Intrinsic value of Paylocity Holding - PCTY

Previous Close

$61.49

  Intrinsic Value

$93.70

stock screener

  Rating & Target

str. buy

+52%

Previous close

$61.49

 
Intrinsic value

$93.70

 
Up/down potential

+52%

 
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 0001), $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 3.2

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   2
   3
   4
   5
   6
   7
   8
   9
   10
   11
   12
   13
   14
   15
   16
   17
   18
   19
   20
   21
   22
   23
   24
   25
   26
   27
   28
   29
   30
   31

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  25.60
  23.54
  21.69
  20.02
  18.52
  17.16
  15.95
  14.85
  13.87
  12.98
  12.18
  11.46
  10.82
  10.24
  9.71
  9.24
  8.82
  8.44
  8.09
  7.78
  7.50
  7.25
  7.03
  6.83
  6.64
  6.48
  6.33
  6.20
  6.08
  5.97
Revenue, $m
  377
  466
  566
  680
  806
  944
  1,095
  1,257
  1,432
  1,617
  1,814
  2,022
  2,241
  2,471
  2,711
  2,961
  3,222
  3,494
  3,777
  4,071
  4,376
  4,693
  5,023
  5,366
  5,723
  6,093
  6,479
  6,881
  7,299
  7,735
Variable operating expenses, $m
  317
  391
  475
  569
  674
  789
  914
  1,049
  1,195
  1,349
  1,510
  1,683
  1,865
  2,056
  2,256
  2,464
  2,682
  2,908
  3,143
  3,388
  3,642
  3,906
  4,181
  4,466
  4,763
  5,071
  5,392
  5,726
  6,074
  6,437
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
  358
  433
  518
  613
  719
  835
  961
  1,097
  1,244
  1,399
  1,561
  1,735
  1,918
  2,110
  2,311
  2,521
  2,740
  2,967
  3,203
  3,450
  3,705
  3,971
  4,247
  4,533
  4,832
  5,141
  5,464
  5,800
  6,149
  6,514
Operating income, $m
  19
  33
  49
  67
  87
  110
  134
  160
  188
  218
  254
  287
  323
  360
  399
  440
  483
  527
  573
  621
  671
  723
  777
  833
  891
  952
  1,015
  1,081
  1,149
  1,221
EBITDA, $m
  35
  51
  71
  93
  117
  144
  173
  204
  238
  274
  313
  353
  396
  441
  488
  537
  588
  641
  696
  754
  814
  876
  941
  1,008
  1,078
  1,150
  1,226
  1,305
  1,387
  1,473
Interest expense (income), $m
  0
  0
  14
  29
  47
  68
  90
  115
  141
  170
  201
  234
  269
  306
  345
  386
  429
  473
  520
  568
  619
  671
  725
  782
  840
  901
  965
  1,031
  1,100
  1,171
  1,245
Earnings before tax, $m
  19
  19
  20
  20
  20
  20
  19
  19
  18
  17
  19
  18
  16
  15
  13
  11
  9
  7
  5
  2
  0
  -2
  -5
  -8
  -10
  -13
  -16
  -19
  -22
  -25
Tax expense, $m
  5
  5
  5
  5
  5
  5
  5
  5
  5
  5
  5
  5
  4
  4
  4
  3
  2
  2
  1
  1
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Net income, $m
  14
  14
  14
  14
  14
  14
  14
  14
  13
  12
  14
  13
  12
  11
  10
  8
  7
  5
  4
  2
  0
  -2
  -5
  -8
  -10
  -13
  -16
  -19
  -22
  -25

