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Needham & Company Assumes Paylocity Holding (PCTY) at Buy

May 19, 2015 5:35 PM EDT
Get Alerts PCTY Hot Sheet
Price: $171.86 -0.83%

Rating Summary:
    17 Buy, 11 Hold, 0 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 0 | Down: 0 | New: 0
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Needham & Company assumed coverage on Paylocity Holding (NASDAQ: PCTY) with a Buy rating and a price target of $40.00 (from $32.00). Analyst Scott Berg thinks demand trends have velocity.

"We believe PCTY is well positioned in the fast-growing Software-as-a-Service Human Capital Management software market with a suite based on its Cloud core HRMS and payroll products that have been purpose-built for the underserved mid-market. We believe that demand for the functionality and flexibility of the SaaS delivery model for core HRMS products continues to increase, and we expect PCTY to broaden its product suite to serve this expanding demand. As a result, we believe PCTY can sustain subscription revenue growth above 20% annually for several years," said Berg.

For an analyst ratings summary and ratings history on Paylocity Holding click here. For more ratings news on Paylocity Holding click here.

Shares of Paylocity Holding closed at $33.67 yesterday.



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