StockNews.com Upgrades Paycom Software (NYSE:PAYC) to “Buy”

Paycom Software (NYSE:PAYC) was upgraded by investment analysts at StockNews.com from a “hold” rating to a “buy” rating in a report issued on Monday.

Several other analysts have also weighed in on the stock. Barclays lifted their price objective on shares of Paycom Software from $172.00 to $181.00 and gave the company an “equal weight” rating in a research note on Thursday, October 31st. Citigroup raised their target price on Paycom Software from $172.00 to $196.00 and gave the company a “neutral” rating in a research note on Thursday, October 31st. BMO Capital Markets upped their price target on Paycom Software from $183.00 to $197.00 and gave the stock a “market perform” rating in a research note on Thursday, October 31st. Piper Sandler upped their target price on Paycom Software from $160.00 to $191.00 and gave the stock a “neutral” rating in a research report on Thursday, October 31st. Finally, TD Cowen boosted their price target on shares of Paycom Software from $193.00 to $248.00 and gave the company a “hold” rating in a research note on Monday, December 9th. Eleven equities research analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and an average price target of $202.56.

Paycom Software Stock Performance

Shares of PAYC traded down $2.44 during mid-day trading on Monday, reaching $232.06. 593,632 shares of the company were exchanged, compared to its average volume of 787,442. The business has a 50 day simple moving average of $205.46 and a two-hundred day simple moving average of $173.71. Paycom Software has a 52 week low of $139.50 and a 52 week high of $242.74. The stock has a market capitalization of $13.38 billion, a PE ratio of 27.93, a PEG ratio of 3.12 and a beta of 1.11.

Insider Buying and Selling at Paycom Software

In other news, CEO Chad R. Richison sold 1,950 shares of Paycom Software stock in a transaction that occurred on Friday, September 20th. The shares were sold at an average price of $170.85, for a total transaction of $333,157.50. Following the completion of the transaction, the chief executive officer now directly owns 2,807,010 shares in the company, valued at approximately $479,577,658.50. This trade 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 is accessible through the SEC website. In the last three months, insiders have sold 46,800 shares of company stock valued at $8,439,854. 14.50% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Paycom Software

Hedge funds have recently added to or reduced their stakes in the company. Peapack Gladstone Financial Corp grew its stake in shares of Paycom Software by 71.7% in the third quarter. Peapack Gladstone Financial Corp now owns 2,488 shares of the software maker’s stock worth $414,000 after acquiring an additional 1,039 shares during the period. Wilmington Savings Fund Society FSB purchased a new stake in Paycom Software in the third quarter worth approximately $79,000. Sanctuary Advisors LLC raised its stake in Paycom Software by 42.1% during the 3rd quarter. Sanctuary Advisors LLC now owns 8,501 shares of the software maker’s stock valued at $1,416,000 after buying an additional 2,517 shares during the last quarter. Pine Valley Investments Ltd Liability Co lifted its holdings in shares of Paycom Software by 26.5% during the 3rd quarter. Pine Valley Investments Ltd Liability Co now owns 14,053 shares of the software maker’s stock valued at $2,341,000 after buying an additional 2,944 shares during the period. Finally, Toronto Dominion Bank boosted its stake in shares of Paycom Software by 2.3% in the 3rd quarter. Toronto Dominion Bank now owns 24,825 shares of the software maker’s stock worth $4,135,000 after buying an additional 569 shares during the last quarter. 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.