Paycom Software Analysts Lower Their Forecasts After Downbeat Sales
Portfolio Pulse from Lisa Levin
Paycom Software, Inc. (NYSE:PAYC) reported lower-than-expected Q3 sales and issued FY23 revenue guidance below estimates. Despite beating earnings per share estimates, the company's shares dipped 38.2% in pre-market trading. Several analysts, including those from Piper Sandler, Deutsche Bank, Oppenheimer, Keybanc, and Needham, downgraded the stock and lowered their price targets.
November 01, 2023 | 12:20 pm
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Paycom Software's lower-than-expected Q3 sales and downbeat FY23 revenue guidance led to a significant drop in its stock price. The company also faced multiple downgrades and lowered price targets from analysts.
Paycom Software's lower-than-expected Q3 sales and downbeat FY23 revenue guidance are negative indicators for the company's financial performance. This has led to a significant drop in its stock price and multiple downgrades from analysts, indicating a bearish outlook for the stock in the short term.
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