Harvest Investment Services LLC Decreases Holdings in Paycom Software Inc (NYSE:PAYC)
Harvest Investment Services LLC lessened its stake in shares of Paycom Software Inc (NYSE:PAYC) by 2.8% in the second quarter, according to its most recent Form 13F filing with the SEC. The fund owned 8,116 shares of the software maker’s stock after selling 230 shares during the period. Paycom Software comprises about 1.0% of Harvest Investment Services LLC’s holdings, making the stock its 29th biggest position. Harvest Investment Services LLC’s holdings in Paycom Software were worth $1,842,000 as of its most recent filing with the SEC.
A number of other hedge funds and other institutional investors also recently bought and sold shares of the stock. Fjarde AP Fonden Fourth Swedish National Pension Fund bought a new stake in Paycom Software during the second quarter valued at approximately $4,330,000. Gateway Investment Advisers LLC bought a new stake in Paycom Software during the second quarter valued at approximately $2,369,000. NEXT Financial Group Inc lifted its position in Paycom Software by 15.3% during the second quarter. NEXT Financial Group Inc now owns 2,380 shares of the software maker’s stock valued at $540,000 after purchasing an additional 316 shares during the last quarter. Foster Victor Wealth Advisors LLC bought a new stake in Paycom Software during the second quarter valued at approximately $201,000. Finally, IFM Investors Pty Ltd bought a new stake in shares of Paycom Software in the 2nd quarter worth approximately $748,000. Institutional investors and hedge funds own 74.37% of the company’s stock.
In related news, insider Jeffrey D. York sold 25,000 shares of the company’s stock in a transaction on Wednesday, May 15th. The shares were sold at an average price of $204.37, for a total transaction of $5,109,250.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, COO Jon Evans sold 2,047 shares of the company’s stock in a transaction on Monday, May 13th. The shares were sold at an average price of $200.30, for a total transaction of $410,014.10. The disclosure for this sale can be found here. Insiders have sold a total of 31,747 shares of company stock valued at $6,546,721 over the last quarter. 16.09% of the stock is currently owned by company insiders.
Paycom Software (NYSE:PAYC) last posted its quarterly earnings results on Tuesday, April 30th. The software maker reported $0.82 EPS for the quarter, missing the Zacks’ consensus estimate of $0.89 by ($0.07). Paycom Software had a net margin of 23.38% and a return on equity of 39.02%. The firm had revenue of $199.90 million for the quarter, compared to the consensus estimate of $195.53 million. During the same quarter in the prior year, the company earned $0.95 earnings per share. The company’s quarterly revenue was up 29.9% compared to the same quarter last year. As a group, sell-side analysts expect that Paycom Software Inc will post 2.6 EPS for the current fiscal year.
A number of equities research analysts have recently weighed in on PAYC shares. Canaccord Genuity restated a “buy” rating and issued a $10.00 price objective on shares of Chembio Diagnostics in a report on Thursday, May 2nd. Oppenheimer boosted their price objective on shares of Paycom Software from $175.00 to $220.00 and gave the stock an “outperform” rating in a report on Wednesday, May 1st. Stifel Nicolaus boosted their price objective on shares of Zendesk from $75.00 to $83.00 and gave the stock a “hold” rating in a report on Wednesday, May 1st. KeyCorp boosted their price objective on shares of Paylocity from $106.00 to $112.00 and gave the stock an “overweight” rating in a report on Thursday, June 20th. Finally, Zacks Investment Research lowered shares of GALP ENERGIA SG/ADR from a “hold” rating to a “sell” rating in a report on Monday, May 6th. Ten investment analysts have rated the stock with a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the company. The company presently has an average rating of “Hold” and an average target price of $194.29.
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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