Wells Fargo & Company Raises Paymentus (NYSE:PAY) Price Target to $27.00

Paymentus (NYSE:PAY) had its target price lifted by equities research analysts at Wells Fargo & Company from $21.00 to $27.00 in a research report issued to clients and investors on Wednesday,Benzinga reports. The firm presently has an “equal weight” rating on the business services provider’s stock. Wells Fargo & Company‘s price target indicates a potential downside of 17.05% from the stock’s previous close.

Several other equities research analysts have also weighed in on the company. Robert W. Baird increased their target price on Paymentus from $25.00 to $36.00 and gave the stock an “outperform” rating in a research report on Wednesday. The Goldman Sachs Group lifted their price objective on shares of Paymentus from $21.00 to $23.50 and gave the company a “neutral” rating in a research report on Friday, August 9th. Canaccord Genuity Group cut shares of Paymentus from a “strong-buy” rating to a “hold” rating in a research report on Monday. JPMorgan Chase & Co. boosted their price objective on Paymentus from $21.00 to $26.00 and gave the stock a “neutral” rating in a research report on Tuesday, August 20th. Finally, StockNews.com upgraded Paymentus from a “sell” rating to a “hold” rating in a research report on Saturday, August 3rd. Seven analysts have rated the stock with a hold rating, one has issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $26.90.

Paymentus Stock Performance

Paymentus stock opened at $32.55 on Wednesday. Paymentus has a 1 year low of $14.77 and a 1 year high of $37.00. The firm’s 50-day moving average is $23.39 and its 200-day moving average is $21.23. The company has a market cap of $4.05 billion, a P/E ratio of 105.00 and a beta of 1.41.

Institutional Trading of Paymentus

Several institutional investors have recently modified their holdings of the company. nVerses Capital LLC lifted its holdings in Paymentus by 550.0% in the 3rd quarter. nVerses Capital LLC now owns 1,300 shares of the business services provider’s stock valued at $26,000 after acquiring an additional 1,100 shares during the last quarter. MCF Advisors LLC lifted its stake in Paymentus by 80.1% during the second quarter. MCF Advisors LLC now owns 1,461 shares of the business services provider’s stock valued at $28,000 after purchasing an additional 650 shares during the last quarter. Advisors Asset Management Inc. lifted its stake in Paymentus by 155.1% during the third quarter. Advisors Asset Management Inc. now owns 1,689 shares of the business services provider’s stock valued at $34,000 after purchasing an additional 1,027 shares during the last quarter. Point72 Asia Singapore Pte. Ltd. acquired a new position in Paymentus in the third quarter worth approximately $43,000. Finally, Arcadia Investment Management Corp MI increased its holdings in shares of Paymentus by 141.1% in the second quarter. Arcadia Investment Management Corp MI now owns 2,360 shares of the business services provider’s stock valued at $45,000 after buying an additional 1,381 shares in the last quarter. 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.