Paylocity Holding Corp

PCTY: XNAS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$858.00	Kspgpkv	Pfbvjvdlpk

Paylocity Continues on Impressive Growth Trajectory Despite Economic Headwinds; FVE Up 5% to $210

Emma Williams , Ava Gams

Feb 3, 2023

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.

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