Fred Alger Management LLC Increases Stake in Paycom Software, Inc. (NYSE:PAYC)

Fred Alger Management LLC boosted its position in Paycom Software, Inc. (NYSE:PAYC - Free Report) by 90.8% during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 17,400 shares of the software maker's stock after acquiring an additional 8,281 shares during the quarter. Fred Alger Management LLC's holdings in Paycom Software were worth $2,489,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors have also added to or reduced their stakes in the company. Ashton Thomas Private Wealth LLC purchased a new position in shares of Paycom Software in the 2nd quarter worth about $25,000. Mather Group LLC. bought a new stake in Paycom Software in the 1st quarter worth approximately $26,000. MFA Wealth Advisors LLC purchased a new stake in Paycom Software in the second quarter worth approximately $26,000. Migdal Insurance & Financial Holdings Ltd. purchased a new stake in Paycom Software in the second quarter worth approximately $27,000. Finally, Palisade Asset Management LLC bought a new position in Paycom Software during the first quarter valued at approximately $32,000. Institutional investors own 87.77% of the company's stock.

Paycom Software Stock Down 0.2 %

Shares of Paycom Software stock opened at $167.46 on Friday. The business has a 50 day moving average of $162.82 and a 200 day moving average of $168.07. Paycom Software, Inc. has a 52 week low of $139.50 and a 52 week high of $279.96. The company has a market cap of $9.73 billion, a PE ratio of 20.40, a P/E/G ratio of 2.44 and a beta of 1.17.

Paycom Software (NYSE:PAYC - Get Free Report) last posted its earnings results on Wednesday, July 31st. The software maker reported $1.20 EPS for the quarter, topping the consensus estimate of $1.13 by $0.07. The firm had revenue of $437.51 million during the quarter, compared to analysts' expectations of $436.19 million. Paycom Software had a net margin of 26.55% and a return on equity of 33.36%. On average, research analysts anticipate that Paycom Software, Inc. will post 6.67 earnings per share for the current year.

Paycom Software Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, September 9th. Shareholders of record on Monday, August 26th were given a dividend of $0.375 per share. The ex-dividend date was Monday, August 26th. This represents a $1.50 annualized dividend and a yield of 0.90%. Paycom Software's payout ratio is 18.27%.

Insiders Place Their Bets

In other Paycom Software news, CEO Chad R. Richison sold 1,950 shares of the stock in a transaction on Monday, September 23rd. The stock was sold at an average price of $171.30, for a total value of $334,035.00. Following the completion of the transaction, the chief executive officer now owns 2,805,060 shares in the company, valued at $480,506,778. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. In other news, CFO Craig E. Boelte sold 11,882 shares of Paycom Software stock in a transaction that occurred 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 completion of the transaction, the chief financial officer now directly owns 294,849 shares in the company, valued at $45,990,547.02. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Chad R. Richison sold 1,950 shares of the business's stock in a transaction that occurred on Monday, September 23rd. The stock was sold at an average price of $171.30, for a total value of $334,035.00. Following the completion of the sale, the chief executive officer now directly owns 2,805,060 shares in the company, valued at $480,506,778. The disclosure for this sale can be found here. In the last quarter, insiders have sold 73,856 shares of company stock worth $11,697,103. Company insiders own 14.50% of the company's stock.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on PAYC shares. Barclays boosted their price objective on shares of Paycom Software from $161.00 to $167.00 and gave the stock an "equal weight" rating in a report on Thursday, August 1st. Citigroup cut their price target on shares of Paycom Software from $193.00 to $162.00 and set a "neutral" rating for the company in a research report on Tuesday, June 18th. Needham & Company LLC reaffirmed a "hold" rating on shares of Paycom Software in a research note on Thursday, August 1st. TD Cowen boosted their target price on Paycom Software from $171.00 to $188.00 and gave the company a "hold" rating in a research note on Monday. Finally, Jefferies Financial Group dropped their target price on Paycom Software from $170.00 to $145.00 and set a "hold" rating for the company in a report on Monday, June 24th. Seventeen equities research analysts have rated the stock with a hold rating and one has issued a buy rating to the company's stock. According to data from MarketBeat.com, the stock has a consensus rating of "Hold" and a consensus price target of $179.75.

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.