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Paylocity Holding Corp PCTY

Rating as of

Morningstar’s Analysis

Valuation
Currency in USD
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1-Star Price

PREMIUM

5-Star Price

PREMIUM

Economic Moat

PREMIUM

Capital Allocation

PREMIUM

Transferring Coverage of Paylocity, Narrow Moat, Stable Trend and $212 FVE Maintained

Emma Williams Equity Analyst

Analyst Note

| Emma Williams |

We maintain our $212 fair value estimate for Paylocity following a transfer of coverage. While dominant legacy payroll providers have invested heavily over the past decade to remain competitive on functionality, Paylocity has capitalized on their shortfalls to capture share through the appeal of its cloud based, unified, and user-friendly platform. We expect the company is well placed to capture further share of the expansive and growing payroll and human capital management market aided by industry consolidation and a greater uptake of outsourced solutions.

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Company Profile

Business Description

Paylocity is a provider of payroll and human capital management, or HCM, solutions servicing small and midsize clients in the United States. The company was founded in 1997 and targets businesses with 10 to 1,000 employees and services about 28,750 clients as of fiscal 2021. Alongside core payroll services, Paylocity offers HCM solutions such as time and attendance and recruiting software, as well workplace collaboration and communication tools.

Contact
1400 American Lane
Schaumburg, IL, 60173
T +1 847 463-3200
Sector Technology
Industry Software - Application
Most Recent Earnings Sep 30, 2021
Fiscal Year End Jun 30, 2022
Stock Type Aggressive Growth
Employees 4,150