- Paycom Software (PAYC) has received a price target increased by analysts at Barclays. These are the details.
Paycom Software (PAYC) has received a price target increased by analysts at Barclays. Barclay’s price target for Paycom was increased from $277 to $350. And Barclays also issued an “Equal Weight” rating for the company’s stock.
Paycom had reported its second quarter results on August 4. Second quarter revenues for the company was $181.6 million, up 7% from the comparable prior year period. And second quarter GAAP net income was $28.6 million (15.7% of total revenues).
“The second quarter was very strong from a new business perspective, which positions Paycom very well to deliver long-term revenue growth and market share gains,” said Paycom founder and CEO Chad Richison. “We are executing well in these challenging times and demand for our solutions has never been greater. I am very pleased with the performance of our deliberate investments in sales and marketing and product development, which continue to fuel the digital transformation of the Human Capital Management market.”
Paycom is known for offering online payroll services and HR software solutions for both big and small businesses for managing the employment life cycle.
Barclays is not the only financial firm to upgrade the Paycom stock price. Oppenheimer increased the price target from $345 to $405. And Stifel also upgraded Paycom to Buy and upgraded its price target to $365.
Disclosure: I have a small position of PAYC in my portfolio