By Sam Boughedda
Investing.com — Paycom Soft (NYSE:PAYC) shares are down over 7% Wednesday, despite the company reporting earnings and revenue above expectations and analysts increasing their price targets on the stock.
The online payroll and human resource technology provider reported an EPS of 92 cents, above the 90 cents EPS consensus and revenue of $256.2 million, again a beat on the $250.1 million anticipated.
In reaction to the earnings, various analysts raised their price targets on the stock.
Needham analyst Ryan MacDonald raised the firm's price target on Paycom to $650 from $495, keeping a buy rating.
Oppenheimer's Ray McDonough increased Paycom's price target to $595 from $500, maintaining an outperform rating on the shares.
Barclays analyst Raimo Lenschow boosted Paycom's price target to $565 from $476 while maintaining an equal weight rating.
Wolfe Research's Alex Zukinkept has an outperform rating on the stock but increased its price target to $550 from $450.
And Piper Sandler analyst Arvind Ramnani increased the price target on Paycom Software to $622 from $472 while maintaining an overweight rating.
Despite the raises, Paycom shares moved in the opposite direction on Wednesday, falling over 7.6%, to $511.15. The stock initially hit a low of $502.94 earlier in the session.