Fred Alger Management Inc. trimmed its stake in Paycom Software, Inc. (NYSE:PAYC) by 2.7% during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 49,236 shares of the software maker’s stock after selling 1,354 shares during the quarter. Fred Alger Management Inc. owned approximately 0.08% of Paycom Software worth $3,368,000 as of its most recent filing with the Securities & Exchange Commission.
Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Royal Bank of Canada lifted its stake in shares of Paycom Software by 207.0% during the 2nd quarter. Royal Bank of Canada now owns 18,257 shares of the software maker’s stock valued at $1,248,000 after buying an additional 12,311 shares in the last quarter. Capital World Investors lifted its stake in shares of Paycom Software by 6.7% during the 2nd quarter. Capital World Investors now owns 6,612,914 shares of the software maker’s stock valued at $452,389,000 after buying an additional 415,000 shares in the last quarter. Balyasny Asset Management LLC purchased a new stake in shares of Paycom Software during the 2nd quarter valued at approximately $974,000. Stifel Financial Corp lifted its stake in shares of Paycom Software by 3.8% during the 2nd quarter. Stifel Financial Corp now owns 8,882 shares of the software maker’s stock valued at $612,000 after buying an additional 328 shares in the last quarter. Finally, Voya Investment Management LLC lifted its stake in shares of Paycom Software by 23.3% during the 2nd quarter. Voya Investment Management LLC now owns 22,850 shares of the software maker’s stock valued at $1,563,000 after buying an additional 4,315 shares in the last quarter. Hedge funds and other institutional investors own 86.05% of the company’s stock.
In other Paycom Software news, CFO Craig E. Boelte sold 11,000 shares of Paycom Software stock in a transaction that occurred on Tuesday, September 12th. The shares were sold at an average price of $74.72, for a total transaction of $821,920.00. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, insider Stacey M. Pezold sold 10,000 shares of Paycom Software stock in a transaction that occurred on Friday, September 1st. The shares were sold at an average price of $75.02, for a total transaction of $750,200.00. The disclosure for this sale can be found here. Insiders have sold 61,000 shares of company stock worth $4,564,520 in the last ninety days. Insiders own 17.90% of the company’s stock.
A number of analysts recently commented on PAYC shares. Credit Suisse Group restated a “buy” rating on shares of Paycom Software in a research note on Monday, July 3rd. BidaskClub cut shares of Paycom Software from a “strong-buy” rating to a “buy” rating in a research note on Thursday, June 29th. Barclays PLC upped their price target on shares of Paycom Software from $74.00 to $82.00 and gave the company an “overweight” rating in a research note on Wednesday, September 13th. Robert W. Baird restated a “buy” rating and set a $78.00 price target on shares of Paycom Software in a research note on Tuesday, September 12th. Finally, Canaccord Genuity upped their price target on shares of Paycom Software from $70.00 to $80.00 and gave the company a “buy” rating in a research note on Tuesday, June 27th. Five equities research analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has assigned a strong buy rating to the stock. The company presently has a consensus rating of “Buy” and an average price target of $76.63.
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Shares of Paycom Software, Inc. (PAYC) opened at 77.79 on Friday. The firm has a 50-day moving average of $74.29 and a 200 day moving average of $67.45. The stock has a market capitalization of $4.51 billion, a PE ratio of 84.37 and a beta of 1.72. Paycom Software, Inc. has a 1-year low of $39.15 and a 1-year high of $77.89.
Paycom Software (NYSE:PAYC) last issued its quarterly earnings results on Tuesday, August 1st. The software maker reported $0.24 earnings per share for the quarter, beating the consensus estimate of $0.13 by $0.11. Paycom Software had a net margin of 14.28% and a return on equity of 35.77%. The business had revenue of $98.20 million for the quarter, compared to the consensus estimate of $95.98 million. During the same quarter in the previous year, the firm earned $0.21 earnings per share. The company’s revenue for the quarter was up 32.9% on a year-over-year basis. Analysts predict that Paycom Software, Inc. will post $1.15 EPS for the current year.
Paycom Software Profile
Paycom Software, Inc is a provider of a cloud-based human capital management (HCM) software solution delivered as Software-as-a-Service (SaaS). The Company provides functionality and data analytics that businesses need to manage the complete employment life cycle from recruitment to retirement. The Company’s applications streamline client processes and provide clients and their employees with the ability to directly access and manage administrative processes, including applications that identify candidates, on-board employees, manage time and labor, administer payroll deductions and benefits, manage performance, terminate employees and administer post-termination health benefits, such as COBRA.
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