Wells Fargo & Company Forecasts Strong Price Appreciation for Paymentus (NYSE:PAY) Stock

Paymentus (NYSE:PAY) had its price objective raised by Wells Fargo & Company from $21.00 to $27.00 in a report issued on Wednesday morning,Benzinga reports. Wells Fargo & Company currently has an equal weight rating on the business services provider’s stock.

Several other brokerages have also recently issued reports on PAY. StockNews.com raised Paymentus from a “sell” rating to a “hold” rating in a report on Saturday, August 3rd. JPMorgan Chase & Co. boosted their price objective on shares of Paymentus from $21.00 to $26.00 and gave the stock a “neutral” rating in a research report on Tuesday, August 20th. Canaccord Genuity Group cut shares of Paymentus from a “strong-buy” rating to a “hold” rating in a research note on Monday, November 11th. Robert W. Baird lifted their target price on shares of Paymentus from $25.00 to $36.00 and gave the stock an “outperform” rating in a research report on Wednesday. Finally, The Goldman Sachs Group increased their price target 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. Seven research analysts have rated the stock with a hold rating, one has issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $28.80.

Paymentus Trading Up 2.9 %

Shares of PAY opened at $33.50 on Wednesday. Paymentus has a twelve month low of $14.77 and a twelve month high of $37.00. The firm has a market capitalization of $4.17 billion, a P/E ratio of 108.03 and a beta of 1.41. The firm’s 50-day moving average is $23.65 and its two-hundred day moving average is $21.32.

Institutional Investors Weigh In On Paymentus

A number of hedge funds and other institutional investors have recently modified their holdings of PAY. nVerses Capital LLC lifted its stake in shares of Paymentus by 550.0% during the third quarter. nVerses Capital LLC now owns 1,300 shares of the business services provider’s stock valued at $26,000 after buying an additional 1,100 shares during the period. MCF Advisors LLC raised its holdings in Paymentus by 80.1% in the 2nd quarter. MCF Advisors LLC now owns 1,461 shares of the business services provider’s stock valued at $28,000 after acquiring an additional 650 shares during the last quarter. Advisors Asset Management Inc. lifted its stake in shares of Paymentus by 155.1% during 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 period. Point72 Asia Singapore Pte. Ltd. acquired a new stake in shares of Paymentus during the third quarter worth $43,000. Finally, Arcadia Investment Management Corp MI grew its position 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 purchasing an additional 1,381 shares during the period. 12.55% of the stock is currently owned by hedge funds and other institutional investors.

Paymentus Company 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.