Paycom Software (PAYC) PT Raised to $150 at Needham & Company
Needham & Company analyst Ryan MacDonald raised the price target on Paycom Software (NYSE: PAYC) to $150.00 (from $130.00) while maintaining a Buy rating following the company's 3Q earnings report. PAYC reported another strong quarter with all key metrics coming in above consensus estimates. Revenue and EPS of $133.3mm/$0.52 came in ahead of $130.1mm/$0.49 estimate.
This broad-based beat, which has become standard operating procedure for the company, was not nearly the highlight of the earnings call as management announced PAYC is officially moving upmarket to target customers with up to 5,000 employees vs. 2,000 previously.