Intrinsic value of Paylocity Holding - PCTY

Previous Close

$49.74

  Intrinsic Value

$86.75

stock screener

  Rating & Target

str. buy

+74%

Previous close

$49.74

 
Intrinsic value

$86.75

 
Up/down potential

+74%

 
Rating

str. buy

*Intrinsic value change (in %) minus stock price change (in %) in the past 12 months.

We calculate the intrinsic value of PCTY stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Shares outstanding, mln

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2017(a)
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042
   2043
   2044
   2045
   2046
   2047

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  29.87
  26.20
  24.08
  22.17
  20.45
  18.91
  17.52
  16.27
  15.14
  14.13
  13.21
  12.39
  11.65
  10.99
  10.39
  9.85
  9.36
  8.93
  8.54
  8.18
  7.86
  7.58
  7.32
  7.09
  6.88
  6.69
  6.52
  6.37
  6.23
  6.11
  6.00
Revenue, $m
  300
  379
  470
  574
  691
  822
  966
  1,123
  1,293
  1,476
  1,671
  1,878
  2,097
  2,327
  2,569
  2,822
  3,086
  3,362
  3,649
  3,947
  4,258
  4,580
  4,916
  5,264
  5,626
  6,003
  6,394
  6,802
  7,225
  7,667
  8,127
Variable operating expenses, $m
 
  324
  402
  491
  592
  703
  827
  961
  1,106
  1,263
  1,429
  1,606
  1,793
  1,990
  2,197
  2,413
  2,639
  2,874
  3,120
  3,375
  3,640
  3,916
  4,203
  4,501
  4,810
  5,132
  5,467
  5,815
  6,178
  6,555
  6,948
Fixed operating expenses, $m
 
  38
  39
  40
  41
  42
  43
  44
  45
  46
  47
  49
  50
  51
  52
  54
  55
  56
  58
  59
  61
  62
  64
  65
  67
  69
  70
  72
  74
  76
  78
Total operating expenses, $m
  293
  362
  441
  531
  633
  745
  870
  1,005
  1,151
  1,309
  1,476
  1,655
  1,843
  2,041
  2,249
  2,467
  2,694
  2,930
  3,178
  3,434
  3,701
  3,978
  4,267
  4,566
  4,877
  5,201
  5,537
  5,887
  6,252
  6,631
  7,026
Operating income, $m
  7
  16
  29
  43
  59
  77
  97
  118
  142
  167
  194
  224
  254
  286
  320
  356
  393
  431
  471
  513
  557
  602
  649
  698
  749
  802
  857
  914
  974
  1,036
  1,101
EBITDA, $m
  28
  32
  47
  66
  86
  109
  134
  162
  192
  225
  259
  296
  335
  376
  419
  465
  512
  561
  612
  666
  721
  779
  839
  901
  966
  1,034
  1,104
  1,177
  1,253
  1,332
  1,414
Interest expense (income), $m
  0
  0
  7
  16
  28
  40
  55
  70
  87
  106
  126
  147
  169
  193
  218
  244
  272
  301
  331
  362
  394
  428
  463
  499
  537
  577
  617
  660
  704
  750
  798
Earnings before tax, $m
  7
  16
  22
  26
  31
  36
  42
  48
  54
  61
  69
  77
  85
  93
  102
  111
  121
  131
  141
  151
  163
  174
  186
  199
  212
  225
  239
  254
  270
  286
  303
Tax expense, $m
  0
  4
  6
  7
  8
  10
  11
  13
  15
  17
  19
  21
  23
  25
  28
  30
  33
  35
  38
  41
  44
  47
  50
  54
  57
  61
  65
  69
  73
  77
  82
Net income, $m
  7
  12
  16
  19
  23
  26
  31
  35
  40
  45
  50
  56
  62
  68
  75
  81
  88
  95
  103
  111
  119
  127
  136
  145
  155
  164
  175
  186
  197
  209
  221

