StockNews.com Upgrades Paycom Software (NYSE:PAYC) to “Buy”

Paycom Software (NYSE:PAYC) was upgraded by equities research analysts at StockNews.com from a “hold” rating to a “buy” rating in a note issued to investors on Monday.

Several other analysts have also recently issued reports on the company. TD Cowen upped their price objective on Paycom Software from $193.00 to $248.00 and gave the stock a “hold” rating in a report on Monday, December 9th. Jefferies Financial Group upped their target price on shares of Paycom Software from $170.00 to $175.00 and gave the company a “hold” rating in a research report on Thursday, October 31st. Piper Sandler lifted their target price on Paycom Software from $160.00 to $191.00 and gave the stock a “neutral” rating in a report on Thursday, October 31st. BMO Capital Markets upped their price objective on Paycom Software from $183.00 to $197.00 and gave the company a “market perform” rating in a research report on Thursday, October 31st. Finally, Mizuho boosted their price target on shares of Paycom Software from $190.00 to $210.00 and gave the company a “neutral” rating in a report on Friday, December 13th. Eleven investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Paycom Software currently has an average rating of “Hold” and a consensus price target of $202.56.

Paycom Software Stock Performance

PAYC stock opened at $232.85 on Monday. The company has a market capitalization of $13.43 billion, a PE ratio of 27.93, a price-to-earnings-growth ratio of 3.12 and a beta of 1.11. Paycom Software has a one year low of $139.50 and a one year high of $242.74. The company’s fifty day moving average price is $206.83 and its 200-day moving average price is $174.23.

Insider Activity

In other Paycom Software news, CEO Chad R. Richison sold 1,950 shares of the firm’s 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 transaction, the chief executive officer now owns 2,805,060 shares in the company, valued at approximately $480,506,778. This trade represents a 0.07 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Insiders sold 44,850 shares of company stock worth $8,107,983 over the last three months. 14.50% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Paycom Software

Hedge funds have recently modified their holdings of the business. Sylebra Capital LLC boosted its stake in Paycom Software by 53.9% during the second quarter. Sylebra Capital LLC now owns 1,957,468 shares of the software maker’s stock worth $279,996,000 after buying an additional 685,190 shares during the last quarter. Federated Hermes Inc. grew its holdings 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 purchasing an additional 529,591 shares during the period. FMR LLC raised its stake in Paycom Software by 55.0% during the third quarter. FMR LLC now owns 1,007,919 shares of the software maker’s stock worth $167,889,000 after purchasing an additional 357,723 shares during the period. International Assets Investment Management LLC increased its holdings in shares of Paycom Software by 9,997.5% during the 3rd quarter. International Assets Investment Management LLC now owns 281,315 shares of the software maker’s stock worth $46,859,000 after buying an additional 278,529 shares during the last quarter. Finally, Confluence Investment Management LLC raised its position in shares of Paycom Software by 147.3% during the 3rd quarter. Confluence Investment Management LLC now owns 377,876 shares of the software maker’s stock valued at $62,943,000 after buying an additional 225,081 shares during the period. 87.77% of the stock is currently owned by institutional investors and hedge funds.

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.