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

Paycom Software (NYSE:PAYC - Free Report) had its target price hoisted by Piper Sandler from $224.00 to $246.00 in a research report sent to investors on Thursday morning,Benzinga reports. They currently have a neutral rating on the software maker's stock.

PAYC has been the topic of a number of other research reports. BMO Capital Markets upped their price target on shares of Paycom Software from $215.00 to $244.00 and gave the company a "market perform" rating in a research note on Thursday, May 8th. Needham & Company LLC reaffirmed a "hold" rating on shares of Paycom Software in a research note on Thursday, February 13th. JPMorgan Chase & Co. upped their price target on shares of Paycom Software from $185.00 to $200.00 and gave the company a "neutral" rating in a research note on Thursday, February 13th. KeyCorp raised shares of Paycom Software from a "sector weight" rating to an "overweight" rating and set a $245.00 price target on the stock in a research note on Monday, March 10th. Finally, Barclays decreased their price target on shares of Paycom Software from $229.00 to $221.00 and set an "equal weight" rating on the stock in a research note on Thursday, January 23rd. Eleven investment analysts have rated the stock with a hold rating and one has assigned a buy rating to the company. According to MarketBeat.com, Paycom Software presently has an average rating of "Hold" and a consensus price target of $226.90.

Paycom Software Price Performance

Shares of PAYC stock traded up $1.45 during mid-day trading on Thursday, hitting $259.83. The company had a trading volume of 287,944 shares, compared to its average volume of 701,255. Paycom Software has a 52-week low of $139.50 and a 52-week high of $261.47. The stock's 50 day moving average price is $218.65 and its 200-day moving average price is $215.97. The company has a market capitalization of $15.03 billion, a P/E ratio of 29.19, a P/E/G ratio of 2.40 and a beta of 0.80.

Paycom Software (NYSE:PAYC - Get Free Report) last released its earnings results on Wednesday, May 7th. The software maker reported $2.80 EPS for the quarter, topping the consensus estimate of $2.62 by $0.18. Paycom Software had a net margin of 26.66% and a return on equity of 33.53%. The firm had revenue of $530.50 million for the quarter, compared to the consensus estimate of $522.92 million. During the same quarter in the previous year, the firm earned $2.59 earnings per share. The company's quarterly revenue was up 6.1% compared to the same quarter last year. On average, equities research analysts expect that Paycom Software will post 7.15 earnings per share for the current year.

Paycom Software Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, June 9th. Stockholders of record on Tuesday, May 27th will be given a dividend of $0.375 per share. This represents a $1.50 dividend on an annualized basis and a dividend yield of 0.58%. The ex-dividend date of this dividend is Tuesday, May 27th. Paycom Software's payout ratio is 21.40%.

Insider Transactions at Paycom Software

In related news, COO Randall Peck sold 3,600 shares of the firm's stock in a transaction dated Friday, February 21st. The stock was sold at an average price of $212.19, for a total transaction of $763,884.00. Following the sale, the chief operating officer now owns 50,665 shares of the company's stock, valued at $10,750,606.35. This trade represents a 6.63% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Chad R. Richison sold 120,000 shares of the firm's stock in a transaction dated Thursday, May 8th. The shares were sold at an average price of $243.52, for a total value of $29,222,400.00. Following the sale, the chief executive officer now directly owns 3,307,249 shares in the company, valued at approximately $805,381,276.48. The trade was a 3.50% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 127,100 shares of company stock valued at $30,698,424. 10.90% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Paycom Software

Institutional investors have recently added to or reduced their stakes in the business. Glass Jacobson Investment Advisors llc boosted its holdings in Paycom Software by 746.7% in the fourth quarter. Glass Jacobson Investment Advisors llc now owns 127 shares of the software maker's stock worth $26,000 after acquiring an additional 112 shares in the last quarter. von Borstel & Associates Inc. acquired a new stake in Paycom Software in the first quarter worth about $27,000. SouthState Corp acquired a new stake in Paycom Software in the first quarter worth about $27,000. Murphy & Mullick Capital Management Corp acquired a new stake in Paycom Software in the fourth quarter worth about $30,000. Finally, Golden State Wealth Management LLC lifted its holdings in shares of Paycom Software by 112.3% during the first quarter. Golden State Wealth Management LLC now owns 138 shares of the software maker's stock worth $30,000 after purchasing an additional 73 shares during the period. 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.