Intrinsic value of Paylocity Holding - PCTY

Previous Close

$68.07

  Intrinsic Value

$126.54

stock screener

  Rating & Target

str. buy

+86%

Previous close

$68.07

 
Intrinsic value

$126.54

 
Up/down potential

+86%

 
Rating

str. buy

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

Revenue (in 2017), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 3.5

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   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, %
  30.00
  27.50
  25.25
  23.23
  21.40
  19.76
  18.29
  16.96
  15.76
  14.69
  13.72
  12.85
  12.06
  11.35
  10.72
  10.15
  9.63
  9.17
  8.75
  8.38
  8.04
  7.74
  7.46
  7.22
  6.99
  6.79
  6.62
  6.45
  6.31
  6.18
Revenue, $m
  390
  497
  623
  767
  932
  1,116
  1,320
  1,544
  1,787
  2,049
  2,331
  2,630
  2,947
  3,282
  3,634
  4,002
  4,388
  4,790
  5,209
  5,646
  6,100
  6,571
  7,062
  7,571
  8,101
  8,651
  9,224
  9,819
  10,438
  11,083
Variable operating expenses, $m
  328
  417
  522
  642
  779
  932
  1,102
  1,288
  1,491
  1,709
  1,940
  2,189
  2,453
  2,732
  3,024
  3,331
  3,652
  3,987
  4,336
  4,699
  5,077
  5,470
  5,878
  6,302
  6,743
  7,201
  7,677
  8,173
  8,688
  9,225
Fixed operating expenses, $m
  41
  42
  43
  44
  45
  46
  47
  48
  49
  50
  51
  52
  53
  54
  55
  57
  58
  59
  60
  62
  63
  65
  66
  67
  69
  70
  72
  74
  75
  77
Total operating expenses, $m
  369
  459
  565
  686
  824
  978
  1,149
  1,336
  1,540
  1,759
  1,991
  2,241
  2,506
  2,786
  3,079
  3,388
  3,710
  4,046
  4,396
  4,761
  5,140
  5,535
  5,944
  6,369
  6,812
  7,271
  7,749
  8,247
  8,763
  9,302
Operating income, $m
  21
  38
  59
  82
  108
  138
  172
  208
  248
  291
  340
  389
  441
  496
  554
  614
  678
  744
  813
  885
  960
  1,037
  1,118
  1,202
  1,289
  1,380
  1,475
  1,573
  1,675
  1,781
EBITDA, $m
  33
  52
  75
  101
  131
  165
  203
  244
  289
  338
  390
  445
  504
  566
  631
  700
  771
  846
  924
  1,005
  1,089
  1,177
  1,268
  1,363
  1,462
  1,564
  1,671
  1,782
  1,897
  2,017
Interest expense (income), $m
  0
  0
  16
  35
  57
  83
  112
  145
  181
  221
  265
  311
  361
  415
  471
  531
  593
  659
  727
  799
  874
  951
  1,032
  1,116
  1,203
  1,294
  1,388
  1,486
  1,588
  1,694
  1,804
Earnings before tax, $m
  21
  22
  23
  24
  25
  26
  26
  27
  26
  26
  29
  28
  26
  25
  23
  21
  19
  17
  14
  11
  8
  5
  2
  -1
  -5
  -8
  -12
  -15
  -19
  -23
Tax expense, $m
  6
  6
  6
  7
  7
  7
  7
  7
  7
  7
  8
  7
  7
  7
  6
  6
  5
  4
  4
  3
  2
  1
  1
  0
  0
  0
  0
  0
  0
  0
Net income, $m
  16
  16
  17
  18
  18
  19
  19
  19
  19
  19
  21
  20
  19
  18
  17
  15
  14
  12
  10
  8
  6
  4
  2
  -1
  -5
  -8
  -12
  -15
  -19
  -23

