Paycom Software saw its IBD SmartSelect Composite Rating rise to 96 Wednesday, up from 94 the day before.
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The upgrade means the stock is now outpacing 96% of all other stocks in terms of key performance metrics and technical strength. History shows the top market performers tend to have a 95 or higher score as they launch their major moves.
Paycom Software is currently extended beyond a proper buy zone after breaking out from a 242.74 buy point in a consolidation.
The stock sports a 92 EPS Rating, which means its recent quarterly and annual earnings growth is outpacing 92% of all stocks.
Its Accumulation/Distribution Rating of B shows moderate buying by institutional investors over the last 13 weeks.
The company reported an 8% increase in earnings for Q1. Revenue growth came in at 6%, down from 14% in the prior quarter.
Paycom Software holds the No. 6 rank among its peers in the Computer Software-Enterprise industry group. Palantir Technologies, Cloudflare and ServiceNow are among the top 5 highly-rated stocks within the group.
This article was created automatically with Stats Perform's Wordsmith software using data and article templates supplied by Investor's Business Daily. An IBD journalist may have edited the article.
