Vi e w p o i n t | 28 Jul 2026 02:49:39 ET │ 27 pages US Application Software Sentiment on HR software has started to improve in the past couple of months with short interest declining as both PAYC and PCTY have outperformed the IGV. We believe fundamentals are generally stable, setting up more favorably for PCTY with stronger web traffic trends and levers to pull to drive growth, with most focus on recent AI investments impact to the upcoming FY27 guide, where we believe buyside expectations have reset. We ...