Citigroup Issues Pessimistic Forecast for Paycom Software (NYSE:PAYC) Stock Price

Paycom Software (NYSE:PAYC) had its price objective reduced by equities research analysts at Citigroup from $234.00 to $221.00 in a report issued on Thursday,Benzinga reports. The brokerage presently has a “neutral” rating on the software maker’s stock. Citigroup’s target price suggests a potential upside of 6.85% from the company’s current price.

Several other equities analysts have also recently issued reports on the stock. StockNews.com cut shares of Paycom Software from a “buy” rating to a “hold” rating in a research note on Wednesday. Barclays lifted their price objective on Paycom Software from $172.00 to $181.00 and gave the company an “equal weight” rating in a report on Thursday, October 31st. BMO Capital Markets raised their price target on Paycom Software from $183.00 to $197.00 and gave the company a “market perform” rating in a report on Thursday, October 31st. Jefferies Financial Group upped their price objective on Paycom Software from $170.00 to $175.00 and gave the stock a “hold” rating in a report on Thursday, October 31st. Finally, TD Cowen lifted their price target on shares of Paycom Software from $193.00 to $248.00 and gave the company a “hold” rating in a research report on Monday, December 9th. Twelve analysts have rated the stock with a hold rating, Based on data from MarketBeat.com, Paycom Software currently has a consensus rating of “Hold” and a consensus price target of $199.75.

Paycom Software Trading Up 0.7 %

Shares of NYSE PAYC traded up $1.49 during midday trading on Thursday, reaching $206.84. 125,679 shares of the company were exchanged, compared to its average volume of 427,919. The stock has a fifty day simple moving average of $219.78 and a 200 day simple moving average of $183.62. The stock has a market cap of $11.93 billion, a P/E ratio of 24.89, a PEG ratio of 2.78 and a beta of 1.14. Paycom Software has a 1 year low of $139.50 and a 1 year high of $242.74.

Insider Buying and Selling at Paycom Software

In other news, CEO Chad R. Richison sold 1,950 shares of the company’s stock in a transaction that occurred on Monday, October 21st. The stock was sold at an average price of $169.17, for a total transaction of $329,881.50. Following the completion of the transaction, the chief executive officer now directly owns 2,764,560 shares of the company’s stock, valued at approximately $467,680,615.20. This represents a 0.07 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders sold a total of 23,400 shares of company stock valued at $4,534,725 in the last ninety days. Insiders own 14.50% of the company’s stock.

Institutional Investors Weigh In On Paycom Software

A number of hedge funds and other institutional investors have recently modified their holdings of PAYC. Sylebra Capital LLC raised its position in shares of 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 purchasing an additional 685,190 shares during the period. FMR LLC increased its position 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 buying an additional 357,723 shares during the last quarter. International Assets Investment Management LLC raised its position in shares of Paycom Software by 9,997.5% in the third quarter. International Assets Investment Management LLC now owns 281,315 shares of the software maker’s stock valued at $46,859,000 after purchasing an additional 278,529 shares during the period. Confluence Investment Management LLC grew its stake in Paycom Software by 147.3% in 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 last quarter. Finally, Charles Schwab Investment Management Inc. increased its stake in shares of Paycom Software by 45.4% in the third quarter. Charles Schwab Investment Management Inc. now owns 486,462 shares of the software maker’s stock worth $81,030,000 after purchasing an additional 151,807 shares during the period. 87.77% of the stock is currently owned by institutional investors.

Paycom Software Company Profile

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.