William Blair analyst Jake Roberge has maintained their bullish stance on PCTY stock, giving a Buy rating yesterday.
Jake Roberge’s rating is based on Paylocity’s impressive quarterly performance, where the company exceeded expectations on all major metrics. The standout achievement was the significant increase in recurring revenue, which was the highest of the year, and the company’s strong execution in its go-to-market strategy. Furthermore, Paylocity raised its guidance beyond the quarterly beat, indicating confidence in its ongoing momentum despite some macroeconomic uncertainties.
Paylocity’s recent acquisition of Airbase has been positively received by both current and potential customers, with integration progressing smoothly. The company also showed strength in its broker channel, positioning itself to capitalize on potential market disruptions from the Paycor and Paychex merger. Additionally, there is a notable increase in the use of Paylocity’s AI Assist Chat Bot, which suggests successful platform expansion. These factors collectively contribute to Roberge’s optimistic outlook and Buy rating for Paylocity.
According to TipRanks, Roberge is an analyst with an average return of -11.3% and a 24.62% success rate. Roberge covers the Technology sector, focusing on stocks such as Workiva, DocuSign, and Adobe.
In another report released yesterday, Jefferies also maintained a Buy rating on the stock with a $235.00 price target.