Paymentus Holdings, Inc. (NYSE:PAY) Shares Purchased by Mirae Asset Global Investments Co. Ltd.

Mirae Asset Global Investments Co. Ltd. boosted its stake in Paymentus Holdings, Inc. (NYSE:PAY) by 2,763.9% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 2,062 shares of the business services provider’s stock after buying an additional 1,990 shares during the quarter. Mirae Asset Global Investments Co. Ltd.’s holdings in Paymentus were worth $54,000 at the end of the most recent reporting period.

Other hedge funds have also recently added to or reduced their stakes in the company. Bessemer Group Inc. purchased a new stake in Paymentus in the 1st quarter valued at about $108,000. Yorktown Management & Research Co Inc purchased a new position in Paymentus during the 1st quarter worth $282,000. SG Americas Securities LLC grew its position in Paymentus by 103.6% in the 1st quarter. SG Americas Securities LLC now owns 14,077 shares of the business services provider’s stock valued at $367,000 after buying an additional 7,163 shares during the last quarter. Park Square Financial Group LLC purchased a new stake in shares of Paymentus in the fourth quarter valued at approximately $32,000. Finally, Universal Beteiligungs und Servicegesellschaft mbH purchased a new stake in shares of Paymentus during the 4th quarter worth approximately $3,241,000. 78.38% of the stock is owned by institutional investors and hedge funds.

Paymentus Price Performance

Shares of NYSE:PAY opened at $30.86 on Tuesday. The business has a 50-day moving average of $35.35 and a two-hundred day moving average of $31.59. Paymentus Holdings, Inc. has a fifty-two week low of $17.70 and a fifty-two week high of $40.43. The stock has a market capitalization of $3.86 billion, a P/E ratio of 79.13 and a beta of 1.56.

Insiders Place Their Bets

In related news, Director William Ingram sold 11,409 shares of the company’s stock in a transaction on Monday, May 12th. The stock was sold at an average price of $38.01, for a total value of $433,656.09. Following the completion of the transaction, the director directly owned 73,963 shares in the company, valued at approximately $2,811,333.63. This represents a 13.36% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. 87.76% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of research firms recently issued reports on PAY. The Goldman Sachs Group upped their target price on Paymentus from $28.00 to $34.00 and gave the company a “neutral” rating in a research note on Tuesday, May 6th. Wedbush set a $40.00 price target on shares of Paymentus and gave the company an “outperform” rating in a report on Tuesday, May 6th. Wall Street Zen upgraded Paymentus from a “hold” rating to a “buy” rating in a research report on Saturday. JPMorgan Chase & Co. increased their target price on shares of Paymentus from $29.00 to $35.00 and gave the company a “neutral” rating in a research report on Tuesday, May 6th. Finally, Robert W. Baird raised their price objective on Paymentus from $36.00 to $40.00 and gave the stock an “outperform” rating in a research note on Wednesday, June 4th. Four investment analysts have rated the stock with a hold rating, three have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $36.80.

Paymentus 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.