1 Under-the-Radar Growth Stock to Buy and Hold
Most fintech stocks have taken a beating in this market, but not all of them. One fintech that has flown under the radar is Paychex (NASDAQ: PAYX), a company that provides payroll, human resources, and benefits outsourcing services to small and medium-sized businesses.
Paychex has not only generated market-beating returns but also has a strong balance sheet, reduced valuation, good margins, and excellent growth prospects. Let's take a look at why this under-the-radar growth stock is worth considering for your portfolio.
Paychex is one of the leading providers of outsourced payroll, benefits, and human resource services, focusing on small companies. It has benefited from the changes accelerated by the COVID-19 pandemic in several different ways, including an increase in the number of employees working remotely and the need for companies to create operational efficiencies by outsourcing these functions. Also, the rise of cloud computing and new technologies have impacted growth.
Source Fool.com