Paycom Software Inc. (NYSE: PAYC) Receives Price Target Increase at Barclays PLC

Paycom Software Inc. (NYSE: PAYC) had its price target raised by equities researchers at Barclays PLC from $51.00 to $55.00. The company currently has a rating of Overweight on the shares. A number of other analysts have commented on the company recently, and Paycom Software Inc. has earned a consensus one-year price target of $55.10, higher than the opening price of $49.89, a difference of 11.45 percent. Paycom Software Inc. stock has a 52-week high of $52.93.

U.S. stocks finished sharply lower on Tuesday as equities amid a slump in energy shares and continued uncertainty about the Federal Reserve’s plans for monetary policy.

The Dow Jones Industrial Average DJIA, -1.41% closed 258.05 points, or 1.4%, lower at 18,066.89, and was down nearly 300 points at its lowest.

The S&P 500 index SPX, -1.48% gave up 32.02 points, or 1.5%, at 2,127.02.

Meanwhile, the Nasdaq Composite Index COMP, -1.09% fell 56.63 points, or 1.1%, at 5,155.25.

Usually, after analysts publish an “initiating coverage” report on a stock, they will subsequently issue periodic updates.

Shares of Paycom Software Inc. (NYSE: PAYC) opened at $49.89 yesterday and traded in a range between, $47.18 and $50.55, and last traded at $48.13, which represents a change of $ -1.94 over the previous closing price.

Paycom Software Inc. (NYSE: PAYC) now has a market cap of 2.77B

The stocks average daily volume is 687,819 shares out of a total float 35,751,000 and some 724,895 shares crossed the trading desk yesterday, 53 percent higher than normal. Significant increases in trading volume and price appreciation together could signal heavy volume accumulation by institutional investors.

However, a single day of heavy buy side trading is not enough to assert a trend. As such, market traders will continue to watch for institutional sponsorship as a signal that financial institutions are moving forward.

Institutional sponsorship simply refers to ownership of a stock by mutual funds, banks, pension funds and other large institutions.

These instituitional investors have teams of analysts researching thousands of stocks, so it is good confirmation to see them buying a stock you’re researching.

By identifying trends, moving averages allow investors to make those trends work in their favor and increase the number of winning trades.

With that in mind Paycom Software Inc. (NYSE: PAYC) now has a 50-day MA is $50.18 and 200-day MA is $41.63, and it has traded in a 52-week range between $22.42 – 52.93 and today’s last price is -9.07 percent off the 52 week high of $52.93.

Indeed, earnings growth is among the most important things to look in regards to stock investing and, accordingly, investors seek companies who have been successful at growing their earnings by at least 25 percent over a 3 year period.

DISCLOSURE: The views and opinions expressed in this article are those of the authors, and do not represent the views of BNB Daily News. Readers should not consider statements made by the author as formal recommendations and should consult their financial adviser before making any investment decisions. To read our full disclosure, please see our terms and conditions page.

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