Paycom Software, Inc. (NYSE:PAYC) Price Target Raised to $85.00 at Canaccord Genuity

Paycom Software, Inc. (NYSE:PAYC) had its price objective upped by Canaccord Genuity from $80.00 to $85.00 in a research report released on Wednesday morning. Canaccord Genuity currently has a buy rating on the software maker’s stock.

Other equities research analysts also recently issued research reports about the stock. TheStreet upgraded shares of Paycom Software from a c rating to a b+ rating in a research note on Monday, April 17th. Jefferies Group LLC increased their target price on shares of Paycom Software from $69.00 to $73.00 and gave the stock a buy rating in a research note on Wednesday, May 3rd. Stifel Nicolaus increased their target price on shares of Paycom Software from $55.00 to $67.00 and gave the stock a buy rating in a research note on Wednesday, May 3rd. Wunderlich increased their target price on shares of Paycom Software from $62.00 to $73.00 and gave the stock a buy rating in a research note on Wednesday, May 3rd. Finally, UBS AG reiterated a buy rating on shares of Paycom Software in a research note on Wednesday, May 3rd. Four analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. The company has a consensus rating of Buy and a consensus target price of $74.36.

Paycom Software (NYSE:PAYC) traded up 1.88% during trading on Wednesday, hitting $69.39. The company’s stock had a trading volume of 717,355 shares. The firm has a market cap of $4.02 billion, a PE ratio of 80.69 and a beta of 1.75. Paycom Software has a one year low of $39.15 and a one year high of $73.61. The company has a 50-day moving average of $69.35 and a 200 day moving average of $60.49.

Paycom Software (NYSE:PAYC) last announced its earnings results on Tuesday, August 1st. The software maker reported $0.24 earnings per share for the quarter, topping the consensus estimate of $0.13 by $0.11. Paycom Software had a net margin of 14.28% and a return on equity of 36.71%. The business had revenue of $98.20 million during the quarter, compared to the consensus estimate of $95.98 million. During the same quarter in the prior year, the firm earned $0.21 earnings per share. The business’s quarterly revenue was up 32.9% compared to the same quarter last year. On average, equities analysts forecast that Paycom Software will post $1.09 earnings per share for the current year.

In related news, insider Stacey M. Pezold sold 30,000 shares of the firm’s stock in a transaction dated Monday, June 19th. The shares were sold at an average price of $70.15, for a total value of $2,104,500.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Jeffrey D. York sold 40,000 shares of the firm’s stock in a transaction dated Monday, July 3rd. The shares were sold at an average price of $66.93, for a total transaction of $2,677,200.00. The disclosure for this sale can be found here. 17.90% of the stock is owned by company insiders.

Large investors have recently made changes to their positions in the stock. BlackRock Inc. increased its stake in shares of Paycom Software by 74,069.7% in the first quarter. BlackRock Inc. now owns 2,662,693 shares of the software maker’s stock worth $153,132,000 after buying an additional 2,659,103 shares during the last quarter. Norges Bank purchased a new stake in shares of Paycom Software during the fourth quarter worth approximately $22,794,000. Brown Capital Management LLC increased its stake in shares of Paycom Software by 16.1% in the first quarter. Brown Capital Management LLC now owns 2,627,344 shares of the software maker’s stock worth $151,099,000 after buying an additional 364,548 shares during the last quarter. Waratah Capital Advisors Ltd. purchased a new stake in shares of Paycom Software during the first quarter worth approximately $12,777,000. Finally, Pembroke Management LTD purchased a new stake in shares of Paycom Software during the second quarter worth approximately $11,643,000. Hedge funds and other institutional investors own 90.83% of the company’s stock.

About Paycom Software

Paycom Software, Inc is a provider of a cloud-based human capital management (HCM) software solution delivered as Software-as-a-Service (SaaS). The Company provides functionality and data analytics that businesses need to manage the complete employment life cycle from recruitment to retirement. The Company’s applications streamline client processes and provide clients and their employees with the ability to directly access and manage administrative processes, including applications that identify candidates, on-board employees, manage time and labor, administer payroll deductions and benefits, manage performance, terminate employees and administer post-termination health benefits, such as COBRA.