Paylocity Holding Corp

PCTY: XNAS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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Paylocity Earnings: Strong Execution Results in Impressive Quarter and Raised Full-Year Outlook

Eric Compton

May 2, 2025

Narrow-moat Paylocity reported strong fiscal third-quarter results in which the firm generated revenue and adjusted EBITDA above consensus estimates. The company’s strong year-to-date results, and expectations for a strong fourth quarter, give management confidence that full-year sales and adjusted EBITDA will now grow 13% and 13.5%, respectively, above the original guidance provided at the end of fiscal 2024 of 10.2% and 6.5%. After adjusting our model for higher top-line growth and profitability, we raise our fair value estimate to $202 per share from $200.

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Paylocity Holding Corp

Paylocity Earnings: Strong Execution Results in Impressive Quarter and Raised Full-Year Outlook

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