Plus   Neg

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.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
Tesla said it will produce ventilators at its Gigafactory in Buffalo, New York to support the city's hospitals amid the coronavirus pandemic. New York is the worst affected state in the U.S. Last Saturday, Musk tweeted that he "had a long engineering discussion with Medtronic about state-of-the-art ventilators. Luxury fashion house Ralph Lauren will donate $10 million to help fight the coronavirus pandemic and manufacture face masks as well as medical gowns in the U.S. The company's charity arm, the Ralph Lauren Corporate Foundation, said in a statement that it is committing $10 million towards the global response to the COVID-19 pandemic. General Motors Co. is delaying work on new vehicle models and is cutting pay for its executives as part of efforts to conserve cash amid the coronavirus or Covid-19 pandemic. The automotive giant also extended the shutdown of North American plants indefinitely. Multiple reports cited an internal memo that salaried workforce will have 20 percent of pay deferred starting April 1.
Follow RTT