Paylocity Q2 Recurring Revenues Fuel Earnings Beat; Jefferies Raises Target to $150
Paylocity’s fiscal Q2 recurring revenues rose year-over-year, driving top-line growth and surpassing earnings estimates. Jefferies raised its price target to $150, signaling 18% upside based on sustained innovation and customer adoption.
1. Earnings Beat Driven by Recurring Revenues
Paylocity reported fiscal Q2 results with recurring revenues up significantly year-over-year, leading to an earnings per share beat. The company highlighted strong customer retention and increased usage of its cloud-based payroll and HR solutions as primary growth drivers.
2. Jefferies Raises Price Target to $150
Jefferies updated its price target to $150, translating to an 18% upside from current trading levels. The firm cited Paylocity’s commitment to product innovation and customer satisfaction as key factors underpinning its confidence in the stock’s growth trajectory.