KeyBanc analyst Brent Bracelin maintained a Buy rating on Paycom (PAYC) yesterday and set a price target of $246. The company’s shares closed yesterday at $225.89, close to its 52-week high of $230.90.
Bracelin commented:
“We are raising estimates based on incremental confidence in the Company’s ability to maintain its industry leading growth rate and improve margins addressing small- and medium-sized business needs. We are also raising our price target to $246 from $215 and maintaining an Overweight rating.”
According to TipRanks.com, Bracelin is a top 25 analyst with an average return of 30.1% and a 76.2% success rate. Bracelin covers the Technology sector, focusing on stocks such as Tyler Technologies, Coupa Software Inc, and Salesforce.com.
Currently, the analyst consensus on Paycom is a Moderate Buy with an average price target of $216.22.
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Based on Paycom’s latest earnings release for the quarter ending March 31, the company reported a quarterly net profit of $47.23 million. In comparison, last year the company had a net profit of $41.06 million.
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Paycom Software, Inc. provides comprehensive, cloud-based human capital management (HCM) software solutions delivered as Software-as-a-Service. It provides functionality and data analytics that businesses need to manage the complete employment life cycle from recruitment to retirement.
