Paycom Software Inc (NYSE:PAYC) Position Cut by Congress Asset Management Co. MA

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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.

Paycom Software (NYSE:PAYC) last posted its earnings results on Tuesday, October 30th. The software maker reported $0.52 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.51 by $0.01. Paycom Software had a net margin of 22.37% and a return on equity of 39.19%. The business had revenue of $133.29 million for the quarter, compared to analyst estimates of $130.52 million. During the same period last year, the business posted $0.39 EPS. Paycom Software’s revenue was up 31.6% compared to the same quarter last year. Research analysts forecast that Paycom Software Inc will post 2.15 EPS for the current year.

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.

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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.

Read More: Price to Earnings Ratio (PE)

Institutional Ownership by Quarter for Paycom Software (NYSE:PAYC)

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