Mackenzie Financial Corp increased its position in shares of Paycom Software, Inc. (NYSE:PAYC) by 24.2% in the third quarter, HoldingsChannel.com reports. The firm owned 3,181 shares of the software maker’s stock after acquiring an additional 619 shares during the quarter. Mackenzie Financial Corp’s holdings in Paycom Software were worth $1,577,000 as of its most recent SEC filing.
Several other hedge funds have also recently modified their holdings of PAYC. Moors & Cabot Inc. acquired a new position in shares of Paycom Software during the third quarter worth $25,000. West Oak Capital LLC acquired a new position in shares of Paycom Software during the third quarter worth $27,000. Allworth Financial LP grew its stake in shares of Paycom Software by 59.0% during the third quarter. Allworth Financial LP now owns 62 shares of the software maker’s stock worth $31,000 after purchasing an additional 23 shares in the last quarter. Destiny Wealth Partners LLC acquired a new position in shares of Paycom Software during the third quarter worth $33,000. Finally, First Quadrant L P CA acquired a new position in shares of Paycom Software during the third quarter worth $35,000. Hedge funds and other institutional investors own 72.78% of the company’s stock.
PAYC has been the subject of a number of analyst reports. Barclays lowered their target price on shares of Paycom Software from $565.00 to $392.00 in a research note on Wednesday. Piper Sandler decreased their price objective on shares of Paycom Software from $622.00 to $498.00 and set an “overweight” rating for the company in a research note on Thursday. DA Davidson started coverage on shares of Paycom Software in a research note on Tuesday, October 12th. They issued a “neutral” rating and a $550.00 price objective for the company. Deutsche Bank Aktiengesellschaft started coverage on shares of Paycom Software in a research note on Monday, November 1st. They issued a “buy” rating and a $655.00 price objective for the company. Finally, Oppenheimer upped their price objective on shares of Paycom Software from $500.00 to $595.00 and gave the company an “outperform” rating in a research note on Wednesday, November 3rd. 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 stock. According to data from MarketBeat.com, the stock has a consensus rating of “Buy” and an average price target of $512.86.
Paycom Software (NYSE:PAYC) last announced its earnings results on Tuesday, November 2nd. The software maker reported $0.92 EPS for the quarter, beating analysts’ consensus estimates of $0.60 by $0.32. The business had revenue of $256.19 million during the quarter, compared to analysts’ expectations of $250.26 million. Paycom Software had a net margin of 17.31% and a return on equity of 22.57%. During the same period in the prior year, the company earned $0.47 earnings per share. As a group, research analysts forecast that Paycom Software, Inc. will post 3.16 EPS for the current fiscal year.
Paycom Software Company Profile
Paycom Software, Inc provides comprehensive, cloud-based human capital management (HCM) software solutions delivered as Software-as-a-Service. It provides functionality and data analytics that businesses need to manage the complete employment life cycle from recruitment to retirement. Its solutions requires virtually no customization and is based on a core system of record maintained in a single database for all HCM functions, including talent acquisition, time and labor management, payroll, talent management and human resources management applications.
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