Paycom Software, Inc. (NYSE:PAYC) Sees Significant Decrease in Short Interest

Paycom Software, Inc. (NYSE:PAYC) saw a significant decrease in short interest in November. As of November 15th, there was short interest totalling 2,000,000 shares, a decrease of 18.7% from the October 31st total of 2,460,000 shares. Based on an average daily volume of 687,400 shares, the short-interest ratio is presently 2.9 days. Approximately 4.1% of the company’s shares are sold short.

Insiders Place Their Bets

In other Paycom Software news, CEO Chad R. Richison sold 1,950 shares of the business’s stock in a transaction dated Wednesday, November 13th. The shares were sold at an average price of $229.09, for a total transaction of $446,725.50. Following the sale, the chief executive officer now directly owns 2,731,410 shares in the company, valued at $625,738,716.90. This represents a 0.07 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Insiders have sold 54,600 shares of company stock worth $9,726,717 over the last ninety days. Corporate insiders own 14.50% of the company’s stock.

Institutional Investors Weigh In On Paycom Software

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Ashton Thomas Private Wealth LLC acquired a new stake in shares of Paycom Software during the second quarter worth about $25,000. MFA Wealth Advisors LLC acquired a new position in Paycom Software during the second quarter worth approximately $26,000. Armstrong Advisory Group Inc. acquired a new position in Paycom Software during the third quarter worth approximately $26,000. Migdal Insurance & Financial Holdings Ltd. purchased a new stake in Paycom Software in the second quarter valued at approximately $27,000. Finally, Brooklyn Investment Group purchased a new position in shares of Paycom Software during the third quarter worth approximately $28,000. 87.77% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

PAYC has been the topic of several recent research reports. Mizuho upped their target price on shares of Paycom Software from $170.00 to $190.00 and gave the stock a “neutral” rating in a research note on Monday, November 4th. Piper Sandler increased their price objective on Paycom Software from $160.00 to $191.00 and gave the company a “neutral” rating in a research note on Thursday, October 31st. Citigroup lifted their target price on Paycom Software from $172.00 to $196.00 and gave the company a “neutral” rating in a report on Thursday, October 31st. Barclays upped their price target on Paycom Software from $172.00 to $181.00 and gave the stock an “equal weight” rating in a report on Thursday, October 31st. Finally, TD Cowen lifted their price objective on Paycom Software from $171.00 to $188.00 and gave the company a “hold” rating in a research note on Monday, September 23rd. Twelve equities research analysts have rated the stock with a hold rating and one has issued a buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $193.67.

Paycom Software Stock Down 1.3 %

PAYC stock opened at $231.92 on Monday. The stock has a market cap of $13.37 billion, a price-to-earnings ratio of 27.91, a PEG ratio of 3.09 and a beta of 1.14. Paycom Software has a fifty-two week low of $139.50 and a fifty-two week high of $237.33. The business has a 50 day moving average price of $192.17 and a 200 day moving average price of $169.50.

Paycom Software Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, December 9th. Investors of record on Monday, November 25th will be given a $0.375 dividend. This represents a $1.50 dividend on an annualized basis and a dividend yield of 0.65%. The ex-dividend date of this dividend is Monday, November 25th. Paycom Software’s dividend payout ratio (DPR) is 18.05%.

About Paycom Software

Paycom Software, Inc provides cloud-based human capital management (HCM) solution delivered as software-as-a-service for small to mid-sized companies in the United States. It offers functionality and data analytics that businesses need to manage the employment life cycle from recruitment to retirement.