Bank of America Corp DE Sells 103,272 Shares of Paycom Software Inc (NYSE:PAYC)

Bank of America Corp DE reduced its stake in Paycom Software Inc (NYSE:PAYC) by 24.7% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 314,617 shares of the software maker’s stock after selling 103,272 shares during the period. Bank of America Corp DE owned approximately 0.54% of Paycom Software worth $38,526,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds also recently modified their holdings of PAYC. Alliancebernstein L.P. boosted its stake in shares of Paycom Software by 198.0% during the 3rd quarter. Alliancebernstein L.P. now owns 107,954 shares of the software maker’s stock worth $16,777,000 after acquiring an additional 71,729 shares in the last quarter. PNC Financial Services Group Inc. boosted its stake in Paycom Software by 297.2% during the 3rd quarter. PNC Financial Services Group Inc. now owns 9,092 shares of the software maker’s stock valued at $1,413,000 after purchasing an additional 6,803 shares during the period. BlackRock Inc. boosted its stake in Paycom Software by 0.6% during the 3rd quarter. BlackRock Inc. now owns 2,188,717 shares of the software maker’s stock valued at $340,147,000 after purchasing an additional 13,558 shares during the period. Schroder Investment Management Group bought a new stake in Paycom Software during the 3rd quarter valued at approximately $935,000. Finally, Credit Suisse AG boosted its stake in Paycom Software by 50.8% during the 3rd quarter. Credit Suisse AG now owns 51,909 shares of the software maker’s stock valued at $8,067,000 after purchasing an additional 17,491 shares during the period. Institutional investors and hedge funds own 78.69% of the company’s stock.

In other news, COO Jon Evans sold 2,373 shares of the firm’s stock in a transaction on Tuesday, April 16th. The stock was sold at an average price of $191.27, for a total value of $453,883.71. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, CFO Craig E. Boelte sold 12,000 shares of the firm’s stock in a transaction on Wednesday, March 6th. The stock was sold at an average price of $176.03, for a total value of $2,112,360.00. The disclosure for this sale can be found here. Insiders sold a total of 41,973 shares of company stock worth $7,387,222 over the last quarter. Corporate insiders own 16.09% of the company’s stock.

PAYC traded up $2.01 during mid-day trading on Friday, reaching $188.95. The stock had a trading volume of 797,290 shares, compared to its average volume of 538,775. The firm has a market capitalization of $11.05 billion, a price-to-earnings ratio of 86.67, a PEG ratio of 2.87 and a beta of 1.82. The company has a debt-to-equity ratio of 0.10, a quick ratio of 1.03 and a current ratio of 1.03. Paycom Software Inc has a 52 week low of $96.44 and a 52 week high of $193.75.

Paycom Software (NYSE:PAYC) last announced its quarterly earnings data on Tuesday, February 5th. The software maker reported $0.61 EPS for the quarter, beating the Zacks’ consensus estimate of $0.48 by $0.13. The firm had revenue of $150.33 million for the quarter, compared to analyst estimates of $144.10 million. Paycom Software had a return on equity of 38.83% and a net margin of 24.20%. The business’s quarterly revenue was up 31.8% compared to the same quarter last year. During the same period last year, the company earned $0.90 EPS. As a group, research analysts forecast that Paycom Software Inc will post 2.63 EPS for the current year.

Several analysts recently weighed in on PAYC shares. Zacks Investment Research upgraded Paycom Software from a “hold” rating to a “buy” rating and set a $176.00 target price for the company in a research note on Wednesday, February 6th. Jefferies Financial Group increased their target price on Paycom Software to $180.00 and gave the company a “buy” rating in a research note on Wednesday, February 6th. ValuEngine raised Paycom Software from a “hold” rating to a “buy” rating in a report on Saturday, January 19th. Barclays upped their price target on Paycom Software from $160.00 to $175.00 and gave the company an “equal weight” rating in a report on Friday, April 12th. Finally, Canaccord Genuity upped their price target on Paycom Software from $140.00 to $160.00 and gave the company a “hold” rating in a report on Wednesday, February 6th. They noted that the move was a valuation call. Eight equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. The company has a consensus rating of “Hold” and a consensus target price of $157.00.

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Paycom Software Profile

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.

Further Reading: Convertible Shares

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

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