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  103
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  1,137
  1,306
  1,620
  1,979
  2,384
  2,835
  3,331
  3,873
  4,459
  5,089
  5,762
  6,476
  7,231
  8,025
  8,859
  9,731
  10,643
  11,593
  12,582
  13,612
  14,682
  15,795
  16,951
  18,152
  19,401
  20,699
  22,049
  23,453
  24,915
  26,437
  28,023
Adjusted assets (=assets-cash), $m
  1,034
  1,306
  1,620
  1,979
  2,384
  2,835
  3,331
  3,873
  4,459
  5,089
  5,762
  6,476
  7,231
  8,025
  8,859
  9,731
  10,643
  11,593
  12,582
  13,612
  14,682
  15,795
  16,951
  18,152
  19,401
  20,699
  22,049
  23,453
  24,915
  26,437
  28,023
Revenue / Adjusted assets
  0.290
  0.290
  0.290
  0.290
  0.290
  0.290
  0.290
  0.290
  0.290
  0.290
  0.290
  0.290
  0.290
  0.290
  0.290
  0.290
  0.290
  0.290
  0.290
  0.290
  0.290
  0.290
  0.290
  0.290
  0.290
  0.290
  0.290
  0.290
  0.290
  0.290
  0.290
Average production assets, $m
  58
  73
  91
  111
  133
  159
  186
  217
  250
  285
  322
  362
  405
  449
  496
  545
  596
  649
  704
  762
  822
  884
  949
  1,016
  1,086
  1,159
  1,234
  1,313
  1,395
  1,480
  1,568
Working capital, $m
  88
  -19
  -23
  -29
  -35
  -41
  -48
  -56
  -65
  -74
  -84
  -94
  -105
  -116
  -128
  -141
  -154
  -168
  -182
  -197
  -213
  -229
  -246
  -263
  -281
  -300
  -320
  -340
  -361
  -383
  -406
Total debt, $m
  0
  186
  469
  792
  1,156
  1,562
  2,009
  2,497
  3,025
  3,591
  4,197
  4,839
  5,518
  6,233
  6,984
  7,769
  8,589
  9,444
  10,335
  11,262
  12,225
  13,226
  14,267
  15,348
  16,472
  17,640
  18,855
  20,119
  21,435
  22,805
  24,232
Total liabilities, $m
  990
  1,175
  1,458
  1,781
  2,145
  2,551
  2,998
  3,486
  4,014
  4,580
  5,186
  5,828
  6,507
  7,222
  7,973
  8,758
  9,578
  10,433
  11,324
  12,251
  13,214
  14,215
  15,256
  16,337
  17,461
  18,629
  19,844
  21,108
  22,424
  23,794
  25,221
Total equity, $m
  148
  131
  162
  198
  238
  283
  333
  387
  446
  509
  576
  648
  723
  802
  886
  973
  1,064
  1,159
  1,258
  1,361
  1,468
  1,579
  1,695
  1,815
  1,940
  2,070
  2,205
  2,345
  2,492
  2,644
  2,802
Total liabilities and equity, $m
  1,138
  1,306
  1,620
  1,979
  2,383
  2,834
  3,331
  3,873
  4,460
  5,089
  5,762
  6,476
  7,230
  8,024
  8,859
  9,731
  10,642
  11,592
  12,582
  13,612
  14,682
  15,794
  16,951
  18,152
  19,401
  20,699
  22,049
  23,453
  24,916
  26,438
  28,023
Debt-to-equity ratio
  0.000
  1.420
  2.890
  4.000
  4.850
  5.510
  6.030
  6.450
  6.780
  7.060
  7.280
  7.470
  7.630
  7.770
  7.880
  7.980
  8.070
  8.150
  8.210
  8.270
  8.330
  8.370
  8.420
  8.460
  8.490
  8.520
  8.550
  8.580
  8.600
  8.630
  8.650
Adjusted equity ratio
  0.044
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  7
  12
  16
  19
  23
  26
  31
  35
  40
  45
  50
  56
  62
