Why Paylocity Surged 100.7% in 2019

Shares of Paylocity (NASDAQ: PCTY) skyrocketed 100.7% in 2019, according to S&P Global Market Intelligence. The market-beating performance was driven by a decline in the U.S. unemployment rate from 3.9% to 3.5% between Dec. 31 2018, and Nov. 30, 2019, which supported demand growth for the company's payroll and human resources software and services.

With over 20,000 midsize businesses using this growth stock's payroll, human capital management, time and labor, recruitment, benefit management, and communication tools, Paylocity has done a nice job positioning itself as a competitively priced, cloud-based alternative to larger players, including Paychex (NASDAQ: PAYX) and Automatic Data Processing (NASDAQ: ADP).

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Source Fool.com