Paycor HCM Analysts Cut Their Forecasts After Q3 Results

Paycor HCM, Inc. PYCR posted better-than-expected third-quarter earnings on Wednesday.

Paycor HCM posted adjusted earnings of 21 cents per share, beating market estimates of 20 cents per share. The company's quarterly sales came in at $187.019 million versus expectations of $186.471 million, according to data from Benzinga Pro.

“We delivered another strong quarter as our differentiated HCM solution that powers people and performance continued to resonate in the market,” said Raul Villar, Jr., Chief Executive Officer of Paycor. “Recurring revenue excluding form filings grew 20% year-over-year, driven by continued success up-market while increasing Embedded HCM partnerships.”

Paycor HCM said it sees FY24 revenue of $650 million to $652 million, versus estimates of 653.898 million. The company expects fourth-quarter revenue of $160 million to $162 million versus expectations of $164.152 million.

Paycor HCM shares fell 2.4% to close at $17.50 on Wednesday.

These analysts made changes to their price targets on Paycor HCM following earnings announcement.

  • Mizuho cut the price target on Paycor HCM from $22 to $19. Mizuho analyst Siti Panigrahi maintained a Neutral rating.
  • Baird cut the price target on Paycor HCM from $36 to $27. Baird analyst Mark Marcon maintained an Outperform rating.

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