approximately $3,658,478. This represents a 25.92 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Sanjay Kalra sold 15,794 shares of the company’s stock in a transaction dated Tuesday, February 18th. The shares were sold at an average price of $31.99, for a total value of $505,250.06. Following the completion of the transaction, the chief financial officer now 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. Over the last ninety days, insiders sold 53,136 shares of company stock valued at $1,883,831. 87.76% of the stock is currently owned by corporate insiders.

Paymentus Trading Down 2.1 %

Shares of NYSE PAY opened at $26.83 on Tuesday. Paymentus Holdings, Inc. has a twelve month low of $15.85 and a twelve month high of $38.94. The company has a market capitalization of $3.34 billion, a price-to-earnings ratio of 86.56 and a beta of 1.66. The firm has a 50-day moving average of $31.04 and a two-hundred day moving average of $28.33.

Paymentus 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.