KeyCorp Forecasts Strong Price Appreciation for Paycom Software (NYSE:PAYC) Stock

Paycom Software (NYSE:PAYC) had its price objective hoisted by research analysts at KeyCorp from $270.00 to $280.00 in a research note issued on Monday, Benzinga reports. The firm presently has an “overweight” rating on the software maker’s stock. KeyCorp’s price target would indicate a potential upside of 24.77% from the stock’s current price.

A number of other research analysts also recently issued reports on the stock. JPMorgan Chase & Co. boosted their price objective on shares of Paycom Software from $140.00 to $264.00 and gave the company a “neutral” rating in a research report on Tuesday, August 25th. Citigroup increased their price objective on Paycom Software from $136.00 to $194.00 and gave the stock a “neutral” rating in a report on Friday, August 7th. TD Cowen raised their price objective on Paycom Software from $149.00 to $244.00 and gave the company a “buy” rating in a research report on Thursday, August 6th. Barclays boosted their target price on shares of Paycom Software from $154.00 to $210.00 and gave the company an “equal weight” rating in a report on Thursday, August 6th. Finally, Wall Street Zen lowered shares of Paycom Software from a “buy” rating to a “hold” rating in a research note on Sunday, September 6th. One equities research analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating and nine have issued a Hold rating to the company’s stock. According to data from MarketBeat, Paycom Software has an average rating of “Hold” and a consensus target price of $215.00.

Paycom Software Stock Down 0.8%

Shares of NYSE:PAYC opened at $224.41 on Monday. The stock has a market capitalization of $10.11 billion, a P/E ratio of 23.85, a price-to-earnings-growth ratio of 1.26 and a beta of 0.78. Paycom Software has a 12-month low of $104.90 and a 12-month high of $244.98. The stock’s 50-day moving average price is $202.86 and its 200-day moving average price is $155.99. The company has a current ratio of 1.07, a quick ratio of 1.07 and a debt-to-equity ratio of 1.57.

Paycom Software (NYSE:PAYC) last announced its quarterly earnings data on Wednesday, August 5th. The software maker reported $2.78 earnings per share for the quarter, beating the consensus estimate of $2.38 by $0.40. The firm had revenue of $531.20 million during the quarter, compared to the consensus estimate of $513.12 million. Paycom Software had a return on equity of 37.06% and a net margin of 22.78%.The business’s revenue was up 9.8% on a year-over-year basis. During the same quarter in the previous year, the company posted $2.06 earnings per share. On average, equities analysts anticipate that Paycom Software will post 10.65 earnings per share for the current year.

Insiders Place Their Bets

In related news, insider Shane Hadlock sold 2,577 shares of the company’s stock in a transaction that occurred on Thursday, August 27th. The stock was sold at an average price of $237.60, for a total value of $612,295.20. Following the transaction, the insider directly owned 70,152 shares of the company’s stock, valued at approximately $16,668,115.20. This represents a 3.54% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 13.20% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Paycom Software

Several institutional investors have recently modified their holdings of the business. Clearstead Advisors LLC raised its stake in shares of Paycom Software by 140.3% during the fourth quarter. Clearstead Advisors LLC now owns 161 shares of the software maker’s stock valued at $26,000 after acquiring an additional 94 shares in the last quarter. Caitlin John LLC bought a new position in Paycom Software during the 2nd quarter worth about $31,000. Mitsubishi UFJ Asset Management Co. Ltd. bought a new position in Paycom Software in the second quarter worth approximately $33,000. EFG International AG bought a new stake in Paycom Software during the second quarter valued at about $36,000. Finally, Trust Co. of Vermont bought a new position in shares of Paycom Software during the 2nd quarter worth approximately $40,000. 87.77% of the stock is owned by hedge funds and other institutional investors.

About Paycom Software

Paycom Software, Inc is a provider of cloud-based payroll and human capital management (HCM) software for businesses. Its platform is designed to help organizations manage employee data and payroll processes through a unified system, serving small, midsize and larger employers primarily in the United States.

The company’s products and services include payroll processing, tax management, time and labor management, talent acquisition, onboarding, employee learning, performance management, compensation planning, benefits administration, expense management and compliance tools.