Paycom Software (PAYC) Soars 0.91% on Strong Revenue Growth

Paycom Software (PAYC) shares rose 0.91% today, reaching their highest level since December 2024 with an intraday gain of 1.44%.

Analysts at piper sandler have increased their price target for paycom software from $191.00 to $224.00. This upward revision in the price target is likely to boost investor confidence and contribute to a rise in the stock price.

Paycom Software reported revenues of $493.8 million for the period, reflecting a year-on-year increase of 13.6% and exceeding analysts' expectations by 2.6%. This strong revenue growth, coupled with the company's consistent performance in beating earnings estimates, has driven a positive outlook among investors.

The Zacks Consensus Estimate for Paycom Software's full-year 2025 earnings is projected at $8.72 per share, indicating potential growth and further supporting a bullish sentiment towards the stock.

Over the past year, Paycom Software's shares have gained 6%, and the company has consistently surpassed consensus estimates in the last four quarters. This consistent performance has likely reinforced a positive view of the stock among investors, contributing to its recent price appreciation.