Wedge Capital Management L L P NC Takes $2.01 Million Position in Paymentus Holdings, Inc. $PAY

Wedge Capital Management L L P NC bought a new position in shares of Paymentus Holdings, Inc. (NYSE:PAY) during the 2nd quarter, according to its most recent disclosure with the SEC. The fund bought 83,130 shares of the business services provider’s stock, valued at approximately $2,008,000.

A number of other institutional investors have also recently made changes to their positions in PAY. Wasatch Advisors LP increased its position in Paymentus by 82.2% during the 4th quarter. Wasatch Advisors LP now owns 8,553,165 shares of the business services provider’s stock valued at $270,194,000 after purchasing an additional 3,859,056 shares during the period. Capital International Investors grew its stake in shares of Paymentus by 6.6% in the 4th quarter. Capital International Investors now owns 7,655,433 shares of the business services provider’s stock valued at $241,835,000 after buying an additional 474,780 shares during the period. Vanguard Group Inc. increased its position in Paymentus by 20.7% in the 4th quarter. Vanguard Group Inc. now owns 4,391,890 shares of the business services provider’s stock valued at $138,740,000 after buying an additional 753,281 shares in the last quarter. Invesco Ltd. raised its position in shares of Paymentus by 115.8% during the third quarter. Invesco Ltd. now owns 3,788,090 shares of the business services provider’s stock worth $115,916,000 after purchasing an additional 2,032,819 shares during the period. Finally, Capital World Investors raised its holdings in Paymentus by 4.4% during the fourth quarter. Capital World Investors now owns 2,499,583 shares of the business services provider’s stock worth $78,962,000 after buying an additional 105,970 shares during the last quarter. Institutional investors own 78.38% of the company’s stock.

Insider Activity

In other Paymentus news, Director Gary Trainor sold 80,000 shares of the stock in a transaction on Tuesday, August 4th. The shares were sold at an average price of $40.79, for a total transaction of $3,263,200.00. Following the completion of the sale, the director owned 509,888 shares of the company’s stock, valued at $20,798,331.52. This represents a 13.56% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CFO Sanjay Kalra sold 2,909 shares of the stock in a transaction dated Wednesday, August 5th. The stock was sold at an average price of $40.25, for a total transaction of $117,087.25. Following the sale, the chief financial officer owned 505,597 shares of the company’s stock, valued at approximately $20,350,279.25. This represents a 0.57% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 147,909 shares of company stock valued at $5,735,337 over the last 90 days. 55.75% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

A number of research analysts have recently weighed in on PAY shares. Wolfe Research restated an “outperform” rating and issued a $44.00 target price on shares of Paymentus in a report on Tuesday, August 4th. Weiss Ratings raised shares of Paymentus from a “hold (c)” rating to a “hold (c+)” rating in a research report on Tuesday, August 4th. Wedbush increased their price target on Paymentus from $32.00 to $36.00 and gave the stock an “outperform” rating in a research note on Tuesday, May 5th. Robert W. Baird lifted their price objective on shares of Paymentus from $34.00 to $38.00 and gave the company a “neutral” rating in a research note on Tuesday, August 4th. Finally, The Goldman Sachs Group lifted their target price on Paymentus from $32.00 to $40.00 and gave the company a “neutral” rating in a report on Tuesday, August 4th. One analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and four have issued a Hold rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $38.67.

Paymentus Stock Down 0.7%

PAY opened at $41.90 on Friday. The stock has a market cap of $5.27 billion, a PE ratio of 63.49 and a beta of 1.29. Paymentus Holdings, Inc. has a 52 week low of $20.11 and a 52 week high of $45.31. The business’s fifty day simple moving average is $29.03 and its 200 day simple moving average is $26.60.

Paymentus (NYSE:PAY) last released its earnings results on Monday, August 3rd. The business services provider reported $0.25 earnings per share for the quarter, topping analysts’ consensus estimates of $0.19 by $0.06. The company had revenue of $360.74 million during the quarter, compared to the consensus estimate of $345.44 million. Paymentus had a return on equity of 15.26% and a net margin of 6.24%.Paymentus’s quarterly revenue was up 28.8% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.11 EPS. As a group, equities analysts anticipate that Paymentus Holdings, Inc. will post 0.77 earnings per share for the current year.

Paymentus Company Profile

Paymentus is a U.S.-based financial technology company that specializes in cloud-native bill payment and presentment solutions. Its platform enables businesses and government entities to manage the entire payment lifecycle, from electronic bill presentment and real-time payment processing to reconciliation and reporting. Through web portals, mobile applications, interactive voice response (IVR) systems and in-person channels, Paymentus helps clients streamline accounts receivable operations, enhance customer engagement and reduce operational costs.

Founded in 2004 and headquartered in Wilmington, Delaware, Paymentus has built a modular suite of services that can be tailored to the needs of various industries.