Stifel analyst Brad Reback said Paylocity delivered a strong close to fiscal 2019 with revenue, adjusted EBITDA, EPS, and free cash flow that were all above guidance and/or estimates. Additionally, Paylocity's initial FY20 guidance was modestly above consensus expectations and he would expect the company to "walk this figure higher" throughout the year, Reback stated. Adding that he sees continued room for operational leverage and multiple expansion across the group, Reback raised his price target on Paylocity shares to $125 from $105 and keeps a Buy rating on the stock.