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
  1,427
  1,763
  2,146
  2,575
  3,052
  3,576
  4,146
  4,762
  5,422
  6,126
  6,873
  7,660
  8,489
  9,358
  10,267
  11,216
  12,205
  13,234
  14,305
  15,419
  16,576
  17,778
  19,028
  20,327
  21,677
  23,081
  24,543
  26,064
  27,648
  29,298
Adjusted assets (=assets-cash), $m
  1,427
  1,763
  2,146
  2,575
  3,052
  3,576
  4,146
  4,762
  5,422
  6,126
  6,873
  7,660
  8,489
  9,358
  10,267
  11,216
  12,205
  13,234
  14,305
  15,419
  16,576
  17,778
  19,028
  20,327
  21,677
  23,081
  24,543
  26,064
  27,648
  29,298
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
  61
  76
  92
  111
  131
  154
  178
  205
  233
  264
  296
  330
  365
  403
  442
  483
  525
  570
  616
  663
  713
  765
  819
  875
  933
  993
  1,056
  1,122
  1,190
  1,261
Working capital, $m
  -19
  -24
  -29
  -35
  -41
  -48
  -56
  -64
  -73
  -82
  -93
  -103
  -114
  -126
  -138
  -151
  -164
  -178
  -193
  -208
  -223
  -239
  -256
  -274
  -292
  -311
  -330
  -351
  -372
  -394
Total debt, $m
  252
  544
  877
  1,251
  1,665
  2,121
  2,617
  3,153
  3,728
  4,340
  4,989
  5,675
  6,396
  7,152
  7,943
  8,768
  9,628
  10,524
  11,456
  12,424
  13,431
  14,477
  15,564
  16,694
  17,869
  19,091
  20,362
  21,686
  23,064
  24,500
Total liabilities, $m
  1,242
  1,534
  1,867
  2,240
  2,655
  3,111
  3,607
  4,143
  4,717
  5,330
  5,979
  6,665
  7,386
  8,142
  8,932
  9,758
  10,618
  11,514
  12,446
  13,414
  14,421
  15,467
  16,554
  17,684
  18,859
  20,081
  21,352
  22,675
  24,054
  25,490
Total equity, $m
  186
  229
  279
  335
  397
  465
  539
  619
  705
  796
  893
  996
  1,104
  1,217
  1,335
  1,458
  1,587
  1,720
  1,860
  2,004
  2,155
  2,311
  2,474
  2,642
  2,818
  3,001
  3,191
  3,388
  3,594
  3,809
Total liabilities and equity, $m
  1,428
  1,763
  2,146
  2,575
  3,052
  3,576
  4,146
  4,762
  5,422
  6,126
  6,872
  7,661
  8,490
  9,359
  10,267
  11,216
  12,205
  13,234
  14,306
  15,418
  16,576
  17,778
  19,028
  20,326
  21,677
  23,082
  24,543
  26,063
  27,648
  29,299
Debt-to-equity ratio
  1.360
  2.370
  3.140
  3.740
  4.200
  4.560
  4.860
  5.090
  5.290
  5.450
  5.580
  5.700
  5.800
  5.880
  5.950
  6.010
  6.070
  6.120
  6.160
  6.200
  6.230
  6.260
  6.290
  6.320
  6.340
  6.360
  6.380
  6.400
  6.420
  6.430
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
  14
  14
  14
  14
  14
  14
  14
  14
  13
  12
  14
  13
  12
  11
  10
  8
  7
  5
  4
  2
  0
  -2
  -5
  -8
  -10
  -13
  -16
  -19
  -22
  -25
Depreciation, amort., depletion, $m
  16
  18
  22
  25
  29
  34
  39
  44
  50
  56
  59
  66
  73
  81
  88
  97
  105
  114
  123
  133
  143
  153
  164
  175
  187
  199
  211
  224
  238
  252
Funds from operations, $m
  29
  33
  36
  40
  44
  48
  53
  58
  63
  68
  73
  79
  85
  91
  98
  105
  112
  119
  127
  135
  143
  151
  159
  167
  176
  186
  195
  206
  216
  228
Change in working capital, $m
  -4
  -5
  -5
  -6
  -6
  -7
  -8
  -8
  -9
  -9
  -10
  -11
  -11
  -12
  -12
  -13
  -13
  -14
  -14
  -15
  -16
  -16
  -17
  -17
  -18
  -19
  -20
  -20
  -21
  -22
Cash from operations, $m
  33
  37
  41
  46
  50
  55
  61
  66
  72
  78
  83
  90
  96
  103
  110
  117
  125
  133
  141
  149
  158
  167
  176
  185
  194
  204
  215
  226
  238
  250
Maintenance CAPEX, $m
  -10
  -12
  -15
  -18
  -22
  -26
  -31
  -36
  -41
  -47
  -53
  -59
  -66
  -73
  -81
  -88
  -97
  -105
  -114
  -123
  -133
  -143
  -153
  -164
  -175
  -187
  -199
  -211
  -224
  -238
New CAPEX, $m
  -13
  -14
  -16
  -18
  -21
  -23
  -25
  -27
  -28
  -30
  -32
  -34
  -36
  -37
  -39
  -41
  -43
  -44
  -46
  -48
  -50
  -52
  -54
  -56
  -58
  -60
  -63
  -65
  -68
  -71
Cash from investing activities, $m
