Paycom price target lowered to $399 from $417 at Piper Sandler

Piper Sandler lowered the firm’s price target on Paycom to $399 from $417 and keeps an Overweight rating on the shares. The company’s Q1 results "were robust across the board," delivering upside to both revenue and margins, the analyst tells investors in a research note. The firm says Paycom sustained high growth given share gains from legacy providers.