Paycom Software, Inc.’s Chief Financial Officer, Craig E. Boelte, has sold a significant portion of his company stock. The transactions took place on August 12 and involved the sale of 11,882 shares at a weighted average price of $155.98.
This totaled approximately $1.85 million. The sales were executed in multiple transactions with prices ranging from $155.74 to $156.63. Boelte has agreed to provide full details regarding the number of shares sold at each price upon request.
Following the sale, Boelte’s remaining stake in the company includes both vested and unvested shares. He still owns 294,849 shares of Paycom Software, which includes 9,445 unvested restricted stock units and 33,000 unvested shares of restricted stock.
Stock sale insights from Paycom CFO
Paycom, headquartered in Oklahoma City, specializes in providing cloud-based human capital management software solutions. As a key executive of the company, Boelte’s stock transactions are closely watched by investors for insights into executive confidence and potential future performance of the company’s stock. In other recent news, Paycom Software has demonstrated robust financial performance and strategic direction.
The company reported a 9% increase in Q2 2024 revenue, reaching $438 million, alongside a GAAP net income of $68 million and an adjusted EBITDA of nearly $160 million, reflecting a margin of 36.5%. Despite stronger-than-expected sales, Paycom revised its FY24 revenue guidance downward by 40 basis points, introducing some uncertainty about future performance. TD Cowen and BMO Capital maintained their Hold and Market Perform ratings on Paycom respectively but increased their price targets, following the company’s financial performance and strategic actions.
Paycom also announced a substantial $1.5 billion share repurchase program, which is expected to stabilize its stock price. These recent developments underscore Paycom’s focus on growth and automation, with positive reception for their automation tools, Beti and GONE.
