Jefferies Believes Paycom (NYSE: PAYC) Won’t Stop Here

By Austin Angelo

In a report released yesterday, John Difucci from Jefferies reiterated a Buy rating on Paycom (NYSE: PAYC), with a price target of $73. The company’s shares closed yesterday at $68.64, close to its 52-week high of $68.96.

According to TipRanks.com, Difucci is a top 100 analyst with an average return of 18.7% and a 74.7% success rate. Difucci covers the Technology sector, focusing on stocks such as SS&C Technologies Holdings, Activision Blizzard, and Palo Alto Networks.

Currently, the analyst consensus on Paycom is Strong Buy and the average price target is $63.71, representing a -7.2% downside.

In a report issued on May 23, Credit Suisse also reiterated a Buy rating on the stock with a $70 price target.

Based on Paycom’s latest earnings report for the quarter ending March 31, the company posted quarterly revenue of $120 million and quarterly net profit of $25.42 million. In comparison, last year the company earned revenue of $90.13 million and had a net profit of $18.36 million.

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Paycom Software, Inc. provides cloud-based human capital management software solutions delivered as Software-as-a-Service. The company provides functionality and data analytics that businesses need to manage the complete employment life cycle from recruitment to retirement. Its solutions requires virtually no customization and is based on a core system of record maintained in a single database for all HCM functions, including talent acquisition, time and labor management, payroll, talent management and human resources management applications. Paycom Software was founded by Chad R. Richison in 1998 and is headquartered in Oklahoma, OK.