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

Paycom Software (NYSE:PAYC) had its price target lifted by Citigroup from $172.00 to $196.00 in a report issued on Thursday, Benzinga reports. Citigroup currently has a neutral rating on the software maker’s stock.

Several other equities analysts have also weighed in on PAYC. Jefferies Financial Group increased their price target on shares of Paycom Software from $170.00 to $175.00 and gave the company a “hold” rating in a research report on Thursday. Piper Sandler raised their price target on shares of Paycom Software from $160.00 to $191.00 and gave the stock a “neutral” rating in a research note on Thursday. Needham & Company LLC reiterated a “hold” rating on shares of Paycom Software in a research note on Thursday, August 1st. BMO Capital Markets raised their target price on Paycom Software from $183.00 to $197.00 and gave the stock a “market perform” rating in a research report on Thursday. Finally, TD Cowen upped their price target on Paycom Software from $171.00 to $188.00 and gave the company a “hold” rating in a research report on Monday, September 23rd. Twelve research analysts have rated the stock with a hold rating and one has given a buy rating to the company. According to data from MarketBeat.com, Paycom Software presently has an average rating of “Hold” and a consensus price target of $191.44.

Paycom Software Trading Up 0.8 %

PAYC stock opened at $210.65 on Thursday. The stock has a market cap of $12.10 billion, a P/E ratio of 25.35, a P/E/G ratio of 2.97 and a beta of 1.13. The stock’s fifty day simple moving average is $167.57 and its two-hundred day simple moving average is $163.00. Paycom Software has a 1-year low of $139.50 and a 1-year high of $222.30.

Paycom Software Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, December 9th. Investors of record on Monday, November 25th will be issued a dividend of $0.375 per share. This represents a $1.50 dividend on an annualized basis and a yield of 0.71%. The ex-dividend date of this dividend is Monday, November 25th. Paycom Software’s dividend payout ratio (DPR) is presently 18.05%.

Insiders Place Their Bets

In other news, CEO Chad R. Richison sold 1,950 shares of the business’s stock in a transaction on Wednesday, October 30th. The shares were sold at an average price of $172.43, for a total transaction of $336,238.50. Following the completion of the transaction, the chief executive officer now directly owns 2,750,910 shares in the company, valued at $474,339,411.30. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other Paycom Software news, insider Bradley Scott Smith sold 1,524 shares of Paycom Software stock in a transaction that occurred on Thursday, August 8th. The shares were sold at an average price of $157.62, for a total transaction of $240,212.88. Following the completion of the sale, the insider now directly owns 14,769 shares in the company, valued at $2,327,889.78. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Chad R. Richison sold 1,950 shares of the stock in a transaction on Wednesday, October 30th. The stock was sold at an average price of $172.43, for a total transaction of $336,238.50. Following the completion of the transaction, the chief executive officer now directly owns 2,750,910 shares in the company, valued at $474,339,411.30. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 69,956 shares of company stock worth $11,418,682 in the last three months. 14.50% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Palisade Asset Management LLC bought a new stake in Paycom Software during the first quarter worth about $32,000. Armstrong Advisory Group Inc. bought a new stake in Paycom Software in the 3rd quarter worth approximately $26,000. Ashton Thomas Private Wealth LLC purchased a new stake in Paycom Software in the second quarter worth approximately $25,000. MFA Wealth Advisors LLC purchased a new stake in Paycom Software in the second quarter worth approximately $26,000. Finally, Migdal Insurance & Financial Holdings Ltd. purchased a new position in shares of Paycom Software during the second quarter worth approximately $27,000. 87.77% of the stock is currently owned by hedge funds and other institutional investors.

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.