Needham & Company LLC Reiterates “Hold” Rating for Paycom Software (NYSE:PAYC)

Paycom Software (NYSE:PAYC)‘s stock had its “hold” rating restated by stock analysts at Needham & Company LLC in a note issued to investors on Thursday,Benzinga reports.

A number of other brokerages also recently issued reports on PAYC. StockNews.com raised shares of Paycom Software from a “hold” rating to a “buy” rating in a report on Friday, January 31st. Piper Sandler raised their price target on shares of Paycom Software from $160.00 to $191.00 and gave the company a “neutral” rating in a report on Thursday, October 31st. Barclays dropped their price objective on shares of Paycom Software from $229.00 to $221.00 and set an “equal weight” rating on the stock in a report on Thursday, January 23rd. BMO Capital Markets raised their price objective on shares of Paycom Software from $183.00 to $197.00 and gave the stock a “market perform” rating in a report on Thursday, October 31st. Finally, Jefferies Financial Group raised their price objective on shares of Paycom Software from $170.00 to $175.00 and gave the stock a “hold” rating in a report on Thursday, October 31st. Eleven equities research analysts have rated the stock with a hold rating and one has given a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $209.22.

Paycom Software Stock Performance

PAYC opened at $209.72 on Thursday. The company’s 50-day simple moving average is $210.84 and its two-hundred day simple moving average is $191.52. The stock has a market capitalization of $12.09 billion, a P/E ratio of 25.24, a P/E/G ratio of 2.81 and a beta of 1.15. Paycom Software has a 52-week low of $139.50 and a 52-week high of $242.74.

Paycom Software (NYSE:PAYC) last announced its quarterly earnings results on Wednesday, February 12th. The software maker reported $2.02 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.99 by $0.03. Paycom Software had a net margin of 25.78% and a return on equity of 32.90%. Research analysts forecast that Paycom Software will post 6.88 EPS for the current fiscal year.

Hedge Funds Weigh In On Paycom Software

Large investors have recently added to or reduced their stakes in the company. Nisa Investment Advisors LLC lifted its holdings in Paycom Software by 51.4% during the third quarter. Nisa Investment Advisors LLC now owns 2,666 shares of the software maker’s stock valued at $444,000 after purchasing an additional 905 shares in the last quarter. JPMorgan Chase & Co. raised its position in shares of Paycom Software by 14.5% during the third quarter. JPMorgan Chase & Co. now owns 326,018 shares of the software maker’s stock valued at $54,305,000 after buying an additional 41,187 shares during the last quarter. Principal Financial Group Inc. raised its position in shares of Paycom Software by 9.3% during the third quarter. Principal Financial Group Inc. now owns 65,809 shares of the software maker’s stock valued at $10,962,000 after buying an additional 5,574 shares during the last quarter. FMR LLC raised its position in shares of Paycom Software by 55.0% during the third quarter. FMR LLC now owns 1,007,919 shares of the software maker’s stock valued at $167,889,000 after buying an additional 357,723 shares during the last quarter. Finally, Nordea Investment Management AB raised its position in shares of Paycom Software by 3.5% during the fourth quarter. Nordea Investment Management AB now owns 204,377 shares of the software maker’s stock valued at $41,952,000 after buying an additional 6,916 shares during the last quarter. Hedge funds and other institutional investors own 87.77% of the company’s stock.

Paycom Software Company Profile

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.