Paylocity Holding Corp
PCTY: XNAS (USA)
Morningstar Rating for Stocks | Fair Value | Economic Moat | Capital Allocation |
---|---|---|---|
$339.00 | Tvsdt | Dwkxjdmm |
Paylocity Continues on Impressive Growth Trajectory Despite Economic Headwinds; FVE Up 5% to $210
Despite macroeconomic uncertainty, narrow-moat Paylocity continued to clock impressive growth and capture greater share of the human capital management software market during the second quarter. We’ve lifted our full-year fiscal 2023 revenue and operating margins slightly due to ongoing benefits from rising interest rates, but our longer-term forecasts are unchanged. We raise our fair value estimate 5% to $210 due to time value of money. At present shares are trading about in line with our valuation.