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Why Paycom Software Is Rising Today

TheMotleyFool

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Why Paycom Software Is Rising TodayPhoto, wide shot, wide-angle lens, Artificial intelligence developer, sunset photo at golden hour, photo by Art Wolfe: https://img.theapi.app/temp/12e2798a-1095-4653-8f49-2a7aee633b4e.png

Paycom Software (NYSE: PAYC), a software-as-a-service provider focused on payroll and other human resources needs, is up 12% as of 3:30 p.m. EDT on Friday. The jump is likely linked to the huge rise in stocks today -- the S&P 500, Dow Jones Industrial, and Nasdaq are all up about 4% today -- but the company also announced that it has upsized its stock buyback program.

Paycom announced yesterday that its board has increased and extended its stock repurchase plan.

The company stated that it now has the green light to buy back up to $250 million of its common stock on the open market between March 13, 2020, and March 12, 2022.

Source Fool.com

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