Paycom Software (NYSE:PAYC) Stock Gets Price Target Increase from Guggenheim

Paycom Software (NYSE:PAYC) had its target price lifted by stock analysts at Guggenheim from $225.00 to $300.00 in a report released on Friday, Benzinga reports. The brokerage currently has a “buy” rating on the software maker’s stock. Guggenheim‘s price objective would indicate a potential upside of 9.17% from the company’s previous close.

PAYC has been the topic of a number of other research reports. Wall Street Zen downgraded Paycom Software from a “buy” rating to a “hold” rating in a research report on Sunday, September 6th. KeyCorp increased their price target on Paycom Software from $270.00 to $280.00 and gave the company an “overweight” rating in a research report on Monday, September 21st. Stifel Nicolaus increased their price target on Paycom Software from $120.00 to $200.00 and gave the company a “hold” rating in a research report on Thursday, August 6th. Bank of America initiated coverage on Paycom Software in a research note on Tuesday, September 29th. They issued an “underperform” rating and a $200.00 price target for the company. Finally, TD Cowen boosted their price target on Paycom Software from $244.00 to $286.00 and gave the stock a “buy” rating in a research report on Friday, October 2nd. Five investment analysts have rated the stock with a Buy rating, ten have issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $225.14.

Paycom Software Stock Up 0.8%

PAYC stock traded up $2.19 during midday trading on Friday, hitting $274.80. The company’s stock had a trading volume of 87,705 shares, compared to its average volume of 1,177,000. The company has a debt-to-equity ratio of 1.57, a current ratio of 1.07 and a quick ratio of 1.07. Paycom Software has a twelve month low of $104.90 and a twelve month high of $274.29. The company’s fifty day moving average price is $230.58 and its 200 day moving average price is $172.91. The stock has a market capitalization of $12.39 billion, a P/E ratio of 29.20, a PEG ratio of 1.40 and a beta of 0.82.

Paycom Software (NYSE:PAYC) last issued its quarterly earnings results on Wednesday, August 5th. The software maker reported $2.78 EPS for the quarter, topping the consensus estimate of $2.38 by $0.40. Paycom Software had a net margin of 22.78% and a return on equity of 37.06%. The firm had revenue of $531.20 million for the quarter, compared to analysts’ expectations of $513.12 million. During the same period in the previous year, the firm posted $2.06 EPS. The company’s revenue for the quarter was up 9.8% on a year-over-year basis. As a group, equities research analysts predict that Paycom Software will post 10.80 EPS for the current year.

Insider Buying and Selling

In other news, insider Shane Hadlock sold 241 shares of Paycom Software stock in a transaction dated Friday, August 28th. The shares were sold at an average price of $240.07, for a total value of $57,856.87. Following the completion of the transaction, the insider owned 69,911 shares of the company’s stock, valued at $16,783,533.77. This trade represents a 0.34% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. 13.20% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Paycom Software

Hedge funds and other institutional investors have recently bought and sold shares of the business. Archford Capital Strategies LLC increased its position in Paycom Software by 1.1% during the second quarter. Archford Capital Strategies LLC now owns 4,684 shares of the software maker’s stock worth $589,000 after buying an additional 49 shares during the last quarter. CX Institutional raised its stake in Paycom Software by 4.7% in the third quarter. CX Institutional now owns 1,399 shares of the software maker’s stock valued at $304,000 after buying an additional 63 shares during the period. Versant Capital Management Inc raised its stake in Paycom Software by 2.6% in the third quarter. Versant Capital Management Inc now owns 2,689 shares of the software maker’s stock valued at $585,000 after buying an additional 69 shares during the period. Elevation Wealth Partners LLC lifted its position in shares of Paycom Software by 76.5% in the third quarter. Elevation Wealth Partners LLC now owns 233 shares of the software maker’s stock valued at $51,000 after buying an additional 101 shares during the last quarter. Finally, EverSource Wealth Advisors LLC lifted its position in shares of Paycom Software by 32.1% in the first quarter. EverSource Wealth Advisors LLC now owns 424 shares of the software maker’s stock valued at $52,000 after buying an additional 103 shares during the last quarter. Institutional investors own 87.77% of the company’s stock.

About Paycom Software

Paycom Software, Inc is a provider of cloud-based human capital management (HCM) software designed to help businesses manage employee-related processes through a unified platform. Its solutions support payroll, human resources, talent acquisition and management, time and labor management, compliance, and employee engagement.

The company’s software is intended to allow employers and employees to enter and manage workforce information within a single system. Its offerings include payroll processing, benefits administration, expense management, scheduling, performance management, learning, and recruiting tools.