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $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
Total assets, $m
  1,477
  1,884
  2,359
  2,907
  3,529
  4,227
  5,000
  5,847
  6,769
  7,763
  8,828
  9,962
  11,163
  12,431
  13,763
  15,160
  16,620
  18,144
  19,732
  21,385
  23,104
  24,892
  26,749
  28,679
  30,685
  32,770
  34,938
  37,193
  39,539
  41,981
Adjusted assets (=assets-cash), $m
  1,477
  1,884
  2,359
  2,907
  3,529
  4,227
  5,000
  5,847
  6,769
  7,763
  8,828
  9,962
  11,163
  12,431
  13,763
  15,160
  16,620
  18,144
  19,732
  21,385
  23,104
  24,892
  26,749
  28,679
  30,685
  32,770
  34,938
  37,193
  39,539
  41,981
Revenue / Adjusted assets
  0.264
  0.264
  0.264
  0.264
  0.264
  0.264
  0.264
  0.264
  0.264
  0.264
  0.264
  0.264
  0.264
  0.264
  0.264
  0.264
  0.264
  0.264
  0.264
  0.264
  0.264
  0.264
  0.264
  0.264
  0.264
  0.264
  0.264
  0.264
  0.264
  0.264
Average production assets, $m
  83
  106
  133
  163
  198
  238
  281
  329
  381
  437
  496
  560
  628
  699
  774
  852
  935
  1,020
  1,110
  1,203
  1,299
  1,400
  1,504
  1,613
  1,725
  1,843
  1,965
  2,091
  2,223
  2,361
Working capital, $m
  -3
  -3
  -4
  -5
  -7
  -8
  -9
  -11
  -13
  -14
  -16
  -18
  -21
  -23
  -25
  -28
  -31
  -34
  -36
  -40
  -43
  -46
  -49
  -53
  -57
  -61
  -65
  -69
  -73
  -78
Total debt, $m
  296
  649
  1,063
  1,540
  2,081
  2,688
  3,360
  4,098
  4,900
  5,764
  6,691
  7,677
  8,723
  9,825
  10,985
  12,200
  13,470
  14,796
  16,178
  17,616
  19,111
  20,666
  22,282
  23,961
  25,707
  27,521
  29,407
  31,368
  33,409
  35,534
Total liabilities, $m
  1,285
  1,639
  2,052
  2,529
  3,070
  3,677
  4,350
  5,087
  5,889
  6,754
  7,680
  8,667
  9,712
  10,815
  11,974
  13,189
  14,460
  15,785
  17,167
  18,605
  20,101
  21,656
  23,272
  24,951
  26,696
  28,510
  30,396
  32,358
  34,399
  36,524
Total equity, $m
  192
  245
  307
  378
  459
  549
  650
  760
  880
  1,009
  1,148
  1,295
  1,451
  1,616
  1,789
  1,971
  2,161
  2,359
  2,565
  2,780
  3,004
  3,236
  3,477
  3,728
  3,989
  4,260
  4,542
  4,835
  5,140
  5,458
Total liabilities and equity, $m
  1,477
  1,884
  2,359
  2,907
  3,529
  4,226
  5,000
  5,847
  6,769
  7,763
  8,828
  9,962
  11,163
  12,431
  13,763
  15,160
  16,621
  18,144
  19,732
  21,385
  23,105
  24,892
  26,749
  28,679
  30,685
  32,770
  34,938
  37,193
  39,539
  41,982
Debt-to-equity ratio
  1.540
  2.650
  3.470
  4.070
  4.540
  4.890
  5.170
  5.390
  5.570
  5.710
  5.830
  5.930
  6.010
  6.080
  6.140
  6.190
  6.230
  6.270
  6.310
  6.340
  6.360
  6.390
  6.410
  6.430
  6.440
  6.460
  6.470
  6.490
  6.500
  6.510
Adjusted equity ratio
  0.130
  0.130
  0.130
  0.130
  0.130
  0.130
  0.130
  0.130
  0.130
  0.130
  0.130
  0.130
  0.130
  0.130
  0.130
  0.130
  0.130
  0.130
  0.130
  0.130
  0.130
  0.130
  0.130
  0.130
  0.130
  0.130
  0.130
  0.130
  0.130
  0.130

