Paycom Software (NYSE: PAYC) is a leading provider of human capital management (HCM) software and has been putting up impressive growth lately. The company's cloud-based Beti platform provides a suite of human resources and payroll management tools that have been resonating with business customers, helping the business grow sales 28% year over year and net income 30% in the first quarter.

But even with impressive sales and earnings momentum, Paycom stock has gained just 5% amid this year's broader rebound for tech stocks and continues to trade down 41% from its high. What comes next for the cloud software specialist? Read on for a look at bullish and bearish catalysts that investors should consider before going all in on the stock.

Paycom posted net income of $119 million on revenue of $452 million in the first quarter, working out to a 26% margin. On a non-GAAP (adjusted) basis, the software specialist recorded $143 million -- representing a roughly 32% adjusted net income margin. 

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Source Fool.com