Paylocity Holding Corp

PCTY: XNAS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$745.00	Vrkwxb	Vwlhmfyt

Paylocity Earnings: Firm Posts Stellar Result Amid Macro Challenges

Emma Williams

Aug 4, 2023

Narrow-moat Paylocity rounded out fiscal 2023 with strong fourth-quarter results that tracked our top line growth and profitability expectations. Despite macroeconomic headwinds, the firm continues to clock impressive growth and take share of the expansive payroll and HCM software market. Following the result, we maintain our longer-term assumptions, however, we raise our fair value estimate to $215 from $210 due to time value of money. At current prices, we view Paylocity shares as fairly valued.

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