Connor Clark & Lunn Investment Management Ltd. Raises Stock Holdings in Paymentus Holdings, Inc. (NYSE:PAY)

Connor Clark & Lunn Investment Management Ltd. raised its position in shares of Paymentus Holdings, Inc. (NYSE:PAY) by 158.1% during the 4th quarter, Holdings Channel reports. The firm owned 111,403 shares of the business services provider’s stock after buying an additional 68,235 shares during the quarter. Connor Clark & Lunn Investment Management Ltd.’s holdings in Paymentus were worth $3,640,000 as of its most recent filing with the SEC.

A number of other hedge funds have also modified their holdings of the company. HighTower Advisors LLC purchased a new stake in Paymentus in the fourth quarter valued at approximately $591,000. Independent Advisor Alliance acquired a new stake in Paymentus during the 4th quarter valued at approximately $418,000. Bay Colony Advisory Group Inc d b a Bay Colony Advisors purchased a new stake in shares of Paymentus in the 4th quarter valued at $273,000. Raymond James Financial Inc. acquired a new stake in shares of Paymentus in the fourth quarter worth $3,109,000. Finally, Victory Capital Management Inc. purchased a new position in shares of Paymentus during the fourth quarter worth $215,000. 78.38% of the stock is owned by institutional investors and hedge funds.

Paymentus Price Performance

Shares of PAY stock opened at $28.26 on Tuesday. Paymentus Holdings, Inc. has a 1-year low of $16.94 and a 1-year high of $38.94. The company has a market cap of $3.52 billion, a price-to-earnings ratio of 91.15 and a beta of 1.68. The stock has a 50 day simple moving average of $29.91 and a 200-day simple moving average of $28.67.

Analysts Set New Price Targets

PAY has been the topic of several analyst reports. Wells Fargo & Company increased their price target on Paymentus from $27.00 to $33.00 and gave the stock an “equal weight” rating in a research report on Thursday, January 16th. Robert W. Baird dropped their target price on Paymentus from $40.00 to $36.00 and set an “outperform” rating on the stock in a report on Tuesday, March 11th. Wedbush reissued an “outperform” rating and issued a $38.00 price target on shares of Paymentus in a report on Wednesday, March 12th. StockNews.com cut shares of Paymentus from a “hold” rating to a “sell” rating in a research note on Tuesday, March 11th. Finally, JPMorgan Chase & Co. decreased their target price on shares of Paymentus from $31.00 to $29.00 and set a “neutral” rating for the company in a research note on Tuesday, March 11th. One analyst has rated the stock with a sell rating, five have issued a hold rating, two have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Paymentus has a consensus rating of “Hold” and a consensus target price of $31.83.

Insider Buying and Selling

In other news, General Counsel Andrew A. Gerber sold 3,070 shares of Paymentus stock in a transaction dated Tuesday, February 18th. The shares were sold at an average price of $31.98, for a total value of $98,178.60. Following the sale, the general counsel now owns 94,855 shares in the company, valued at $3,033,462.90. This trade represents a 3.14 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CFO Sanjay Kalra sold 15,794 shares of the company’s stock in a transaction dated Tuesday, February 18th. The stock was sold at an average price of $31.99, for a total transaction of $505,250.06. Following the transaction, the chief financial officer now owns 466,035 shares of the company’s stock, valued at approximately $14,908,459.65. This trade represents a 3.28 % decrease in their position. The disclosure for this sale can be found here. 87.76% of the stock is owned by insiders.

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.