Paycom Software (NYSE:PAYC) Stock Price Expected to Rise, KeyCorp Analyst Says

Key Points

• Paycom Software's stock price target has been raised by KeyCorp from $285 to $290, indicating a potential upside of 17.4% from its previous close.
• Multiple analysts have issued varied ratings on Paycom, with Barclays setting a new target of $250 and Piper Sandler raising their target to $246.
• Paycom reported earnings of $2.06 per share, beating expectations by $0.28, with revenue of $483.60 million showing a year-over-year increase of 10.5%.

Paycom Software (NYSE:PAYC - Get Free Report) had its price target raised by equities research analysts at KeyCorp from $285.00 to $290.00 in a research note issued to investors on Thursday,Benzinga reports. The firm presently has an "overweight" rating on the software maker's stock. KeyCorp's price target would indicate a potential upside of 17.40% from the stock's previous close.

PAYC has been the subject of several other reports. Barclays increased their price target on shares of Paycom Software from $240.00 to $250.00 and gave the stock an "equal weight" rating in a report on Thursday. Needham & Company LLC reaffirmed a "hold" rating on shares of Paycom Software in a research note on Thursday, May 8th. Piper Sandler increased their price objective on shares of Paycom Software from $224.00 to $246.00 and gave the company a "neutral" rating in a research note on Thursday, May 8th. Stifel Nicolaus raised their target price on shares of Paycom Software from $187.00 to $215.00 and gave the company a "hold" rating in a report on Thursday, May 8th. Finally, BMO Capital Markets upped their price target on shares of Paycom Software from $244.00 to $258.00 and gave the company a "market perform" rating in a report on Thursday. Eleven investment analysts have rated the stock with a hold rating and one has issued a buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of "Hold" and an average target price of $231.30.

Paycom Software Price Performance

Shares of NYSE:PAYC traded up $23.75 on Thursday, reaching $247.01. The company's stock had a trading volume of 318,668 shares, compared to its average volume of 617,493. Paycom Software has a 52-week low of $152.46 and a 52-week high of $267.76. The stock has a market capitalization of $14.29 billion, a P/E ratio of 35.38, a PEG ratio of 2.46 and a beta of 0.81. The stock's 50-day moving average is $237.44 and its two-hundred day moving average is $226.70.

Paycom Software (NYSE:PAYC - Get Free Report) last announced its earnings results on Wednesday, August 6th. The software maker reported $2.06 earnings per share for the quarter, beating the consensus estimate of $1.78 by $0.28. Paycom Software had a return on equity of 25.53% and a net margin of 20.60%. The company had revenue of $483.60 million for the quarter, compared to the consensus estimate of $472.00 million. During the same period last year, the business posted $1.62 EPS. The company's revenue was up 10.5% on a year-over-year basis. Equities analysts forecast that Paycom Software will post 7.15 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, COO Randall Peck sold 890 shares of the business's stock in a transaction that occurred on Wednesday, June 4th. The stock was sold at an average price of $263.21, for a total transaction of $234,256.90. Following the transaction, the chief operating officer directly owned 49,394 shares of the company's stock, valued at approximately $13,000,994.74. The trade was a 1.77% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CEO Chad R. Richison sold 23,200 shares of the business's stock in a transaction on Wednesday, June 4th. The stock was sold at an average price of $265.20, for a total transaction of $6,152,640.00. Following the transaction, the chief executive officer directly owned 3,224,049 shares in the company, valued at approximately $855,017,794.80. The trade was a 0.71% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 52,016 shares of company stock worth $13,514,208 over the last three months. 10.90% of the stock is owned by insiders.

Institutional Investors Weigh In On Paycom Software

A number of hedge funds have recently bought and sold shares of PAYC. Kingsview Wealth Management LLC boosted its stake in shares of Paycom Software by 8.4% during the 1st quarter. Kingsview Wealth Management LLC now owns 1,478 shares of the software maker's stock valued at $323,000 after buying an additional 114 shares during the last quarter. SG Americas Securities LLC raised its holdings in Paycom Software by 57.1% in the first quarter. SG Americas Securities LLC now owns 2,685 shares of the software maker's stock valued at $587,000 after acquiring an additional 976 shares in the last quarter. GAMMA Investing LLC grew its holdings in Paycom Software by 54.5% during the 1st quarter. GAMMA Investing LLC now owns 904 shares of the software maker's stock worth $198,000 after acquiring an additional 319 shares in the last quarter. Rhumbline Advisers increased its position in shares of Paycom Software by 11.9% in the 1st quarter. Rhumbline Advisers now owns 102,936 shares of the software maker's stock worth $22,489,000 after purchasing an additional 10,908 shares during the last quarter. Finally, Exchange Traded Concepts LLC increased its position in shares of Paycom Software by 15.6% in the 1st quarter. Exchange Traded Concepts LLC now owns 1,007 shares of the software maker's stock worth $220,000 after purchasing an additional 136 shares during the last quarter. Institutional investors and hedge funds own 87.77% of the company's stock.

Paycom Software Company Profile

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.

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