CIBC Asset Management Inc lifted its stake in shares of Paycom Software Inc (NYSE:PAYC) by 1.6% during the second quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 4,511 shares of the software maker’s stock after purchasing an additional 70 shares during the quarter. CIBC Asset Management Inc’s holdings in Paycom Software were worth $1,397,000 as of its most recent SEC filing.
Several other large investors also recently added to or reduced their stakes in PAYC. BlackRock Inc. raised its stake in shares of Paycom Software by 47.3% during the 1st quarter. BlackRock Inc. now owns 4,366,707 shares of the software maker’s stock valued at $882,118,000 after purchasing an additional 1,402,556 shares during the period. State Street Corp raised its stake in shares of Paycom Software by 83.6% during the 1st quarter. State Street Corp now owns 1,956,231 shares of the software maker’s stock valued at $395,178,000 after purchasing an additional 890,763 shares during the period. Capital Research Global Investors raised its stake in shares of Paycom Software by 457.6% during the 1st quarter. Capital Research Global Investors now owns 600,850 shares of the software maker’s stock valued at $121,378,000 after purchasing an additional 493,100 shares during the period. Norges Bank bought a new stake in shares of Paycom Software during the 4th quarter valued at $121,950,000. Finally, Alliancebernstein L.P. raised its stake in shares of Paycom Software by 73.2% during the 1st quarter. Alliancebernstein L.P. now owns 865,168 shares of the software maker’s stock valued at $174,773,000 after purchasing an additional 365,542 shares during the period. Institutional investors own 75.20% of the company’s stock.
Shares of Paycom Software stock opened at $284.37 on Friday. The business’s 50-day moving average price is $305.20 and its 200-day moving average price is $274.43. The company has a current ratio of 1.10, a quick ratio of 1.10 and a debt-to-equity ratio of 0.05. Paycom Software Inc has a 12 month low of $163.42 and a 12 month high of $342.00. The firm has a market capitalization of $16.65 billion, a PE ratio of 84.63, a price-to-earnings-growth ratio of 4.33 and a beta of 1.55.
A number of brokerages have weighed in on PAYC. Piper Sandler began coverage on Paycom Software in a research note on Thursday, May 21st. They issued a “neutral” rating and a $281.00 target price on the stock. Barclays upped their target price on Paycom Software from $195.00 to $285.00 and gave the stock an “equal weight” rating in a research note on Monday, July 20th. Needham & Company LLC upped their target price on Paycom Software from $250.00 to $265.00 and gave the stock a “buy” rating in a research note on Wednesday, April 29th. Stifel Nicolaus decreased their target price on Paycom Software from $187.00 to $175.00 and set a “hold” rating on the stock in a research note on Wednesday, April 29th. Finally, Royal Bank of Canada decreased their target price on Paycom Software from $240.00 to $225.00 and set a “sector perform” rating on the stock in a research note on Wednesday, April 29th. Three investment analysts have rated the stock with a sell rating, eight have assigned a hold rating and six have assigned a buy rating to the company’s stock. Paycom Software currently has a consensus rating of “Hold” and a consensus target price of $259.81.
In other Paycom Software news, Director Frederick C. Peters II sold 1,000 shares of Paycom Software stock in a transaction that occurred on Thursday, June 11th. The stock was sold at an average price of $311.13, for a total value of $311,130.00. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, COO Jon Evans sold 1,400 shares of Paycom Software stock in a transaction that occurred on Wednesday, May 13th. The stock was sold at an average price of $258.97, for a total value of $362,558.00. The disclosure for this sale can be found here. Insiders sold a total of 447,942 shares of company stock worth $120,871,330 over the last ninety days. Insiders own 16.10% of the company’s stock.
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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