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Stock Alert: Paycom Software In S&P 500; Shares Hit New High

Shares of cloud-based payroll software provider, Paycom Software, Inc. (PAYC) were up 3.81% on Thursday to hit a new high of $324 followed by its entry into the S&P 500 index on Wednesday. The stock, that closed yesterday's trading at $314.85, witnessed a surge in trading volume to 3,173 K compared with the average volume of 533 K.

Paycom was added to the S&P 500, after the company's stock more than doubled in the past year with its market cap rising to about $18 billion.

In October last year, when the company reported third-quarter results, revenue had increased 31% year-over-year to $175 million. Adjusted EPS also rose 34% from the year-ago period to $0.70.

The cloud software vendor is expecting its fourth-quarter revenue to be in the range of $188.5 million to $190.5 million. This compares with the consensus estimate of $190.36 million.

Fourth-quarter earnings results are expected to be reported on February 5.

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