Paycom Software is widely considered to be the first fully online payroll service provider. The company offers a variety of cloud-based human capital management solutions. Paycom’s expanding set of services may eventually become critical for its customers’ operations and create stickiness as a result. Paycom is ranked as one of the fastest-growing companies in the US. It is poised to benefit from a shift to the cloud and greater digitization of human resource functions. The long-term growth prospects of Paycom look bright, and if you are about to buy tech stocks right now, then a deeper dive into Paycom could be worth the effort. Paycom is headed by Chad Richison and is based out of Oklahoma City in the US.
Paycom’s History and Background Information
The current CEO of Paycom, Chad Richison, founded the business as recently as 1998. Chad had formerly worked in the payroll processing industry and saw significant potential in an online payroll service. Paycom initially began as an online payroll service provider. Within a short period of time, the company expanded further into human resource management. The company grew further for a decade and added services like E-Verify, expense management, onboarding, and document storage. Paycom eventually went public in 2014. It is listed on the New York Stock Exchange under the ticker symbol PAYC. The company has recently been expanding its headquarters, and it now occupies 500,000 square feet across four buildings. Paycom has received numerous awards and is regarded as one of the best-managed companies in America. If you are looking for technology stocks to buy right now, then Paycom is one company that should be analyzed more.
Paycom’s stock was trading around $391 on 26th July 2021. It was up 4.7% over the preceding month but down 8.5% year-to-date. The stock had risen a staggering 180% from April 2020 to December 2020 before trending down by 15% in the first half of 2021.