Bank of New York Mellon Corp reduced its stake in shares of Paycom Software Inc (NYSE:PAYC) by 14.1% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 222,183 shares of the software maker’s stock after selling 36,338 shares during the quarter. Bank of New York Mellon Corp owned 0.38% of Paycom Software worth $21,959,000 at the end of the most recent quarter.
Several other large investors also recently made changes to their positions in PAYC. SeaCrest Wealth Management LLC grew its stake in shares of Paycom Software by 154.3% during the second quarter. SeaCrest Wealth Management LLC now owns 1,030 shares of the software maker’s stock valued at $102,000 after buying an additional 625 shares during the last quarter. IFP Advisors Inc grew its stake in shares of Paycom Software by 181.0% during the first quarter. IFP Advisors Inc now owns 1,124 shares of the software maker’s stock valued at $121,000 after buying an additional 724 shares during the last quarter. Envestnet Asset Management Inc. boosted its holdings in shares of Paycom Software by 613.3% during the first quarter. Envestnet Asset Management Inc. now owns 1,398 shares of the software maker’s stock worth $149,000 after purchasing an additional 1,202 shares during the period. Cerebellum GP LLC purchased a new stake in shares of Paycom Software during the second quarter worth about $164,000. Finally, Cornerstone Wealth Management LLC purchased a new stake in shares of Paycom Software during the second quarter worth about $195,000. 83.07% of the stock is currently owned by hedge funds and other institutional investors.
In other Paycom Software news, COO Jon Evans sold 2,768 shares of the firm’s stock in a transaction dated Wednesday, August 1st. The shares were sold at an average price of $118.36, for a total value of $327,620.48. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Jeffrey D. York sold 50,000 shares of the firm’s stock in a transaction dated Monday, July 2nd. The stock was sold at an average price of $99.84, for a total transaction of $4,992,000.00. The disclosure for this sale can be found here. Insiders sold 95,287 shares of company stock valued at $10,713,759 over the last 90 days. 16.24% of the stock is currently owned by company insiders.
A number of analysts have recently weighed in on PAYC shares. Royal Bank of Canada increased their target price on shares of Paycom Software to $115.00 and gave the stock a “sector perform” rating in a report on Monday, July 30th. Zacks Investment Research upgraded shares of Paycom Software from a “hold” rating to a “strong-buy” rating and set a $155.00 target price for the company in a report on Friday, August 3rd. KeyCorp reiterated a “buy” rating and set a $133.00 target price on shares of Paycom Software in a report on Wednesday, August 1st. Oppenheimer increased their target price on shares of Paycom Software from $120.00 to $127.00 and gave the stock an “outperform” rating in a report on Wednesday, August 1st. Finally, Guggenheim started coverage on shares of Paycom Software in a report on Monday, August 20th. They set a “neutral” rating and a $140.00 target price for the company. Eight analysts have rated the stock with a hold rating, eleven have issued a buy rating and one has issued a strong buy rating to the company’s stock. The company presently has an average rating of “Buy” and an average price target of $116.53.
Shares of PAYC opened at $163.32 on Friday. The company has a quick ratio of 1.06, a current ratio of 1.06 and a debt-to-equity ratio of 0.10. Paycom Software Inc has a one year low of $73.02 and a one year high of $164.08. The stock has a market capitalization of $9.31 billion, a price-to-earnings ratio of 185.59, a P/E/G ratio of 2.94 and a beta of 1.63.
Paycom Software (NYSE:PAYC) last issued its quarterly earnings data on Tuesday, July 31st. The software maker reported $0.54 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.36 by $0.18. Paycom Software had a net margin of 20.85% and a return on equity of 42.01%. The business had revenue of $128.80 million during the quarter, compared to analyst estimates of $124.47 million. sell-side analysts predict that Paycom Software Inc will post 2.12 EPS for the current fiscal year.
Paycom Software Profile
Paycom Software, Inc provides cloud-based human capital management (HCM) software service for small to mid-sized companies in the United States. It provides functionality and data analytics that businesses need to manage the employment life cycle from recruitment to retirement. The company's HCM solution offers a suite of applications in the areas of talent acquisition, including applicant tracking, candidate tracker, background checks, on-boarding, e-verify, and tax credit services; and time and labor management, such as time and attendance, scheduling/schedule exchange, time-off requests, labor allocation, labor management reports/push reporting, and geofencing/geotracking.
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