Paycom Software Inc (NYSE:PAYC) Stock Rating Upgraded by Zacks Investment Research
Paycom Software Inc (NYSE:PAYC) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a note issued to investors on Friday. The firm presently has a $78.00 target price on the software maker’s stock. Zacks Investment Research‘s target price suggests a potential upside of 12.26% from the company’s previous close.
According to Zacks, “Provider of cloud-based HCM software as a service solution, Paycom has outperformed the broader industry over the last one year. Revenue growth seems to be steady and was positively impacted by higher recurring revenues and higher traction in cloud-based offerings. Better-than-expected demand for advanced human capital management and payroll software solutions during the reported quarter were the other positives. We believe that the higher adoption of Paycom Software’s Affordable Care Act (“ACA”) dashboard application that tracks employee count, employee status and health care plan affordability will act as a tailwind in the long run. Going ahead, Paycom might witness long-term growth by successfully cross-selling newer products to the existing client base, which will boost revenues. Nevertheless, competition from peers remains a headwind.”
Several other research analysts also recently commented on PAYC. TheStreet upgraded Paycom Software from a “c” rating to a “b+” rating in a research note on Monday, April 17th. UBS AG restated a “buy” rating on shares of Paycom Software in a research note on Wednesday, May 3rd. Wunderlich raised their target price on Paycom Software from $62.00 to $73.00 and gave the stock a “buy” rating in a research note on Wednesday, May 3rd. Stifel Nicolaus raised their target price on Paycom Software from $55.00 to $67.00 and gave the stock a “buy” rating in a research note on Wednesday, May 3rd. Finally, Jefferies Group LLC raised their target price on Paycom Software from $69.00 to $73.00 and gave the stock a “buy” rating in a research note on Wednesday, May 3rd. Three analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company. Paycom Software currently has an average rating of “Buy” and an average price target of $75.36.
Paycom Software (PAYC) traded up 0.13% on Friday, reaching $69.48. The company had a trading volume of 568,571 shares. Paycom Software has a 12-month low of $39.15 and a 12-month high of $73.61. The stock’s 50-day moving average price is $69.35 and its 200-day moving average price is $60.49. The stock has a market capitalization of $4.14 billion, a P/E ratio of 75.52 and a beta of 1.75.
Paycom Software (NYSE:PAYC) last issued its earnings results on Tuesday, August 1st. The software maker reported $0.24 EPS for the quarter, topping the consensus estimate of $0.13 by $0.11. Paycom Software had a return on equity of 39.17% and a net margin of 14.48%. The business had revenue of $98.20 million during the quarter, compared to the consensus estimate of $95.98 million. During the same quarter last year, the company earned $0.21 EPS. The firm’s revenue was up 32.9% compared to the same quarter last year. On average, equities research analysts anticipate that Paycom Software will post $1.15 EPS for the current fiscal year.
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In other Paycom Software news, insider Jeffrey D. York sold 40,000 shares of the firm’s stock in a transaction dated Monday, July 3rd. The stock was sold at an average price of $66.93, for a total value of $2,677,200.00. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider Stacey M. Pezold sold 30,000 shares of the firm’s stock in a transaction dated Monday, June 19th. The shares were sold at an average price of $70.15, for a total value of $2,104,500.00. The disclosure for this sale can be found here. Company insiders own 17.90% of the company’s stock.
Several hedge funds have recently added to or reduced their stakes in PAYC. Strs Ohio boosted its position in shares of Paycom Software by 342.9% in the first quarter. Strs Ohio now owns 3,100 shares of the software maker’s stock worth $178,000 after buying an additional 2,400 shares in the last quarter. Sapphire Star Partners LP boosted its position in shares of Paycom Software by 3.6% in the first quarter. Sapphire Star Partners LP now owns 11,338 shares of the software maker’s stock worth $652,000 after buying an additional 392 shares in the last quarter. Granite Investment Partners LLC boosted its position in shares of Paycom Software by 10.4% in the first quarter. Granite Investment Partners LLC now owns 203,933 shares of the software maker’s stock worth $11,728,000 after buying an additional 19,214 shares in the last quarter. Sit Investment Associates Inc. purchased a new position in shares of Paycom Software during the first quarter worth $627,000. Finally, Fisher Asset Management LLC boosted its position in shares of Paycom Software by 52.7% in the first quarter. Fisher Asset Management LLC now owns 205,570 shares of the software maker’s stock worth $11,822,000 after buying an additional 70,939 shares in the last quarter. 90.83% of the stock is currently owned by hedge funds and other institutional investors.
About Paycom Software
Paycom Software, Inc is a provider of a cloud-based human capital management (HCM) software solution delivered as Software-as-a-Service (SaaS). The Company provides functionality and data analytics that businesses need to manage the complete employment life cycle from recruitment to retirement. The Company’s applications streamline client processes and provide clients and their employees with the ability to directly access and manage administrative processes, including applications that identify candidates, on-board employees, manage time and labor, administer payroll deductions and benefits, manage performance, terminate employees and administer post-termination health benefits, such as COBRA.
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