Eastern Bank Acquires Shares of 2,500 Paycom Software Inc (PAYC)

Eastern Bank acquired a new position in shares of Paycom Software Inc (NYSE:PAYC) in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund acquired 2,500 shares of the software maker’s stock, valued at approximately $389,000.

Several other institutional investors also recently made changes to their positions in PAYC. SeaCrest Wealth Management LLC grew its stake in shares of Paycom Software by 154.3% during the second quarter. SeaCrest Wealth Management LLC now owns 1,030 shares of the software maker’s stock worth $102,000 after purchasing an additional 625 shares during the period. Point72 Asset Management L.P. acquired a new stake in shares of Paycom Software during the second quarter worth $119,000. Rational Advisors LLC acquired a new stake in shares of Paycom Software during the second quarter worth $148,000. Hexavest Inc. acquired a new stake in shares of Paycom Software during the third quarter worth $149,000. Finally, Cerebellum GP LLC acquired a new stake in shares of Paycom Software during the second quarter worth $164,000. 83.05% of the stock is owned by institutional investors and hedge funds.

A number of equities research analysts recently commented on the company. Bank of America cut Paycom Software from a “buy” rating to a “neutral” rating and set a $160.00 price objective for the company. in a research note on Wednesday, September 26th. They noted that the move was a valuation call. Canaccord Genuity cut Paycom Software from a “buy” rating to a “hold” rating and lifted their price objective 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. Barclays lifted their price objective on 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 assumed coverage on Paycom Software in a research note on Monday, August 20th. They set a “neutral” rating and a $140.00 price objective for the company. Finally, Zacks Investment Research raised Paycom Software from a “hold” rating to a “strong-buy” rating and set a $155.00 price objective for the company in a research note on Friday, August 3rd. Ten equities research analysts have rated the stock with a hold rating, nine have given a buy rating and one has issued a strong buy rating to the company’s stock. Paycom Software presently has an average rating of “Buy” and a consensus price target of $119.21.

In other news, COO Jon Evans sold 2,768 shares of the business’s stock in a transaction dated Wednesday, August 1st. The stock was sold at an average price of $118.36, for a total value of $327,620.48. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CFO Craig E. Boelte sold 12,000 shares of the business’s stock in a transaction dated Tuesday, September 4th. The shares were sold at an average price of $155.63, for a total value of $1,867,560.00. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 80,968 shares of company stock worth $12,183,436. Corporate insiders own 16.24% of the company’s stock.

PAYC stock opened at $136.06 on Wednesday. The company has a debt-to-equity ratio of 0.10, a quick ratio of 1.06 and a current ratio of 1.06. The stock has a market cap of $9.11 billion, a price-to-earnings ratio of 154.61, a price-to-earnings-growth ratio of 2.88 and a beta of 1.63. Paycom Software Inc has a 1-year low of $74.35 and a 1-year high of $164.08.

Paycom Software (NYSE:PAYC) last posted its earnings results on Tuesday, July 31st. The software maker reported $0.54 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.36 by $0.18. The firm had revenue of $128.80 million for the quarter, compared to analyst estimates of $124.47 million. Paycom Software had a return on equity of 42.01% and a net margin of 20.85%. Analysts predict that Paycom Software Inc will post 2.12 earnings per share for the current year.

About Paycom Software

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.

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

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