Paycom Software (PAYC) Stock Sliding After Pricing Secondary Offering

NEW YORK (TheStreet) -- Shares of Paycom Software (PAYC) were sliding, down 9.98% to $35.32 in late morning trading Friday after the company priced its secondary offering of common stock.

The cloud-based human capital management software provider announced that it priced 8 million shares of its common stock by certain selling stockholders at $36.25 a share.

Barclays will act as the underwriter, and Paycom will not receive any proceeds from the offering.

Oklahoma City-based Paycom is a human capital management provider with cloud-based software solution, based on a core system of record maintained in a single database for all human capital management functions.

PAYC ChartPAYC data by YCharts

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