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Actionable news in PCTY: PAYLOCITY HOLDING CORPORATION COMMON STOCK,

Here’s Why Paylocity (PCTY) Stock is Plunging Today

NEW YORK (TheStreet) -- Shares of Paylocity (PCTY - Get Report) are sinking by 12.18% to $33.22 on heavy trading volume on Friday afternoon, as the Arlington Heights, IL-based company reported solid 2016 fiscal third quarter results, but provided disappointing guidance for fiscal 2017.

The provider of software solutions for payroll and human capital management said it is comfortable anticipating 25% or more in annual revenue growth in fiscal 2017, suggesting revenue of $285 million to $285 million. This is below the consensus estimate of $291 million, JMP Securities said in a note earlier today.

"While the initial FY17 guidance comes in below the consensus, we continue to like Paylocity's market opportunity in the 20-1,000 employee payroll space and think it is in the best interest of long-term investors for Paylocity to moderate out year growth expectations to 25% or more," the firm said.

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