Paycom price target lowered to $270 from $427 at Baird

Baird analyst Mark Marcon lowered the firm’s price target on Paycom to $270 from $427 and keeps an Outperform rating on the shares. The firm said the posted a surprising miss and materially lowered guidance with the primary culoprits being the ongoing transition with the CRR group on focusing on Beti, reduced corrective payroll runs/filings due to Beti being effective, and less onboarding/preemployment checks as hiring within the base slowed.