HCM & Technology Software "Weekly Payroll Pulse & Technology Tally" McVeigh

Research evidence excerpt

HCM & Technology Software "Weekly Payroll Pulse & Technology Tally" McVeigh

MON 5/18—FICO, PAYX—Quantamental Signal Ideas - Top & Bottom Ranked

Stocks—lowest-scoring stocks in US industrials and US info tech.

MON 5/18—CTSH—$2b buyback boost to $3.45b [~15% market cap]—with $2b

expected in 2026, $1b likely completed in Q2

MON 5/18—PAYX—HUB Alliance aims for Mid-Market Momentum—has entered

a partnership with HUB International to enhance its broker-led go to market strategy as

it continues to scale in the mid market

WED 5/20—TSS—Anthropic Surfaces Again in Services—broader services coverage

has had a fairly muted reaction following the announced global alliance between KPMG

and Anthropic embedding Claude directly.

WED 5/20—EFX,FICO,TRU—10T + Vantage Pilot Timeline Announced—President

Joseph Gormley and HUD’s Matt Jones announced that FHA is poised to expand its

previously announced pilot program.

WED 5/20—FICO—FICO World Key Takes—We participated in day two of FICO

World 2026 and recap our key takes.

THU 5/21—CTSH—$500m repurchase agreement [~2% market cap]—signed a ~

$500m accelerated share repurchase agreement, ~7.8m shares [~2% market cap].

Price Target Changes

ADP—price target to $228 from $218 based on a ~17.3x [from ~16.7x] 28E EPS amid

macro backdrop

ANDG—price target to $45 from $42 based on a ~16.0x [from ~14.8x] 2028E adj.

EBITDA amid M&A outlook.

ENGH—price target to C$18 from C$16 based on ~4.4x [from ~4.2x] 2028E adj.

EBITDA amid regulatory uncertainty.

PCTY—price target to $120 from $115 based on ~2.8x [from ~2.6x] 2028E adj. EBITDA

amid new product launches.

Positioning Update

UBS Quant Team compiles crowding— -30 least + 30 most crowded—based on Z-scores

of various positioning data [PB position data, 13F filings, stock loan data, and internal

data].