Paycom Software, Inc. PAYC reported worse-than-expected third-quarter sales results and issued FY23 revenue guidance below estimates.
Quarterly earnings came in at $1.77 per share, which beat the analyst consensus estimate of $1.61, a 39.37% increase over earnings of $1.27 per share from last year. The company reported quarterly sales of $406.30 million, which missed the analyst consensus estimate of $411.18 million, a 21.59% increase over sales of $334.17 million in the same period last year.
Paycom Software shares dipped 38.2% to $151.30 in pre-market trading.
These analysts made changes to their price targets on Paycom Software following earnings announcement.
- Piper Sandler slashed the price target on Paycom Software from $399 to $185. Piper Sandler analyst Arvind Ramnani downgraded the stock from Overweight to Neutral.
- Deutsche Bank cut the price target on Paycom Software from $400 to $175. Deutsche Bank analyst Brad Zelnick downgraded the stock from Buy to Hold.
- Oppenheimer analyst Brian Schwartz, meanwhile, downgraded Paycom Software from Outperform to Perform.
- Keybanc analyst Jason Celino downgraded the stock from Overweight to Sector Weight.
- Needham analyst Joshua Reilly downgraded Paycom from Buy to Hold.
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