Geode Capital Management LLC Buys 163,508 Shares of Paymentus Holdings, Inc. $PAY

Geode Capital Management LLC increased its stake in shares of Paymentus Holdings, Inc. (NYSE:PAY) by 70.2% in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 396,348 shares of the business services provider’s stock after purchasing an additional 163,508 shares during the period. Geode Capital Management LLC owned approximately 0.32% of Paymentus worth $12,984,000 as of its most recent SEC filing.

Several other hedge funds have also recently added to or reduced their stakes in PAY. Advisors Asset Management Inc. grew its position in shares of Paymentus by 23.9% during the 1st quarter. Advisors Asset Management Inc. now owns 3,450 shares of the business services provider’s stock worth $90,000 after buying an additional 665 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its stake in Paymentus by 4.4% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 16,295 shares of the business services provider’s stock worth $425,000 after acquiring an additional 683 shares during the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. grew its holdings in Paymentus by 11.2% during the first quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 8,202 shares of the business services provider’s stock valued at $214,000 after purchasing an additional 823 shares during the period. KLP Kapitalforvaltning AS increased its stake in Paymentus by 35.7% in the second quarter. KLP Kapitalforvaltning AS now owns 5,700 shares of the business services provider’s stock valued at $187,000 after purchasing an additional 1,500 shares in the last quarter. Finally, AlphaQuest LLC raised its holdings in Paymentus by 152,600.0% in the first quarter. AlphaQuest LLC now owns 1,527 shares of the business services provider’s stock worth $40,000 after purchasing an additional 1,526 shares during the period. Institutional investors and hedge funds own 78.38% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts have recently issued reports on PAY shares. Wall Street Zen raised shares of Paymentus from a “hold” rating to a “buy” rating in a report on Saturday, November 8th. Raymond James Financial set a $38.00 target price on Paymentus and gave the company an “outperform” rating in a research note on Tuesday, August 5th. Finally, Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Paymentus in a research report on Monday. Four research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $37.00.

Paymentus Price Performance

Shares of Paymentus stock opened at $34.68 on Wednesday. The firm has a market cap of $4.35 billion, a price-to-earnings ratio of 75.40 and a beta of 1.48. The stock’s 50-day moving average is $32.57 and its 200-day moving average is $33.57. Paymentus Holdings, Inc. has a one year low of $22.65 and a one year high of $40.43.

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.