Arcadia Investment Management Corp MI Acquires New Shares in Paymentus Holdings, Inc. (NYSE:PAY)

Arcadia Investment Management Corp MI acquired a new stake in Paymentus Holdings, Inc. (NYSE:PAY) in the 4th quarter, HoldingsChannel.com reports. The firm acquired 4,087 shares of the business services provider’s stock, valued at approximately $134,000.

Other institutional investors and hedge funds have also modified their holdings of the company. GSA Capital Partners LLP lifted its stake in shares of Paymentus by 38.2% in the 3rd quarter. GSA Capital Partners LLP now owns 124,189 shares of the business services provider’s stock valued at $2,486,000 after purchasing an additional 34,307 shares during the last quarter. JPMorgan Chase & Co. raised its holdings in Paymentus by 13.0% in the 3rd quarter. JPMorgan Chase & Co. now owns 709,650 shares of the business services provider’s stock worth $14,207,000 after acquiring an additional 81,853 shares during the period. Cerity Partners LLC bought a new position in Paymentus in the 3rd quarter worth $629,000. PDT Partners LLC raised its holdings in Paymentus by 39.4% in the 3rd quarter. PDT Partners LLC now owns 48,174 shares of the business services provider’s stock worth $964,000 after acquiring an additional 13,621 shares during the period. Finally, Connor Clark & Lunn Investment Management Ltd. raised its holdings in Paymentus by 196.9% in the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 43,168 shares of the business services provider’s stock worth $864,000 after acquiring an additional 28,628 shares during the period. Institutional investors and hedge funds own 78.38% of the company’s stock.

Analysts Set New Price Targets

Several brokerages recently commented on PAY. Wells Fargo & Company lifted their target price on shares of Paymentus from $27.00 to $33.00 and gave the stock an “equal weight” rating in a report on Thursday, January 16th. Canaccord Genuity Group downgraded shares of Paymentus from a “strong-buy” rating to a “hold” rating in a report 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 report on Wednesday, November 13th. The Goldman Sachs Group lifted their target price on shares of Paymentus from $23.50 to $33.00 and gave the stock a “neutral” rating in a report on Friday, November 15th. Finally, Wedbush initiated coverage on shares of Paymentus in a report on Monday, February 3rd. They set an “outperform” rating on the stock. Seven analysts have rated the stock with a hold rating, two have issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, Paymentus has a consensus rating of “Hold” and an average price target of $30.00.

Insider Activity at Paymentus

In related news, CFO Sanjay Kalra sold 15,794 shares of the company’s stock in a transaction dated Tuesday, February 18th. The shares were sold at an average price of $31.99, for a total value of $505,250.06. Following the sale, the chief financial officer now owns 466,035 shares of the company’s stock, valued at $14,908,459.65. The trade was a 3.28 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, General Counsel Andrew A. Gerber sold 3,070 shares of the company’s stock in a transaction dated Tuesday, February 18th. The shares were sold at an average price of $31.98, for a total transaction of $98,178.60. Following the completion of the sale, the general counsel now directly owns 94,855 shares in the company, valued at approximately $3,033,462.90. The trade was a 3.14 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 53,136 shares of company stock valued at $1,883,831 over the last quarter. 87.76% of the stock is owned by company insiders.

Paymentus Stock Performance

NYSE:PAY opened at $29.23 on Friday. The firm’s 50-day moving average is $32.03 and its 200-day moving average is $27.92. Paymentus Holdings, Inc. has a 52-week low of $14.77 and a 52-week high of $38.94. The company has a market cap of $3.64 billion, a price-to-earnings ratio of 94.28 and a beta of 1.66.

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.