Why Did Paylocity Gain 30% in August?
Paylocity (NASDAQ: PCTY) returned 29.8% in August, according to data provided by S&P Global Market Intelligence, by smashing analyst earnings estimates, then riding the momentum in smaller stocks and growth stocks in the back half of the month. The company reported adjusted earnings per share of $0.46, which was well above the $0.28 forecast by analysts. Paylocity also exceeded expectations for sales, though by a much more modest amount.
Paylocity is in a great spot right now, and it is taking advantage of it. The company's products and services include payroll, scheduling, time tracking, and benefits management, with a focus on small businesses. These services are in demand, and Paylocity seems to be taking market share away from its competitors.
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Source Fool.com
