Paycom price target lowered to $427 from $443 at Baird

Baird analyst Mark Marcon lowered the firm’s price target on Paycom to $427 from $443 and keeps an Outperform rating on the shares. The firm said they delivered very solid results by normal standards, but the stock sold off after running up for the last month, as ex float revenue decelerated and ex float gross margins compressed slightly, reflecting a focus on Beti conversions and investments in future growth initiatives that will enable share gains in the enterprise market.