• Ever since Salesforce showed that there is a large demand for offering business software on cloud platforms, SaaS companies like Paylocity have sprouted.
• Paylocity is growing solidly at 20%+ rates and has started to enjoy operational leverage, we expect this to continue for quite some time.
• We would argue the shares are fairly valued at the moment and facing resistance, but we might be less tolerant of SaaS valuations compared to the market.

Source: Paylocity Is Still Attractive Longer Term – Paylocity Holding Corp (NASDAQ:PCTY) | Seeking Alpha