  68
  75
  81
  88
  95
  103
  111
  119
  127
  136
  145
  155
  164
  175
  186
  197
  209
  221
Depreciation, amort., depletion, $m
  21
  15
  19
  23
  27
  32
  38
  44
  51
  58
  65
  72
  81
  90
  99
  109
  119
  130
  141
  152
  164
  177
  190
  203
  217
  232
  247
  263
  279
  296
  314
Funds from operations, $m
  66
  27
  35
  42
  50
  59
  68
  79
  90
  102
  115
  129
  143
  158
  174
  190
  207
  225
  244
  263
  283
  304
  326
  348
  372
  396
  422
  448
  476
  505
  535
Change in working capital, $m
  4
  -4
  -5
  -5
  -6
  -7
  -7
  -8
  -9
  -9
  -10
  -10
  -11
  -12
  -12
  -13
  -13
  -14
  -14
  -15
  -16
  -16
  -17
  -17
  -18
  -19
  -20
  -20
  -21
  -22
  -23
Cash from operations, $m
  62
  31
  39
  47
  56
  65
  76
  87
  99
  111
  125
  139
  154
  169
  186
  203
  220
  239
  258
  278
  299
  320
  342
  366
  390
  415
  441
  468
  497
  527
  558
Maintenance CAPEX, $m
  0
  -12
  -15
  -18
  -22
  -27
  -32
  -37
  -43
  -50
  -57
  -64
  -72
  -81
  -90
  -99
  -109
  -119
  -130
  -141
  -152
  -164
  -177
  -190
  -203
  -217
  -232
  -247
  -263
  -279
  -296
New CAPEX, $m
  -35
  -15
  -18
  -20
  -23
  -25
  -28
  -30
  -33
  -35
  -38
  -40
  -42
  -44
  -47
  -49
  -51
  -53
  -55
  -58
  -60
  -62
  -65
  -67
  -70
  -73
  -76
  -79
  -82
  -85
  -89
Cash from investing activities, $m
  259
  -27
  -33
  -38
  -45
  -52
  -60
  -67
  -76
  -85
  -95
  -104
  -114
  -125
  -137
  -148
  -160
  -172
  -185
  -199
  -212
  -226
  -242
  -257
  -273
  -290
  -308
  -326
  -345
  -364
  -385
Free cash flow, $m
  321
  4
  7
  9
  11
  13
  16
  19
  23
  26
  30
  35
  39
  44
  49
  55
  61
  67
  73
  79
  86
  93
  101
  109
  117
  125
  134
  143
  153
  163
  173
Issuance/(repayment) of debt, $m
  0
  186
  283
  323
  364
  406
  447
  488
  528
  567
  605
  643
  679
  715
  750
  785
  820
  855
  891
  927
  963
  1,001
  1,041
  1,081
  1,124
  1,168
  1,215
  1,264
  1,316
  1,370
  1,427
Issuance/(repurchase) of shares, $m
  0
  74
  15
  17
  18
  19
  19
  19
  19
  18
  17
  15
  13
  11
  9
  6
  3
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  -304
  260
  298
  340
  382
  425
  466
  507
  547
  585
  622
  658
  692
  726
  759
  791
  823
  855
  891
  927
  963
  1,001
  1,041
  1,081
  1,124
  1,168
  1,215
  1,264
  1,316
  1,370
  1,427
Total cash flow (excl. dividends), $m
  17
  264
  305
  349
  393
  438
  482
  526
  569
  611
  653
  692
  732
  770
  808
  846
  884
  922
  963
  1,006
  1,050
  1,095
  1,141
  1,190
  1,241
  1,293
  1,349
  1,407
  1,468
  1,532
  1,600
Retained Cash Flow (-), $m
  -28
  -86
  -31
  -36
  -40
  -45
  -50
  -54
  -59
  -63
  -67
  -71
  -75
  -79
  -83
  -87
  -91
  -95
  -99
  -103
  -107
  -111
  -116
  -120
  -125
  -130
  -135
  -140
  -146
  -152
  -159
Prev. year cash balance distribution, $m
 
