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Paycom, Ultimate Taking Business from Paychex, ADP, Says Credit Suisse

Shares of Paycom (PAYC), and Ultimate Software (ULTI) are both lower today despite a thumbs up from Credit Suisse software analyst Michael Nemeroff, who reiterates his Buy ratings on both, after reviewing trends at competitor Paychex (PAYX), and concluding Paychex and ADP (ADP) are both ceding business to Paycom and Ultimate.

Both Paycom and Ultimate compete for running the payroll processing of corporate clients.

Paychex last Wednesday slightly beat fiscal Q4 revenue and profit expectations, but forecast results this fiscal year that, in the words of RBC Capital’s Gary Bisbee, indicated...


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