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  16
  16
  17
  18
  18
  19
  19
  19
  19
  19
  21
  20
  19
  18
  17
  15
  14
  12
  10
  8
  6
  4
  2
  -1
  -5
  -8
  -12
  -15
  -19
  -23
Depreciation, amort., depletion, $m
  12
  14
  16
  20
  23
  27
  31
  36
  41
  47
  50
  56
  63
  70
  77
  85
  93
  102
  111
  120
  130
  140
  150
  161
  173
  184
  196
  209
  222
  236
Funds from operations, $m
  27
  30
  34
  37
  41
  46
  51
  55
  61
  66
  71
  76
  82
  88
  94
  101
  107
  114
  121
  128
  136
  144
  152
  160
  168
  176
  185
  194
  203
  213
Change in working capital, $m
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -3
  -3
  -3
  -3
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -4
  -4
  -4
  -5
Cash from operations, $m
  28
  31
  34
  38
  43
  47
  52
  57
  62
  68
  73
  78
  84
  90
  97
  103
  110
  117
  124
  131
  139
  147
  155
  164
  172
  180
  189
  198
  208
  218
Maintenance CAPEX, $m
  -6
  -8
  -11
  -13
  -16
  -20
  -24
  -28
  -33
  -38
  -44
  -50
  -56
  -63
  -70
  -77
  -85
  -93
  -102
  -111
  -120
  -130
  -140
  -150
  -161
  -173
  -184
  -196
  -209
  -222
New CAPEX, $m
  -19
  -23
  -27
  -31
  -35
  -39
  -43
  -48
  -52
  -56
  -60
  -64
  -68
  -71
  -75
  -79
  -82
  -86
  -89
  -93
  -97
  -100
  -104
  -109
  -113
  -117
  -122
  -127
  -132
  -137
Cash from investing activities, $m
  -25
  -31
  -38
  -44
  -51
  -59
  -67
  -76
  -85
  -94
  -104
  -114
  -124
  -134
  -145
  -156
  -167
  -179
  -191
  -204
  -217
  -230
  -244
  -259
  -274
  -290
  -306
  -323
  -341
  -359
Free cash flow, $m
  2
  0
  -3
  -6
  -9
  -12
  -15
  -19
  -22
  -26
  -31
  -35
  -39
  -44
  -48
  -53
  -57
  -62
  -67
  -72
  -78
  -83
  -89
  -95
  -102
  -110
  -117
  -125
  -133
  -142
Issuance/(repayment) of debt, $m
  296
  353
  414
  477
  541
  607
  672
  738
  802
  865
  926
  987
  1,045
  1,103
  1,159
  1,215
  1,270
  1,326
  1,382
  1,438
  1,496
  1,555
  1,616
  1,679
  1,745
  1,814
  1,886
  1,962
  2,041
  2,125
Issuance/(repurchase) of shares, $m
  28
  36
  45
  53
  62
  72
  81
  91
  100
  110
  118
  127
  137
  147
  156
  166
  176
  186
  196
  207
  217
  229
  240
  252
  265
  279
  293
  308
  324
  340
Cash from financing (excl. dividends), $m  
  324
  389
  459
  530
  603
  679
  753
  829
  902
  975
  1,044
  1,114
  1,182
  1,250
  1,315
  1,381
  1,446
  1,512
  1,578
  1,645
  1,713
  1,784
  1,856
  1,931
  2,010
  2,093
  2,179
  2,270
  2,365
  2,465
Total cash flow (excl. dividends), $m
  326
  390
  456
  524
  595
  667
  738
  810
  880
  949
  1,013
  1,079
  1,143
  1,206
  1,268
  1,329
  1,389
  1,450
  1,511
  1,572
  1,635
  1,700
  1,767
  1,836
  1,908
  1,983
  2,062
  2,145
  2,232
  2,323
Retained Cash Flow (-), $m
  -44
  -53
  -62
  -71
  -81
  -91
  -100
  -110
  -120
  -129
  -138
  -147
  -156
  -165
  -173
  -182
  -190
  -198
  -206
  -215
  -224
  -232
  -241
  -252
  -265
  -279
  -293
  -308
  -324
  -340
Prev. year cash balance distribution, $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 flow adjustment, $m
  27
  35
  44
  55
  68
  83
  99
  117
  137
  159
  182
  207
  234
  262
  292
  323
  356
  391
  426
  464
  502
  543
  585
  628
  674
  721
  770
  821
  874
  929
Cash available for distribution, $m
  282
  337
  394
  453
  514
  576
  638
  699
  760
  820
  874
  931
  987
  1,041
  1,094
  1,147
  1,199
  1,252
  1,304
  1,358
  1,412
  1,468
  1,525
  1,584
  1,643
  1,704
  1,769
  1,837
  1,908
  1,983
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
  271
  308
  343
  373
  399
  418
  431
  437
  437
  430
  415
  397
  375
  349
  321
  291
  261
  230
  201
  172
  146
  122
  100
  81
  64
  50
  38
  28
  21
  15
Current shareholders' claim on cash, %
  98.1
  96.3
  94.6
  92.9
  91.4
  90.0
  88.7
  87.5
  86.3
  85.3
  84.3
  83.4
  82.5
  81.7
  80.9
  80.2
  79.4
  78.8
  78.1
  77.5
  76.9
  76.3
  75.7
  75.2
  74.7
  74.2
  73.6
  73.1
  72.7
  72.2