  103
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash available for distribution, $m
 
  281
  274
  313
  353
  393
  432
  472
  511
  548
  585
  621
  656
  691
  725
  759
  793
  827
  864
  903
  943
  983
  1,026
  1,070
  1,116
  1,164
  1,214
  1,267
  1,322
  1,380
  1,442
Discount rate, %
 
  4.30
  4.52
  4.74
  4.98
  5.23
  5.49
  5.76
  6.05
  6.35
  6.67
  7.00
  7.35
  7.72
  8.11
  8.51
  8.94
  9.39
  9.86
  10.35
  10.87
  11.41
  11.98
  12.58
  13.21
  13.87
  14.56
  15.29
  16.05
  16.86
  17.70
PV of cash for distribution, $m
 
  270
  251
  272
  290
  304
  314
  319
  319
  315
  307
  295
  280
  263
  243
  223
  201
  180
  159
  139
  120
  102
  85
  70
  57
  45
  35
  27
  20
  15
  11
Current shareholders' claim on cash, %
  100
  85.9
  84.9
  84.1
  83.3
  82.7
  82.1
  81.7
  81.3
  80.9
  80.7
  80.5
  80.3
  80.2
  80.1
  80.0
  80.0
  80.0
  80.0
  80.0
  80.0
  80.0
  80.0
  80.0
  80.0
  80.0
  80.0
  80.0
  80.0
  80.0
  80.0

Paylocity Holding Corporation is a cloud-based provider of payroll and human capital management (HCM), software solutions for medium-sized organizations. The Company's services are provided in a software-as-a-service delivery model utilizing its cloud-based platform. The cloud-based platform provides a suite of applications using a multi-tenant architecture. The cloud-based platform features a suite of unified payroll and HCM applications. The Company, through cloud-based platform, offers various products, which include Paylocity Web Pay, Paylocity HR, Paylocity Affordable Care Act Enhanced, Paylocity Impressions, Performance Management, Self-Service HR Portals, Paylocity Recruiting, Paylocity Web Time, Paylocity Web Onboarding, and Paylocity Web Benefits and Paylocity Enterprise Benefits, Powered by bswift. The multi-tenant software platform is configurable and includes a unified suite of payroll and HCM applications, such as time and labor tracking, benefits and talent management.

FINANCIAL RATIOS  of  Paylocity Holding (PCTY)

Valuation Ratios
P/E Ratio 367.6
Price to Sales 8.6
Price to Book 17.4
Price to Tangible Book
Price to Cash Flow 41.5
Price to Free Cash Flow 95.3
Growth Rates
Sales Growth Rate 29.9%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 45.8%
Cap. Spend. - 3 Yr. Gr. Rate 26%
Financial Strength
Quick Ratio NaN
Current Ratio 1
LT Debt to Equity 0%
Total Debt to Equity 0%
Interest Coverage 0
Management Effectiveness
Return On Assets 0.6%
Ret/ On Assets - 3 Yr. Avg. -0.7%
Return On Total Capital 5.2%
Ret/ On T. Cap. - 3 Yr. Avg. -4.1%
Return On Equity 5.2%
Return On Equity - 3 Yr. Avg. -4.1%
Asset Turnover 0.2
Profitability Ratios
Gross Margin 58.7%
Gross Margin - 3 Yr. Avg. 56.6%
EBITDA Margin 9.3%
EBITDA Margin - 3 Yr. Avg. 3.5%
Operating Margin 2.3%
Oper. Margin - 3 Yr. Avg. -2.7%
Pre-Tax Margin 2.3%
Pre-Tax Margin - 3 Yr. Avg. -2.8%
Net Profit Margin 2.3%
Net Profit Margin - 3 Yr. Avg. -2.8%
Effective Tax Rate 0%
Eff/ Tax Rate - 3 Yr. Avg. 0%
Payout Ratio 0%

PCTY stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the PCTY stock intrinsic value calculation we used $300 million for the last fiscal year's total revenue generated by Paylocity Holding. The default revenue input number comes from 2017 income statement of Paylocity Holding. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our PCTY stock valuation model: a) initial revenue growth rate of 26.2% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 4.3%, whose default value for PCTY is calculated based on our internal credit rating of Paylocity Holding, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of Paylocity Holding.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of PCTY stock the variable cost ratio is equal to 85.7%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $37 million in the base year in the intrinsic value calculation for PCTY stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 3.5% for Paylocity Holding.

