** Paycom Software's stock up 23.1% at $212 and easily top S&P 500 performer on Thurs as Wall Street analysts scurry to raise their price targets after qtrly results beat expectations
** Stock on course for biggest one-day pct gain on record ** Payroll processor late Weds reported Q3 rev of $452 mln, above LSEG estimate of $447 mln
** Adj EPS in qtr of $1.67 exceeds consensus by 6 cents
** Paycom has seen a rise in interest in its Beti service, which allows for self-service payroll and automation ** Its results come after rival Automatic Data Processing
raised its 2025 rev growth forecast following recent acquisition of management services provider WorkForce Software ** At least 8 analysts hike their PTs on PAYC, including JP Morgan, Citigroup and Barclays
** Recommendation breakdown on PAYC is 1 "strong buy", 3 "buy" and 18 "hold" ratings; median PT of $185 up from $176.25 a month ago and $171.50 on Jul 31 - LSEG
** With move on the session, shares swing into positive territory by ~2.5%. S&P 500 Industrials sector up 17% and SPX up 20% in 2024
(Lance Tupper is a Reuters market analyst. The views expressed are his own) ((lance.tupper@thomsonreuters.com lance.tupper@tr.com 1-646-279-6380))
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