KeyCorp Forecasts Strong Price Appreciation for Paycom Software (NYSE:PAYC) Stock

Paycom Software (NYSE:PAYC - Get Free Report) had its target price hoisted by equities researchers at KeyCorp from $295.00 to $297.00 in a report issued on Thursday, Benzinga reports. The brokerage presently has an "overweight" rating on the software maker's stock. KeyCorp's price objective points to a potential upside of 25.85% from the stock's previous close.

A number of other brokerages also recently weighed in on PAYC. Weiss Ratings raised Paycom Software from a "hold (c)" rating to a "hold (c+)" rating in a research note on Thursday, October 8th. Citigroup raised their price target on shares of Paycom Software from $194.00 to $279.00 and gave the stock a "neutral" rating in a research report on Tuesday, October 27th. TD Cowen raised their price target on shares of Paycom Software from $244.00 to $286.00 and gave the stock a "buy" rating in a research report on Friday, October 2nd. BTIG Research cut Paycom Software from a "buy" rating to a "neutral" rating in a research report on Thursday. Finally, JPMorgan Chase & Co. boosted their price objective on Paycom Software from $140.00 to $264.00 and gave the company a "neutral" rating in a research report on Tuesday, August 25th. Four research analysts have rated the stock with a Buy rating, twelve have assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the stock presently has an average rating of "Hold" and a consensus target price of $255.36.

Paycom Software Stock Performance

Shares of PAYC stock traded down $1.32 during trading on Thursday, reaching $236.00. The company had a trading volume of 1,160,502 shares, compared to its average volume of 1,160,693. The firm's 50 day simple moving average is $238.29 and its two-hundred day simple moving average is $166.73. The company has a debt-to-equity ratio of 1.06, a current ratio of 1.06 and a quick ratio of 1.06. Paycom Software has a one year low of $104.90 and a one year high of $275.22. The company has a market capitalization of $10.63 billion, a PE ratio of 22.61, a PEG ratio of 1.26 and a beta of 0.75.

Paycom Software (NYSE:PAYC - Get Free Report) last issued its quarterly earnings data on Wednesday, November 4th. The software maker reported $3.37 earnings per share for the quarter, beating analysts' consensus estimates of $2.81 by $0.56. Paycom Software had a return on equity of 52.12% and a net margin of 23.28%. The business had revenue of $543.80 million for the quarter, compared to the consensus estimate of $535.26 million. During the same period last year, the business earned $1.94 EPS. The firm's revenue was up 10.2% compared to the same quarter last year. Sell-side analysts forecast that Paycom Software will post 10.92 earnings per share for the current year.

Insider Buying and Selling

In related news, insider Shane Hadlock sold 241 shares of the business's stock in a transaction on Friday, August 28th. The stock was sold at an average price of $240.07, for a total value of $57,856.87. Following the sale, the insider owned 69,911 shares of the company's stock, valued at $16,783,533.77. The trade was a 0.34% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 13.20% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Paycom Software

Institutional investors and hedge funds have recently bought and sold shares of the business. BlackRock Inc. acquired a new position in Paycom Software in the second quarter worth $632,460,000. Reinhart Partners LLC. boosted its stake in Paycom Software by 20.1% in the second quarter. Reinhart Partners LLC. now owns 1,219,906 shares of the software maker's stock worth $153,320,000 after purchasing an additional 204,191 shares in the last quarter. Robeco Institutional Asset Management B.V. boosted its stake in Paycom Software by 108.1% in the third quarter. Robeco Institutional Asset Management B.V. now owns 308,393 shares of the software maker's stock worth $67,122,000 after purchasing an additional 160,185 shares in the last quarter. Dimensional Fund Advisors LP boosted its stake in Paycom Software by 10.1% in the first quarter. Dimensional Fund Advisors LP now owns 538,376 shares of the software maker's stock worth $65,435,000 after purchasing an additional 49,460 shares in the last quarter. Finally, Bank of New York Mellon Corp acquired a new position in Paycom Software in the second quarter worth $42,858,000. Institutional investors and hedge funds own 87.77% of the company's stock.

About Paycom Software

Paycom Software, Inc. provides cloud-based human capital management (HCM) software that helps employers manage payroll and related workforce processes through a unified platform. Its services support organizations throughout the employee life cycle, from hiring and onboarding to payroll, benefits administration, time and labor management, and talent management. The company's platform includes employee self-service tools and Beti, a feature that enables employees to review and complete their own payroll.