Shares of Paycom Software (PAYC -2.19%), a software-as-a-service provider of payroll and human resources solutions, jumped on Thursday. The stock rose as much as 13.9%, but shares were up about 9.5% by the time the market closed.
The stock's gain was likely primarily driven by bullishness in the overall market on Thursday, as well as a sharp jump in the stock prices of many growth stocks like Paycom.
Showing how well the overall market performed on Thursday, the S&P 500 index was up 1.4% at the time of this writing.
Though Paycom shares are significantly below a high of $342 in February, they have notably been climbing sharply in April. Month to date, shares of Paycom are up 18.4%. So, Thursday's gain likely reflects a continued rebound in the share price.
In March, during the heat of the coronavirus bear market, Paycom management announced an increase to its share repurchase program. The move highlighted management's confidence in Paycom's ability to navigate a challenging macroeconomic environment.
Management noted that it remained focused on organic growth while still being able to reinvest in its business and generate cash flow, giving management the "opportunity to return value to our stockholders opportunistically through stock buybacks."