JPMorgan Chase & Co. Increases Paymentus (NYSE:PAY) Price Target to $38.00

Paymentus (NYSE:PAY) had its target price upped by analysts at JPMorgan Chase & Co. from $35.00 to $38.00 in a research note issued on Thursday,Benzinga reports. The brokerage currently has a “neutral” rating on the business services provider’s stock. JPMorgan Chase & Co.‘s price objective indicates a potential upside of 7.87% from the stock’s current price.

A number of other analysts also recently weighed in on PAY. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Paymentus in a report on Monday. Wall Street Zen upgraded shares of Paymentus from a “hold” rating to a “buy” rating in a research report on Saturday, November 8th. Four investment analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $37.50.

Paymentus Stock Down 3.5%

PAY opened at $35.23 on Thursday. The stock has a market capitalization of $4.42 billion, a price-to-earnings ratio of 76.58 and a beta of 1.48. Paymentus has a twelve month low of $22.65 and a twelve month high of $40.43. The company has a 50-day simple moving average of $32.82 and a 200 day simple moving average of $33.57.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the company. Capital International Investors grew its position in Paymentus by 17.6% during the 3rd quarter. Capital International Investors now owns 7,180,653 shares of the business services provider’s stock worth $219,728,000 after acquiring an additional 1,072,387 shares during the last quarter. Wasatch Advisors LP raised its position in Paymentus by 210.1% in the third quarter. Wasatch Advisors LP now owns 4,694,109 shares of the business services provider’s stock valued at $143,640,000 after purchasing an additional 3,180,156 shares during the last quarter. Invesco Ltd. boosted its stake 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 valued at $115,916,000 after purchasing an additional 2,032,819 shares in the last quarter. Vanguard Group Inc. boosted its stake in shares of Paymentus by 33.0% during the third quarter. Vanguard Group Inc. now owns 3,638,609 shares of the business services provider’s stock valued at $111,341,000 after purchasing an additional 903,627 shares in the last quarter. Finally, Capital World Investors grew its holdings in shares of Paymentus by 14.6% during the third quarter. Capital World Investors now owns 2,393,613 shares of the business services provider’s stock worth $73,245,000 after purchasing an additional 304,399 shares during the last quarter. 78.38% of the stock is currently owned by institutional investors.

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.