Why Paycom Software Stock Jumped 30.9% in November
Shares of Paycom Software (NYSE: PAYC) popped 30.9% in November, according to data from S&P Global Market Intelligence, as Wall Street digested the online payroll and HR technology company's latest quarterly results.
That said, Paycom shares climbed only modestly in the days following its third-quarter 2019 release on Oct. 29, when it detailed a 31% increase in revenue to $175 million -- well above guidance provided in July for a range of $170 million to $172 million -- and 34% growth in adjusted net income to $41.1 million, or $0.70 per share. At the time, Paycom founder and CEO Chad Richison called it "a particularly strong quarter with robust new client additions and strong demand" for its core HCM solutions.
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