Congress Asset Management Co. MA decreased its stake in Paycom Software Inc (NYSE:PAYC) by 1.8% in the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 787,188 shares of the software maker’s stock after selling 14,121 shares during the quarter. Paycom Software makes up about 1.6% of Congress Asset Management Co. MA’s holdings, making the stock its 3rd biggest position. Congress Asset Management Co. MA owned approximately 1.34% of Paycom Software worth $122,337,000 as of its most recent filing with the Securities & Exchange Commission.
Other hedge funds also recently added to or reduced their stakes in the company. Westpac Banking Corp purchased a new stake in Paycom Software in the 2nd quarter worth approximately $5,271,000. Verition Fund Management LLC acquired a new position in shares of Paycom Software during the 2nd quarter worth $1,020,000. Rational Advisors LLC acquired a new position in shares of Paycom Software during the 2nd quarter worth $148,000. NN Investment Partners Holdings N.V. acquired a new position in shares of Paycom Software during the 2nd quarter worth $6,721,000. Finally, Raymond James & Associates increased its stake in shares of Paycom Software by 123.7% during the 2nd quarter. Raymond James & Associates now owns 39,660 shares of the software maker’s stock worth $3,920,000 after purchasing an additional 21,933 shares during the last quarter. Institutional investors own 82.83% of the company’s stock.
NYSE:PAYC opened at $123.62 on Friday. Paycom Software Inc has a 1 year low of $75.39 and a 1 year high of $164.08. The company has a current ratio of 1.08, a quick ratio of 1.08 and a debt-to-equity ratio of 0.09. The firm has a market capitalization of $7.25 billion, a P/E ratio of 64.05, a PEG ratio of 2.24 and a beta of 1.83.
PAYC has been the topic of several analyst reports. Zacks Investment Research upgraded shares of Paycom Software from a “hold” rating to a “strong-buy” rating and set a $155.00 price target on the stock in a research note on Friday, August 3rd. Barclays increased their price target on shares of Paycom Software from $131.00 to $151.00 and gave the stock an “equal weight” rating in a research note on Friday, September 7th. Guggenheim initiated coverage on shares of Paycom Software in a research note on Monday, August 20th. They set a “neutral” rating and a $140.00 price target on the stock. Bank of America lowered shares of Paycom Software from a “buy” rating to a “neutral” rating and set a $160.00 price target on the stock. in a research note on Wednesday, September 26th. They noted that the move was a valuation call. Finally, Canaccord Genuity lowered shares of Paycom Software from a “buy” rating to a “hold” rating and increased their price target for the stock from $130.00 to $150.00 in a research note on Monday, October 1st. They noted that the move was a valuation call. Nine equities research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. The stock has a consensus rating of “Buy” and an average target price of $126.82.
In related news, CFO Craig E. Boelte sold 12,000 shares of the firm’s stock in a transaction on Tuesday, September 4th. The shares were sold at an average price of $155.63, for a total value of $1,867,560.00. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Kathy Oden-Hall sold 2,000 shares of the firm’s stock in a transaction on Friday, October 5th. The stock was sold at an average price of $140.21, for a total transaction of $280,420.00. The disclosure for this sale can be found here. Insiders sold a total of 73,700 shares of company stock worth $11,227,931 over the last quarter. 16.24% of the stock is currently owned by company insiders.
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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