UPDATE: Barclays Initiates Paycom Software at Overweight

In a report released Monday May 12th, Barclays initiated Paycom Software, Inc.

to an Overweight rating with a target price of $21. Raimo Lenschow of Barclays anticipates much potential room for multi-year growth due to Paycom's estimated TAM of $24 Billion and their expected expansion into new regions. Also Lenschow see's Paycom's growth to be “attractively priced” compared to other companies in the industry. Paycom is currently down 2.52% to $14.15 at the last checked trade.