Paymentus Holdings, Inc. $PAY Position Increased by Legato Capital Management LLC

Legato Capital Management LLC raised its stake in Paymentus Holdings, Inc. (NYSE:PAY) by 88.7% during the 3rd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 51,867 shares of the business services provider’s stock after buying an additional 24,385 shares during the period. Legato Capital Management LLC’s holdings in Paymentus were worth $1,587,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds also recently modified their holdings of the stock. Vanguard Group Inc. raised its position 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 worth $111,341,000 after purchasing an additional 903,627 shares during the period. Invesco Ltd. increased its stake in Paymentus by 66.9% in the 2nd quarter. Invesco Ltd. now owns 1,755,271 shares of the business services provider’s stock worth $57,485,000 after purchasing an additional 703,607 shares in the last quarter. Wasatch Advisors LP purchased a new position in Paymentus in the 2nd quarter worth about $49,582,000. TimesSquare Capital Management LLC raised its holdings in Paymentus by 15.7% during the 2nd quarter. TimesSquare Capital Management LLC now owns 781,609 shares of the business services provider’s stock worth $25,598,000 after buying an additional 105,997 shares during the period. Finally, JPMorgan Chase & Co. lifted its stake in Paymentus by 2.4% during the third quarter. JPMorgan Chase & Co. now owns 623,586 shares of the business services provider’s stock valued at $19,082,000 after buying an additional 14,373 shares in the last quarter. Institutional investors and hedge funds own 78.38% of the company’s stock.

Paymentus Stock Performance

PAY stock opened at $24.76 on Tuesday. The firm has a 50 day simple moving average of $27.65 and a 200 day simple moving average of $31.57. Paymentus Holdings, Inc. has a 52 week low of $22.02 and a 52 week high of $40.43. The stock has a market cap of $3.11 billion, a P/E ratio of 47.62 and a beta of 1.50.

Analyst Upgrades and Downgrades

Several research analysts have commented on PAY shares. 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, February 24th. Wedbush decreased their price objective on shares of Paymentus from $40.00 to $32.00 and set an “outperform” rating for the company in a research note on Tuesday, February 24th. JPMorgan Chase & Co. lifted their price objective on shares of Paymentus from $35.00 to $38.00 and gave the stock a “neutral” rating in a research report on Thursday, December 4th. Weiss Ratings reissued a “hold (c+)” rating on shares of Paymentus in a research note on Monday, December 29th. Finally, Raymond James Financial raised Paymentus from an “outperform” rating to a “strong-buy” rating and set a $35.00 target price for the company in a research report on Friday, February 20th. One research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and four have given a Hold rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $35.33.

Paymentus Company Profile

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.