Paycom Software (NYSE:PAYC) PT Raised to $400.00 at Wolfe Research



Paycom Software (NYSE:PAYC – Get Rating) had its price target lifted by Wolfe Research from $375.00 to $400.00 in a report issued on Thursday, MarketBeat Ratings reports. They currently have an outperform rating on the software maker’s stock.

PAYC has been the topic of several other reports. DA Davidson downgraded shares of Paycom Software from a buy rating to a neutral rating and set a $360.00 price target on the stock. in a research report on Monday, July 25th. Oppenheimer cut their target price on shares of Paycom Software from $415.00 to $350.00 in a research note on Wednesday, May 4th. KeyCorp lifted their price objective on shares of Paycom Software from $340.00 to $390.00 and gave the stock an overweight rating in a research note on Wednesday, August 3rd. Piper Sandler raised their target price on shares of Paycom Software from $361.00 to $387.00 and gave the stock an overweight rating in a report on Wednesday, August 3rd. Finally, Stifel Nicolaus raised their target price on shares of Paycom Software from $375.00 to $400.00 in a report on Wednesday, August 3rd. Six analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of Moderate Buy and an average target price of $375.43.

Paycom Software Price Performance

Shares of PAYC opened at $370.01 on Thursday. The stock has a market cap of $22.29 billion, a PE ratio of 94.15, a price-to-earnings-growth ratio of 3.42 and a beta of 1.50. The company has a debt-to-equity ratio of 0.03, a quick ratio of 1.08 and a current ratio of 1.08. Paycom Software has a fifty-two week low of $255.82 and a fifty-two week high of $558.97. The firm’s 50-day simple moving average is $303.54 and its two-hundred day simple moving average is $312.21.

Paycom Software declared that its board has initiated a stock buyback program on Tuesday, June 7th that allows the company to repurchase $550.00 million in shares. This repurchase authorization allows the software maker to buy up to 3% of its stock through open market purchases. Stock repurchase programs are usually a sign that the company’s board believes its stock is undervalued.

Insiders Place Their Bets

In other news, insider Bradley Scott Smith sold 1,625 shares of the firm’s stock in a transaction on Wednesday, May 11th. The stock was sold at an average price of $275.24, for a total value of $447,265.00. Following the completion of the transaction, the insider now owns 3,600 shares in the company, valued at $990,864. The sale was disclosed in a document filed with the SEC, which is available at this link. In related news, CEO Chad R. Richison sold 9,611 shares of the business’s stock in a transaction that occurred on Wednesday, May 11th. The shares were sold at an average price of $275.24, for a total value of $2,645,331.64. Following the completion of the sale, the chief executive officer now directly owns 4,727,444 shares in the company, valued at $1,301,181,686.56. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, insider Bradley Scott Smith sold 1,625 shares of the business’s stock in a transaction that occurred on Wednesday, May 11th. The shares were sold at an average price of $275.24, for a total transaction of $447,265.00. Following the completion of the sale, the insider now owns 3,600 shares of the company’s stock, valued at $990,864. The disclosure for this sale can be found here. Over the last quarter, insiders sold 19,527 shares of company stock worth $5,387,156. 15.20% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in PAYC. BlackRock Inc. raised its holdings in shares of Paycom Software by 11.5% during the first quarter. BlackRock Inc. now owns 5,967,962 shares of the software maker’s stock worth $2,067,181,000 after purchasing an additional 615,839 shares during the period. Capital Research Global Investors increased its holdings in shares of Paycom Software by 21.8% in the 4th quarter. Capital Research Global Investors now owns 1,988,938 shares of the software maker’s stock worth $825,787,000 after acquiring an additional 356,545 shares during the period. Goldman Sachs Group Inc. grew its position in Paycom Software by 47.8% in the 1st quarter. Goldman Sachs Group Inc. now owns 877,824 shares of the software maker’s stock valued at $304,061,000 after buying an additional 283,892 shares in the last quarter. Alyeska Investment Group LP grew its position in Paycom Software by 156.4% in the 1st quarter. Alyeska Investment Group LP now owns 456,317 shares of the software maker’s stock valued at $158,059,000 after buying an additional 278,342 shares in the last quarter. Finally, Eagle Asset Management Inc. bought a new position in Paycom Software in the 1st quarter valued at about $91,207,000. 87.12% of the stock is currently owned by hedge funds and other institutional investors.

About Paycom Software

(Get Rating)

Paycom Software, Inc provides cloud-based human capital management (HCM) solution delivered as software-as-a-service for small to mid-sized companies in the United States. It offers functionality and data analytics that businesses need to manage the employment life cycle from recruitment to retirement.

Recommended Stories

Analyst Recommendations for Paycom Software (NYSE:PAYC)



Receive News & Ratings for Paycom Software Daily – Enter your email address below to receive a concise daily summary of the latest news and analysts’ ratings for Paycom Software and related companies with MarketBeat.com’s FREE daily email newsletter.

.

Leave a Comment

Your email address will not be published.