Wedbush Has Lowered Expectations for Paymentus (NYSE:PAY) Stock Price

Paymentus (NYSE:PAY) had its price target reduced by investment analysts at Wedbush from $40.00 to $32.00 in a research report issued on Tuesday, MarketBeat reports. The brokerage currently has an “outperform” rating on the business services provider’s stock. Wedbush’s price objective would suggest a potential upside of 32.41% from the company’s current price.

A number of other brokerages have also recently issued reports on PAY. Weiss Ratings reiterated a “hold (c+)” rating on shares of Paymentus in a research note on Monday, December 29th. The Goldman Sachs Group decreased their target price on shares of Paymentus from $37.00 to $32.00 and set a “neutral” rating for the company in a report on Tuesday. JPMorgan Chase & Co. upped their target price on shares of Paymentus from $35.00 to $38.00 and gave the stock a “neutral” rating in a research note on Thursday, December 4th. Raymond James Financial raised shares of Paymentus from an “outperform” rating to a “strong-buy” rating and set a $35.00 price target for the company in a research report on Friday, February 20th. Finally, Wall Street Zen upgraded shares of Paymentus from a “hold” rating to a “buy” rating in a report on Sunday, February 8th. One equities research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and four have given a Hold rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $35.33.

Paymentus Stock Down 2.0%

Paymentus stock opened at $24.17 on Tuesday. The stock’s 50 day moving average is $27.99 and its 200 day moving average is $31.84. The company has a market capitalization of $3.03 billion, a P/E ratio of 46.48 and a beta of 1.49. Paymentus has a twelve month low of $22.02 and a twelve month high of $40.43.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of the company. Wasatch Advisors LP increased its position in shares of 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 last quarter. Invesco Ltd. grew its position in 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 buying an additional 2,032,819 shares during the period. Fuller & Thaler Asset Management Inc. bought a new stake in Paymentus during the fourth quarter valued at approximately $60,452,000. Capital International Investors increased its holdings in Paymentus by 17.6% during the third quarter. Capital International Investors now owns 7,180,653 shares of the business services provider’s stock valued at $219,728,000 after buying an additional 1,072,387 shares during the last quarter. Finally, Brown Brothers Harriman & Co. boosted its stake in shares of Paymentus by 148.0% during the 4th quarter. Brown Brothers Harriman & Co. now owns 1,580,593 shares of the business services provider’s stock worth $49,931,000 after acquiring an additional 943,244 shares during the last quarter. 78.38% of the stock is owned by hedge funds and other institutional investors.

About Paymentus

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.