Paylocity becomes official HCM partner of Vegas Golden Knights

SCHAUMBURG, Ill. - Paylocity (NASDAQ:PCTY), a cloud-based HR technology company with a market capitalization of $8.5 billion and impressive gross profit margins of 69%, has signed a multi-year partnership with the Vegas Golden Knights as the team’s Official Human Capital Management (HCM) Partner, according to a press release issued Thursday.

Under the agreement, the NHL team will implement Paylocity’s cloud-based HR technology solutions to streamline their operations and enhance employee experience. The partnership aims to help the Golden Knights’ HR team reduce manual tasks and focus more on culture building and talent development. According to InvestingPro data, Paylocity has maintained strong revenue growth of 13.7% over the last twelve months, demonstrating its expanding market presence in the HR technology sector.

"Partnering with Paylocity allows us to elevate our HR operations," said Vegas Golden Knights President of Business Operations, John Penhollow. "By streamlining day-to-day processes, we can spend less time on administrative work and more time developing our people and culture."

The sponsorship will also increase Paylocity’s visibility across the Golden Knights’ brand platforms. Allison Windon, Vice President of Marketing for Paylocity, described the partnership as "pairing world-class performance on the ice with world-class technology behind the scenes."

Paylocity, headquartered in Schaumburg, Illinois, provides cloud-based HR, finance, and IT software solutions. The company was founded in 1997 and went public in 2014. Currently trading near its 52-week low, InvestingPro analysis suggests the stock is undervalued, with 11 analysts recently revising their earnings expectations upward. For detailed insights and more than a dozen additional ProTips about Paylocity’s financial health and growth prospects, visit InvestingPro’s comprehensive research platform.

The Vegas Golden Knights, established by Owner and Chairman Bill Foley, were the most successful expansion franchise in North American professional sports history in their inaugural 2017-18 season and won the Stanley Cup in 2023.

In other recent news, Paylocity Holding has reported its fourth-quarter results, which have been well-received by analysts. BMO Capital noted that the company’s results slightly exceeded expectations, highlighting an above-average recurring revenue beat, and subsequently raised its price target from $226 to $230 while maintaining an Outperform rating. KeyBanc also responded positively to the company’s performance, describing the results as "solid" and increasing its price target from $220 to $225. The firm maintained an Overweight rating and noted a 7% growth in Paylocity’s client base over the full year.

In terms of analyst coverage, Cantor Fitzgerald initiated coverage with an Overweight rating and a $215 price target, citing a strong quantitative setup and potential for the company to exceed expectations in the coming fiscal years. Guggenheim, however, initiated coverage with a Neutral rating due to concerns about the impact of artificial intelligence on the workforce management sector. Meanwhile, Citizens JMP reiterated its Market Outperform rating with a $270 price target, following industry developments, including Dayforce’s acquisition by Thoma Bravo. These recent developments provide investors with insights into the company’s performance and the varying perspectives of financial analysts.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.