Shares of Paycom Software (PAYC) were exchanging hands at $127.14 after gaining $20.89, or 19.66% at $127.14 at 1:30 PM on Wednesday, in the wake of better-than-expected quarterly results for the three months ended June 30, 2018.

The US human capital management software company announced its second-quarter financial results on Tuesday, with revenue and earnings jumping 31% and 69%, respectively.

Paycom also lifted its full-year adjusted earnings outlook by $18 million and boasted its full-year net sales outlook by $9 million.

Several analysts have reported their target for the stock, saying its might hit $130 high, while the low price target and average price target is $95 and $115.94, respectively. The stock has climbed 32% since the beginning of the year.

PAYC Earnings & Outlook

Earnings in the June quarter jumped 46% to $53.5 million before interest, taxes, depreciation and amortization, compared to $36.6 million in the year-ago quarter. Adjusted earnings grew 126% to $0.59 per share from the same period in the previous year.

Revenue soared 31% to $128.8 million from $98.2 million in the second quarter of last year. Analysts had expected the company to report adjusted earnings per share of $0.48 on revenue of $124.3 million.

For the current quarter, the company hopes to report revenue of $130 million and earnings of $46.6 million. Analysts expect it to post revenue of $127.4 million and earnings of $45.4 million.

Paycom CEO Comments

“Paycom continued its momentum, driving strong revenue and profits while also returning solid value to our stockholders with the repurchase of more than 400,000 shares in the second quarter. We expanded our sales reach by opening two new offices and also completed construction of a fourth building at our campus headquarters in Oklahoma City,” said Chad Richison founder and Chief Executive Officer of Paycom.