Paylocity initiated with a Buy at BTIG

BTIG analyst Matt VanVliet initiated coverage of Paylocity with a Buy rating and $200 price target as part of a broader research note on HR software. The firm is positive on the company’s position as a dominant SMB provider of HCM needs, with strong customer base and growing average client size from 100 to 140, stating that Paylocity’s substantial amount of payroll holdings at $4B presents a strong case for strength and confidence in its payroll capabilities.