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 503.1
Price to Sales 11.7
Price to Book 23.8
Price to Tangible Book
Price to Cash Flow 56.8
Price to Free Cash Flow 130.4
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 30% 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 84.3%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $40 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 5.4% 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 8.9%.

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 21.3%.

Life of production assets of 10 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 -0.7%. 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 51 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 $3.5 billion.

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COMPANY NEWS

▶ Paylocity to Attend Upcoming Investor Conferences   [Aug-15-18 04:05PM  GlobeNewswire]
▶ Paylocity: Fiscal 4Q Earnings Snapshot   [04:39PM  Associated Press]
▶ Paylocity Launches Integration Marketplace   [Jul-02-18 04:05PM  GlobeNewswire]
▶ Is Paylocity Holding Corporation (NASDAQ:PCTY) Undervalued?   [Jun-25-18 10:16AM  Simply Wall St.]
▶ Apple Leads Five Hot Stocks Now In Buy Range   [May-07-18 04:03PM  Investor's Business Daily]
▶ Paylocity: Fiscal 3Q Earnings Snapshot   [May-03-18 05:01PM  Associated Press]
▶ Paylocity Holding's Earnings Preview   [08:10AM  Benzinga]
▶ Paylocity to Attend Upcoming Investor Conferences   [Apr-30-18 04:05PM  GlobeNewswire]
▶ This Payroll Processing Company Is Growing Like a Weed   [Apr-26-18 06:21PM  Motley Fool]
▶ Three Small-Cap Tech Companies for Your Watch List   [Apr-24-18 05:14PM  Motley Fool]
▶ Top 3 Growth Stocks For The Month   [Apr-12-18 12:02PM  Simply Wall St.]
▶ 3 Stocks That Have Doubled and Still Have Room to Grow   [Mar-24-18 11:21AM  Motley Fool]
▶ Paylocity to Attend Upcoming Investor Conferences   [Feb-20-18 04:05PM  GlobeNewswire]
▶ Paylocity tops Street 2Q forecasts   [Feb-08-18 06:37PM  Associated Press]
▶ 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]
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