  -23
  -26
  -31
  -36
  -43
  -49
  -56
  -63
  -69
  -77
  -85
  -93
  -102
  -110
  -120
  -129
  -140
  -149
  -160
  -171
  -183
  -195
  -207
  -220
  -233
  -247
  -262
  -276
  -292
  -309
Free cash flow, $m
  11
  10
  10
  9
  8
  7
  5
  4
  3
  1
  -2
  -3
  -5
  -7
  -9
  -12
  -14
  -16
  -19
  -22
  -24
  -28
  -31
  -35
  -39
  -43
  -47
  -51
  -55
  -59
Issuance/(repayment) of debt, $m
  252
  292
  333
  374
  415
  456
  496
  536
  575
  612
  649
  685
  721
  756
  791
  825
  860
  896
  932
  969
  1,007
  1,046
  1,087
  1,130
  1,175
  1,222
  1,271
  1,323
  1,378
  1,436
Issuance/(repurchase) of shares, $m
  24
  29
  35
  41
  48
  54
  60
  66
  73
  79
  83
  89
  96
  102
  109
  115
  122
  129
  136
  143
  150
  159
  167
  176
  186
  196
  206
  216
  228
  239
Cash from financing (excl. dividends), $m  
  276
  321
  368
  415
  463
  510
  556
  602
  648
  691
  732
  774
  817
  858
  900
  940
  982
  1,025
  1,068
  1,112
  1,157
  1,205
  1,254
  1,306
  1,361
  1,418
  1,477
  1,539
  1,606
  1,675
Total cash flow (excl. dividends), $m
  287
  332
  378
  424
  470
  516
  562
  606
  650
  692
  731
  771
  811
  851
  890
  929
  968
  1,008
  1,048
  1,090
  1,133
  1,177
  1,223
  1,272
  1,322
  1,375
  1,431
  1,489
  1,551
  1,616
Retained Cash Flow (-), $m
  -38
  -44
  -50
  -56
  -62
  -68
  -74
  -80
  -86
  -92
  -97
  -102
  -108
  -113
  -118
  -123
  -129
  -134
  -139
  -145
  -150
  -159
  -167
  -176
  -186
  -196
  -206
  -216
  -228
  -239
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
  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
  249
  288
  328
  368
  408
  448
  487
  526
  564
  601
  634
  669
  704
  738
  772
  806
  840
  874
  909
  945
  982
  1,018
  1,056
  1,095
  1,136
  1,179
  1,225
  1,273
  1,323
  1,377
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
  239
  264
  285
  303
  316
  325
  329
  329
  324
  315
  301
  285
  268
  248
  227
  205
  183
  161
  140
  120
  102
  85
  69
  56
  44
  34
  26
  20
  14
  10
Current shareholders' claim on cash, %
  98.4
  96.9
  95.4
  94.0
  92.7
  91.4
  90.3
  89.2
  88.1
  87.2
  86.3
  85.4
  84.6
  83.8
  83.1
  82.4
  81.7
  81.0
  80.4
  79.8
  79.2
  78.6
  78.0
  77.5
  77.0
  76.4
  75.9
  75.4
  74.9
  74.4

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 454.5
Price to Sales 10.6
Price to Book 21.5
Price to Tangible Book
Price to Cash Flow 51.3
Price to Free Cash Flow 117.8
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 $300.01 million for the last fiscal year's total revenue generated by Paylocity Holding. The default revenue input number comes from 0001 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 25.6% 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 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 16.3%.

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 -5.1%. 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 - $147.613 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 52.767 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 $3.2 billion.

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COMPANY NEWS

▶ Paylocity (PCTY) Q1 Earnings Miss Estimates   [Nov-01-18 06:30PM  Zacks]
▶ Paylocity: Fiscal 1Q Earnings Snapshot   [05:25PM  Associated Press]
▶ Paylocity to Attend Upcoming Investor Conferences   [Oct-31-18 04:05PM  GlobeNewswire]
▶ Jefferies Initiates Coverage Of Payroll Stocks   [Oct-02-18 02:00PM  Benzinga]
▶ Paylocity adds Virginia Breen to Board of Directors   [Sep-17-18 04:05PM  GlobeNewswire]
▶ Paylocity Honored Again as a Best Place to Work and Sell   [Sep-11-18 04:05PM  GlobeNewswire]
▶ 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]

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