Paycom price target lowered to $350 from $368 at Barclays

Barclays analyst Raimo Lenschow lowered the firm’s price target on Paycom to $350 from $368 and keeps an Equal Weight rating on the shares. The analyst sees the shares “taking a breather from here” given the lower Q2 beat level and largely reiterated guidance. The main factor seems to be management’s decision to push for greater BETI adoption, which creates a revenue headwind, the analyst tells investors in a research note.