Paycom Software (NYSE:PAYC) Price Target Cut to $162.00 by Analysts at Citigroup

Paycom Software (NYSE:PAYC) had its target price reduced by Citigroup from $193.00 to $162.00 in a note issued to investors on Tuesday, Benzinga reports. The brokerage presently has a “neutral” rating on the software maker’s stock. Citigroup’s price target would suggest a potential upside of 14.52% from the stock’s current price.

A number of other brokerages also recently weighed in on PAYC. StockNews.com upgraded shares of Paycom Software from a “hold” rating to a “buy” rating in a research report on Tuesday, May 28th. Mizuho decreased their price objective on shares of Paycom Software from $185.00 to $170.00 and set a “neutral” rating for the company in a research report on Monday, May 6th. William Blair reiterated a “market perform” rating on shares of Paycom Software in a research report on Thursday, May 2nd. Needham & Company LLC reiterated a “hold” rating on shares of Paycom Software in a research report on Thursday, May 2nd. Finally, JPMorgan Chase & Co. boosted their target price on shares of Paycom Software from $165.00 to $175.00 and gave the stock a “neutral” rating in a research note on Thursday, May 2nd. Sixteen research analysts have rated the stock with a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat.com, Paycom Software has a consensus rating of “Hold” and an average price target of $244.38.

Paycom Software Stock Performance

NYSE PAYC traded down $1.43 on Tuesday, reaching $141.46. 1,085,334 shares of the company’s stock traded hands, compared to its average volume of 855,274. The firm has a market cap of $8.22 billion, a price-to-earnings ratio of 17.23, a P/E/G ratio of 2.20 and a beta of 1.17. The stock has a 50 day moving average price of $172.66 and a 200-day moving average price of $186.20. Paycom Software has a fifty-two week low of $140.12 and a fifty-two week high of $374.04.

Paycom Software (NYSE:PAYC) last issued its quarterly earnings data on Wednesday, May 1st. The software maker reported $4.25 earnings per share for the quarter, topping analysts’ consensus estimates of $1.96 by $2.29. The business had revenue of $499.88 million during the quarter, compared to the consensus estimate of $495.89 million. Paycom Software had a net margin of 26.91% and a return on equity of 32.84%. As a group, equities research analysts anticipate that Paycom Software will post 6.26 EPS for the current fiscal year.

Insider Activity

In other news, insider Jason D. Clark sold 906 shares of the stock in a transaction that occurred on Friday, June 14th. The shares were sold at an average price of $143.61, for a total value of $130,110.66. Following the completion of the sale, the insider now owns 43,367 shares of the company’s stock, valued at approximately $6,227,934.87. The transaction was disclosed in a filing with the SEC, which is accessible through this link. In other news, insider Jason D. Clark sold 906 shares of the stock in a transaction that occurred on Friday, June 14th. The shares were sold at an average price of $143.61, for a total value of $130,110.66. Following the completion of the sale, the insider now owns 43,367 shares of the company’s stock, valued at approximately $6,227,934.87. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, EVP Amy Vickroy sold 1,381 shares of the stock in a transaction that occurred on Tuesday, June 11th. The shares were sold at an average price of $143.39, for a total transaction of $198,021.59. Following the completion of the sale, the executive vice president now directly owns 19,962 shares of the company’s stock, valued at approximately $2,862,351.18. The disclosure for this sale can be found here. Insiders sold a total of 21,787 shares of company stock valued at $3,430,426 in the last 90 days. Company insiders own 12.60% of the company’s stock.

Hedge Funds Weigh In On Paycom Software

Several large investors have recently made changes to their positions in PAYC. Aviva PLC lifted its holdings in shares of Paycom Software by 266.0% in the 3rd quarter. Aviva PLC now owns 7,158 shares of the software maker’s stock worth $1,856,000 after acquiring an additional 5,202 shares during the last quarter. Kestra Advisory Services LLC lifted its holdings in shares of Paycom Software by 2.8% in the 3rd quarter. Kestra Advisory Services LLC now owns 15,983 shares of the software maker’s stock worth $4,144,000 after acquiring an additional 434 shares during the last quarter. Rafferty Asset Management LLC lifted its holdings in shares of Paycom Software by 5.4% in the 3rd quarter. Rafferty Asset Management LLC now owns 5,992 shares of the software maker’s stock worth $1,554,000 after acquiring an additional 308 shares during the last quarter. QRG Capital Management Inc. acquired a new position in shares of Paycom Software in the 3rd quarter worth approximately $474,000. Finally, Envestnet Portfolio Solutions Inc. acquired a new stake in Paycom Software during the 3rd quarter worth approximately $3,871,000. 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.