Oppenheimer & Co. Inc. Lowers Stock Position in Paycom Software, Inc. (NYSE:PAYC)

Posted by on Feb 24th, 2023

Oppenheimer & Co. Inc. lessened its holdings in Paycom Software, Inc. (NYSE:PAYC – Get Rating) by 24.1% in the 3rd quarter, according to its most recent filing with the SEC. The firm owned 1,998 shares of the software maker’s stock after selling 636 shares during the period. Oppenheimer & Co. Inc.’s holdings in Paycom Software were worth $659,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently bought and sold shares of PAYC. Allianz Asset Management GmbH lifted its position in Paycom Software by 297.5% during the second quarter. Allianz Asset Management GmbH now owns 578,175 shares of the software maker’s stock valued at $161,958,000 after acquiring an additional 432,727 shares during the last quarter. FMR LLC increased its stake in Paycom Software by 130.8% during the 2nd quarter. FMR LLC now owns 700,963 shares of the software maker’s stock valued at $196,353,000 after purchasing an additional 397,296 shares in the last quarter. Goldman Sachs Group Inc. increased its stake in Paycom Software by 47.8% during the 1st quarter. Goldman Sachs Group Inc. now owns 877,824 shares of the software maker’s stock valued at $304,061,000 after purchasing an additional 283,892 shares in the last quarter. Los Angeles Capital Management LLC increased its stake in Paycom Software by 373.7% during the 3rd quarter. Los Angeles Capital Management LLC now owns 283,116 shares of the software maker’s stock valued at $93,425,000 after purchasing an additional 223,351 shares in the last quarter. Finally, Waratah Capital Advisors Ltd. increased its stake in Paycom Software by 96.8% during the 2nd quarter. Waratah Capital Advisors Ltd. now owns 327,532 shares of the software maker’s stock valued at $91,638,000 after purchasing an additional 161,069 shares in the last quarter. Hedge funds and other institutional investors own 88.58% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on PAYC shares. Barclays upped their price target on shares of Paycom Software from $324.00 to $336.00 and gave the company an “equal weight” rating in a research note on Wednesday, February 8th. Oppenheimer increased their price objective on shares of Paycom Software from $360.00 to $400.00 and gave the stock an “outperform” rating in a research note on Wednesday, February 8th. Wolfe Research increased their price objective on shares of Paycom Software from $400.00 to $410.00 and gave the stock an “outperform” rating in a research note on Wednesday, November 2nd. Credit Suisse Group increased their price objective on shares of Paycom Software from $425.00 to $430.00 and gave the stock an “outperform” rating in a research note on Wednesday, November 2nd. Finally, Deutsche Bank Aktiengesellschaft cut their price objective on shares of Paycom Software from $425.00 to $400.00 and set a “buy” rating on the stock in a research note on Monday, January 23rd. One analyst has rated the stock with a sell rating, four have issued a hold rating and nine have issued a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $387.00.

Paycom Software Stock Performance

NYSE:PAYC opened at $299.93 on Friday. The company’s 50-day moving average price is $312.46 and its 200-day moving average price is $330.49. The company has a current ratio of 1.16, a quick ratio of 1.16 and a debt-to-equity ratio of 0.02. The company has a market cap of $18.09 billion, a P/E ratio of 61.84, a P/E/G ratio of 2.00 and a beta of 1.34. Paycom Software, Inc. has a twelve month low of $255.82 and a twelve month high of $402.78.

Paycom Software (NYSE:PAYC – Get Rating) last posted its quarterly earnings results on Tuesday, February 7th. The software maker reported $1.73 earnings per share for the quarter, topping the consensus estimate of $1.49 by $0.24. Paycom Software had a net margin of 20.46% and a return on equity of 25.62%. The firm had revenue of $370.61 million for the quarter, compared to the consensus estimate of $366.71 million. During the same period last year, the firm posted $0.82 earnings per share. The company’s revenue for the quarter was up 30.0% on a year-over-year basis. On average, sell-side analysts forecast that Paycom Software, Inc. will post 5.97 earnings per share for the current fiscal year.

Paycom Software Profile

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Paycom Software, Inc engages in the provision of cloud-based human capital management (HCM) software solutions delivered as Software-as-a-Service. It offers functionality and data analytics that businesses need to manage the complete employment life cycle from recruitment to retirement. Its solutions include talent acquisition, time and labor management, payroll, talent management, and human resource management.

Further Reading

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

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