Paycom Software (NYSE:PAYC) Price Target Raised to $390.00 at KeyCorp

Paycom Software (NYSE:PAYC – Get Rating) had its price objective upped by KeyCorp from $340.00 to $390.00 in a research note published on Wednesday morning, MarketBeat Ratings reports. KeyCorp currently has an overweight rating on the software maker’s stock. KeyCorp also issued estimates for Paycom Software’s Q1 2023 earnings at $1.94 EPS, Q3 2023 earnings at $1.16 EPS, Q4 2023 earnings at $1.46 EPS and FY2023 earnings at $5.81 EPS.

PAYC has been the topic of a number of other research reports. DA Davidson lowered shares of Paycom Software from a buy rating to a neutral rating and set a $360.00 price objective on the stock. in a research note on Monday, July 25th. Jefferies Financial Group decreased their price target on shares of Paycom Software from $400.00 to $335.00 in a research report on Monday, May 23rd. Piper Sandler lifted their price target on shares of Paycom Software from $361.00 to $387.00 and gave the stock an overweight rating in a research report on Wednesday. Credit Suisse Group decreased their price target on shares of Paycom Software from $425.00 to $350.00 in a research report on Wednesday, May 4th. Finally, Deutsche Bank Aktiengesellschaft decreased their price target on shares of Paycom Software from $450.00 to $425.00 in a research report on Wednesday, May 4th. Six equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of Moderate Buy and a consensus target price of $375.43.

Paycom Software Price Performance

NYSE PAYC opened at $370.01 on Wednesday. Paycom Software has a 12 month low of $255.82 and a 12 month high of $558.97. The company has a debt-to-equity ratio of 0.03, a current ratio of 1.08 and a quick ratio of 1.08. The firm has a market capitalization of $22.29 billion, a PE ratio of 94.15, a P/E/G ratio of 3.34 and a beta of 1.50. The company’s 50 day simple moving average is $303.54 and its 200 day simple moving average is $312.44.

Paycom Software (NYSE:PAYC – Get Rating) last posted its quarterly earnings data on Tuesday, May 3rd. The software maker reported $1.56 EPS for the quarter, beating analysts’ consensus estimates of $1.42 by $0.14. Paycom Software had a net margin of 18.85% and a return on equity of 23.38%. The business had revenue of $353.52 million for the quarter, compared to analyst estimates of $343.20 million. During the same quarter last year, the business earned $1.10 earnings per share. The business’s revenue for the quarter was up 29.9% on a year-over-year basis. As a group, equities research analysts forecast that Paycom Software will post 4.32 EPS for the current fiscal year.

Paycom Software announced that its Board of Directors has initiated a share repurchase plan on Tuesday, June 7th that authorizes the company to buyback $550.00 million in shares. This buyback authorization authorizes the software maker to buy up to 3% of its shares through open market purchases. Shares buyback plans are generally a sign that the company’s leadership believes its stock is undervalued.

Insider Buying and Selling at Paycom Software

In other Paycom Software news, insider Holly Faurot sold 194 shares of Paycom Software stock in a transaction on Monday, May 9th. The shares were sold at an average price of $280.32, for a total transaction of $54,382.08. Following the completion of the sale, the insider now owns 45,180 shares of the company’s stock, valued at approximately $12,664,857.60. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In related news, EVP Justin Devon Long sold 151 shares of Paycom Software stock in a transaction on Wednesday, May 11th. The shares were sold at an average price of $275.23, for a total value of $41,559.73. Following the completion of the sale, the executive vice president now owns 2,956 shares of the company’s stock, valued at approximately $813,579.88. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Holly Faurot sold 194 shares of Paycom Software stock in a transaction on Monday, May 9th. The shares were sold at an average price of $280.32, for a total transaction of $54,382.08. Following the completion of the sale, the insider now directly owns 45,180 shares of the company’s stock, valued at approximately $12,664,857.60. The disclosure for this sale can be found here. Insiders sold 19,721 shares of company stock valued at $5,441,538 in the last quarter. Company insiders own 15.20% of the company’s stock.

Institutional Investors Weigh In On Paycom Software

Several institutional investors and hedge funds have recently modified their holdings of PAYC. Toth Financial Advisory Corp raised its holdings in Paycom Software by 250.0% in the 2nd quarter. Toth Financial Advisory Corp now owns 91 shares of the software maker’s stock worth $25,000 after acquiring an additional 65 shares during the period. Quadrant Capital Group LLC raised its holdings in Paycom Software by 54.8% in the 4th quarter. Quadrant Capital Group LLC now owns 96 shares of the software maker’s stock worth $40,000 after acquiring an additional 34 shares during the period. Zions Bancorporation N.A. raised its holdings in Paycom Software by 405.3% in the 2nd quarter. Zions Bancorporation N.A. now owns 96 shares of the software maker’s stock worth $27,000 after acquiring an additional 77 shares during the period. Clear Street Markets LLC raised its holdings in Paycom Software by 421.1% in the 2nd quarter. Clear Street Markets LLC now owns 99 shares of the software maker’s stock worth $28,000 after acquiring an additional 80 shares during the period. Finally, Kathleen S. Wright Associates Inc. bought a new position in Paycom Software in the 4th quarter worth $42,000. Institutional investors and hedge funds own 87.12% of the company’s stock.

Paycom Software Company Profile

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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.