In this article, we discuss the 5 back-to-work stocks to buy now. If you want to read our detailed analysis of these stocks, go directly to the 10 Back-to-Work Stocks to Buy Now.
5. Paycom Software, Inc. (NYSE:PAYC)
Number of Hedge Fund Holders: 40
Paycom Software, Inc. (NYSE:PAYC) provides human capital management solutions. Labor shortages have caused havoc for many companies in the past few months and Paycom stock has gained as more firms turn to it for solutions.
Needham analyst Ryan MacDonald recently raised the price target on Paycom Software, Inc. (NYSE:PAYC) stock to $640 from $495 and kept a Buy rating on the shares, appreciating the earnings beat of the firm in the third quarter.
At the end of the third quarter of 2021, 40 hedge funds in the database of Insider Monkey held stakes worth $1.4 billion in Paycom Software, Inc. (NYSE:PAYC).
“Paycom is a cloud-based SaaS provider for human capital management. Its simple yet innovative single-instance software initially targeted small and mid-size businesses, and it is being adopted widely. The company has a highly repeatable sales process driven by more than 90% customer retention and a solid track record for selling more to existing customers while acquiring new users. We also like Paycom’s founder/CEO and his impressive track record for value-creating reinvestment. Despite the challenges created by the pandemic, revenue grew 14% in the fourth quarter and for 2020. Additionally, we believe Paycom is well-positioned to benefit from digital transformation as more corporate functions move to the cloud.”