Paymentus (NYSE:PAY) PT Raised to $22.00

Paymentus (NYSE:PAY) had its price objective raised by Citigroup from $20.00 to $22.00 in a research report report published on Tuesday morning, Benzinga reports. The firm currently has a neutral rating on the business services provider’s stock.

Several other brokerages have also recently issued reports on PAY. TheStreet downgraded Paymentus from a c- rating to a d+ rating in a report on Thursday, February 15th. Raymond James lowered Paymentus from an outperform rating to a market perform rating in a research note on Thursday, March 14th. The Goldman Sachs Group increased their price target on shares of Paymentus from $20.00 to $22.50 and gave the company a neutral rating in a research report on Monday, April 15th. Wells Fargo & Company lifted their price objective on shares of Paymentus from $19.00 to $21.00 and gave the stock an equal weight rating in a research report on Tuesday. Finally, JPMorgan Chase & Co. increased their target price on shares of Paymentus from $17.00 to $19.00 and gave the company a neutral rating in a research report on Wednesday, March 6th. Eight research analysts have rated the stock with a hold rating and one has assigned a buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of Hold and an average target price of $19.06.

Paymentus Price Performance

PAY stock opened at $19.20 on Tuesday. Paymentus has a 1-year low of $7.94 and a 1-year high of $25.21. The business has a 50-day moving average price of $20.81 and a 200 day moving average price of $18.01. The company has a market capitalization of $2.38 billion, a P/E ratio of 106.67 and a beta of 1.54.

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

Institutional Investors Weigh In On Paymentus

Several institutional investors and hedge funds have recently made changes to their positions in PAY. Deutsche Bank AG acquired a new position in shares of Paymentus in the 3rd quarter valued at $11,806,000. Lord Abbett & CO. LLC purchased a new stake in Paymentus during the 3rd quarter valued at about $8,026,000. Hillsdale Investment Management Inc. increased its holdings in shares of Paymentus by 53,916.7% in the fourth quarter. Hillsdale Investment Management Inc. now owns 194,460 shares of the business services provider’s stock valued at $3,475,000 after purchasing an additional 194,100 shares during the period. CenterBook Partners LP purchased a new position in shares of Paymentus in the fourth quarter worth about $1,465,000. Finally, ClariVest Asset Management LLC lifted its holdings in shares of Paymentus by 128,017.4% during the first quarter. ClariVest Asset Management LLC now owns 58,934 shares of the business services provider’s stock worth $1,341,000 after purchasing an additional 58,888 shares during the period. 12.55% 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.