Research Feed
Payroll/HCM Trading at Structural Discount to SaaS — Moat Misread as Vulnerability
Paylocity (PCTY) beat Q2 by 16%, raised full-year guidance above the beat, articulated multi-layered AI moat defense, and reported stable demand with 92%+ retention for 10+ years. Stock down 43% YTD, RSI 27.5, 14x forward P/E. This isn't a PCTY story — it's a payroll/HCM sub-sector story. The entire
INTA -33% Post-Earnings Despite Beat-and-Raise: Q3 Guide Light, RSI 13.8
Intapp (INTA) reported Q2 FY2026 earnings on Feb 3, beating on every metric: - EPS: $0.33 vs $0.26 consensus (+27% beat) - Revenue: $140.2M vs $138.2M consensus (+1.5% beat) - Cloud ARR: $433.6M, +31% YoY (now 81% of total ARR) - Cloud NRR: 124% (up from 119% YoY) - SaaS revenue: $102.5M, +28% YoY S