Corporate tax rate of 27% is the nominal tax rate for Paylocity Holding. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the PCTY stock is equal to 0%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for PCTY are equal to 19.3%.

Life of production assets of 3 years is the average useful life of capital assets used in Paylocity Holding operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for PCTY is equal to -5%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $148 million for Paylocity Holding - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 52.163 million for Paylocity Holding is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of Paylocity Holding at the current share price and the inputted number of shares is $2.6 billion.

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COMPANY NEWS

▶ Paylocity Shows Improved Relative Price Performance; Still Shy Of Benchmark   [Jan-12-18 03:00AM  Investor's Business Daily]
▶ Paylocity to Attend the Needham Growth Conference   [Jan-08-18 04:05PM  GlobeNewswire]
▶ Paylocity Trying To Close In On Key Technical Benchmark   [Dec-12-17 03:00AM  Investor's Business Daily]
▶ Stocks With Rising Relative Price Strength: Paylocity   [03:00AM  Investor's Business Daily]
▶ Uptrend in Paylocity Gets a Boost   [Nov-06-17 01:22PM  TheStreet.com]
▶ Value-Adding Growth Stocks To Buy Now   [Nov-05-17 11:02AM  Simply Wall St.]
▶ Paylocity tops Street 1Q forecasts   [Nov-02-17 05:42PM  Associated Press]
▶ Paylocity to Attend Upcoming Investor Conferences   [Oct-30-17 04:05PM  GlobeNewswire]
▶ This Cloud-Based Payroll Manager Is At Entry Ahead Of Job Report   [Oct-04-17 01:10PM  Investor's Business Daily]
▶ Stocks Climb To Record Highs As Dow, Small Caps Lead   [Oct-02-17 03:12PM  Investor's Business Daily]
▶ Stocks Showing Improving Market Leadership: Paylocity Earns 84 RS Rating   [Sep-29-17 03:00AM  Investor's Business Daily]
▶ Which Companies Are Now Outperforming 95% Of All Stocks?   [Aug-28-17 11:03AM  Investor's Business Daily]
▶ Paylocity reports 4Q loss   [Aug-10-17 10:15PM  Associated Press]
▶ Paylocity Introduces HR Compliance Dashboard   [Jul-11-17 04:05PM  GlobeNewswire]
▶ Can Cloud-Based Software Stock With 121% Growth Re-Enter Buy Zone?   [Jul-03-17 01:13PM  Investor's Business Daily]
▶ 3 Cloud Stocks To Buy Right Now   [Jun-12-17 06:43PM  Zacks]
▶ Stocks Hold Record Highs; Amazon.com Nears Major Milestone   [May-25-17 03:00PM  Investor's Business Daily]
▶ Paylocity to Attend Upcoming Investor Conferences   [May-22-17 04:30PM  GlobeNewswire]
▶ 3 Small Cap-Growth Stocks You Can Buy Now   [08:02AM  Motley Fool]
▶ Will New Buy Point Pay Off For This Tech IPO?   [May-16-17 11:30AM  Investor's Business Daily]
▶ Why Paylocity Shares Popped Today   [May-05-17 05:32PM  Motley Fool]
▶ Paylocity tops Street 3Q forecasts   [05:03AM  Associated Press]
▶ Paylocity to Attend Upcoming Investor Conferences   [Feb-21-17 04:05PM  GlobeNewswire]
▶ Paylocity reports 2Q loss   [Feb-02-17 06:14PM  Associated Press]
Financial statements of PCTY
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