Why Paycom Stock Jumped 21% on Thursday to Lead S&P 500 Gainers

Investopedia

01 Nov 2024

Key Takeaways

Shares of payroll and HR software provider Paycom Software surged 21% on Thursday, posting the biggest gain in the S&P 500.
Paycom exceeded third-quarter sales and profit estimates as the strong labor market boosted demand for the company's workforce management services.
With Thursday's gain, Paycom shares moved back into positive territory for 2024.

Paycom Software (PAYC) shares skyrocketed 21% on Thursday, posting the top daily performance in the S&P 500, after the payroll and human resources software firm reported better-than-expected sales and profits for the third quarter.

Strength in the jobs market, with a cooldown in inflation, is underpinning a steady pace of hiring and has helped boost demand for Paycom's employee management solutions.

Paycom reported robust sales growth in the third quarter, with total revenue jumping 11.2% year-over-year. Recurring revenue was up 11.6% for Paycom, accounting for 98.5% of Paycom's total revenue. This is highly desirable for software and service providers like Paycom because it represents a stable stream of expected sales.

Paycom stock struggled for the first half of 2024, reaching summer lows beneath $140 per share. However, the trend has been more positive since mid-July, and with Thursday's surge shares moved back above $200 and into positive territory for the year.

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Recurring revenue was up 11.6% for Paycom, accounting for 98.5% of Paycom's total revenue. This is highly desirable for software and service providers like Paycom because it represents a stable stream of expected sales.\n\n\n Paycom stock struggled for the first half of 2024, reaching summer lows beneath $140 per share. However, the trend has been more positive since mid-July, and with Thursday's surge shares moved back above $200 and into positive territory for the year.\n\n\n \n\n\n\n\n\n \n TradingView\n\nDo you have a news tip for Investopedia reporters? Please email us at\ntips@investopedia.com","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1}}}