Paycor (PYCR) a newer name that has drawn some notable insider buying recently including a more than $725K investment by the CEO on 12/3 at $29.35. This is the first open market buy in the name since going public in July where a number of insiders were also active at $23. PYCR traded well off its initial debut in July from $28 up to $38 but has since pulled back to that opening range and putting in a small base. A move back above $32 key for a shift in the bigger trend and move back at the highs. The longer-term measured move is up to $50. The $5.15B company provides SaaS HCM solutions for small and medium-sized businesses. Their core cloud-native platform focuses on payroll processing, workforce management, overtime calculations, and scheduling. PYCR also offers benefits administration. The company sees their focus on the SMB market as key to success given its been a relatively underpenetrated market overall and their easy-to-use platform can drive strong adoption and expanded use. They see their current TAM at $29B and future growth up to $37B given the growth in small-businesses and entrepreneurship in the US. The company has 99.7% recurring revenue and growing in the high-teens annually with strong margins. The key to 2022 growth is expanding sales coverage, expanding their brokerage channel, better product penetration, and new verticals tailored to specific industries. Shares trade 12.2X EV/sales with mid-teens growth and turned profitable in 2021 with accelerating EPS through 2023. Analysts have an average target for shares of $42 with a Street High $47. CSFB positive on the name noting that the ongoing employment recovery following the Covid-induced macro shock should fuel even further upside potential. Stifel positive noting that the combination of a sizable addressable market in the U.S., an easy to use and expanding suite of solutions, a strong push into larger Tier 1 markets, and the accelerating adoption of digital technologies will allow Paycor to return to mid-teens sales growth while posting increasing levels of profitability. TimeSquare Capital, Alyeska, Pictet, and Caas Capital all notable holders of the stock.