UPDATE: Pacific Crest Initiates Paycom Software at Outperform

In a report released Monday May 12th, Pacific Crest Securities initiated Paycom Software, Inc.

with an Outperform rating and $18 price target. Brendan Barnicle of Pacific Crest Securities states that due to Paycom's unique “comprehensive view of HR data” to its customers, they hold a competitive advantage over other competitors in the cloud based payroll and human resource applications industry, which is displayed through their industry leading profitability. It is estimated that Paycom has a $26 Billion TAM overall which bodes well for them to have high growth and profitability in the future. Paycom traded down 2.48% to $14.15 in Monday's trading.