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

Paycom Software (NYSE:PAYC - Get Free Report) had its price target raised by Citigroup from $172.00 to $196.00 in a research report issued to clients and investors on Thursday, Benzinga reports. The brokerage presently has a "neutral" rating on the software maker's stock. Citigroup's price target would suggest a potential downside of 6.23% from the stock's previous close.

Several other research firms also recently commented on PAYC. Barclays raised their price objective on shares of Paycom Software from $172.00 to $181.00 and gave the stock an "equal weight" rating in a report on Thursday. BMO Capital Markets raised their price objective on shares of Paycom Software from $183.00 to $197.00 and gave the stock a "market perform" rating in a report on Thursday. Jefferies Financial Group raised their price objective on shares of Paycom Software from $170.00 to $175.00 and gave the stock a "hold" rating in a report on Thursday. TD Cowen raised their price objective on shares of Paycom Software from $171.00 to $188.00 and gave the stock a "hold" rating in a report on Monday, September 23rd. Finally, Needham & Company LLC reissued a "hold" rating on shares of Paycom Software in a report on Thursday, August 1st. Seventeen equities research 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 currently has a consensus rating of "Hold" and a consensus target price of $186.92.

Paycom Software Price Performance

Shares of Paycom Software stock traded up $36.78 on Thursday, reaching $209.03. 2,554,587 shares of the company traded hands, compared to its average volume of 817,195. Paycom Software has a 52 week low of $139.50 and a 52 week high of $247.42. The company has a 50 day moving average of $165.64 and a 200 day moving average of $162.91. The firm has a market capitalization of $12.00 billion, a PE ratio of 25.18, a PEG ratio of 2.34 and a beta of 1.17.

Paycom Software (NYSE:PAYC - Get Free Report) last released its earnings results on Wednesday, July 31st. The software maker reported $1.20 earnings per share for the quarter, beating analysts' consensus estimates of $1.13 by $0.07. Paycom Software had a net margin of 26.55% and a return on equity of 33.36%. The firm had revenue of $437.51 million during the quarter, compared to the consensus estimate of $436.19 million. As a group, analysts anticipate that Paycom Software will post 6.64 earnings per share for the current year.

Insider Activity

In other news, CFO Craig E. Boelte sold 11,882 shares of the firm's stock in a transaction on Monday, August 12th. The shares were sold at an average price of $155.98, for a total transaction of $1,853,354.36. Following the sale, the chief financial officer now owns 294,849 shares in the company, valued at approximately $45,990,547.02. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. In related news, CFO Craig E. Boelte sold 11,882 shares of Paycom Software stock in a transaction on Monday, August 12th. The shares were sold at an average price of $155.98, for a total value of $1,853,354.36. Following the transaction, the chief financial officer now owns 294,849 shares in the company, valued at $45,990,547.02. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Bradley Scott Smith sold 1,524 shares of Paycom Software stock in a transaction on Thursday, August 8th. The stock was sold at an average price of $157.62, for a total transaction of $240,212.88. Following the completion of the transaction, the insider now owns 14,769 shares in the company, valued at approximately $2,327,889.78. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 71,906 shares of company stock worth $11,714,536. 12.60% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Paycom Software

A number of hedge funds have recently modified their holdings of PAYC. Sylebra Capital LLC purchased a new position in shares of Paycom Software in the first quarter valued at about $253,196,000. Federated Hermes Inc. increased its position in shares of Paycom Software by 1,011.2% in the second quarter. Federated Hermes Inc. now owns 581,964 shares of the software maker's stock valued at $83,244,000 after acquiring an additional 529,591 shares during the period. International Assets Investment Management LLC increased its position in shares of Paycom Software by 9,997.5% in the third quarter. International Assets Investment Management LLC now owns 281,315 shares of the software maker's stock valued at $46,859,000 after acquiring an additional 278,529 shares during the period. Raymond James & Associates increased its position in shares of Paycom Software by 769.2% in the second quarter. Raymond James & Associates now owns 201,366 shares of the software maker's stock valued at $28,803,000 after acquiring an additional 178,198 shares during the period. Finally, Strategic Financial Concepts LLC increased its position in shares of Paycom Software by 12,268.6% in the second quarter. Strategic Financial Concepts LLC now owns 169,202 shares of the software maker's stock valued at $242,000 after acquiring an additional 167,834 shares during the period. Hedge funds and other institutional investors own 87.77% of the company's stock.

About Paycom Software

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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