Paylocity (NASDAQ:PCTY) was upgraded by stock analysts at BidaskClub from a “sell” rating to a “hold” rating in a research note issued on Tuesday, December 19th.
A number of other analysts have also recently commented on the stock. ValuEngine upgraded shares of Paylocity from a “sell” rating to a “hold” rating in a report on Friday, September 1st. Robert W. Baird boosted their target price on shares of Paylocity from $52.00 to $56.00 and gave the company an “outperform” rating in a report on Friday, November 3rd. Zacks Investment Research cut shares of Paylocity from a “buy” rating to a “hold” rating in a report on Friday, November 10th. TheStreet cut shares of Paylocity from a “b-” rating to a “c+” rating in a research note on Tuesday, December 5th. Finally, Bank of America upped their price target on shares of Paylocity from $50.00 to $56.00 and gave the stock a “buy” rating in a research note on Tuesday, October 24th. One investment analyst has rated the stock with a sell rating, seven have given a hold rating and nine have assigned a buy rating to the stock. The stock presently has an average rating of “Hold” and an average target price of $52.92.
Shares of Paylocity (NASDAQ PCTY) traded up $0.91 during midday trading on Tuesday, hitting $49.64. 208,881 shares of the company traded hands, compared to its average volume of 227,844. The stock has a market capitalization of $2,610.00, a P/E ratio of 275.78, a price-to-earnings-growth ratio of 6.29 and a beta of 2.11. Paylocity has a 12 month low of $29.69 and a 12 month high of $53.96.
Paylocity (NASDAQ:PCTY) last released its quarterly earnings results on Thursday, November 2nd. The software maker reported $0.15 earnings per share for the quarter, beating the consensus estimate of ($0.02) by $0.17. The business had revenue of $81.50 million for the quarter, compared to analysts’ expectations of $80.88 million. Paylocity had a net margin of 3.11% and a return on equity of 7.98%. The firm’s revenue for the quarter was up 25.4% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.07 earnings per share. analysts predict that Paylocity will post 0.33 EPS for the current fiscal year.
In related news, insider Michael R. Haske sold 25,000 shares of the business’s stock in a transaction that occurred on Tuesday, November 14th. The stock was sold at an average price of $47.02, for a total transaction of $1,175,500.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Steven R. Beauchamp sold 50,000 shares of the company’s stock in a transaction that occurred on Monday, November 13th. The stock was sold at an average price of $46.63, for a total value of $2,331,500.00. The disclosure for this sale can be found here. Insiders have sold a total of 1,376,204 shares of company stock valued at $63,542,933 in the last ninety days. Insiders own 48.80% of the company’s stock.
A number of hedge funds have recently bought and sold shares of PCTY. Janus Henderson Group PLC bought a new position in Paylocity in the 2nd quarter worth approximately $29,148,000. Alyeska Investment Group L.P. boosted its stake in Paylocity by 56.3% in the 3rd quarter. Alyeska Investment Group L.P. now owns 625,000 shares of the software maker’s stock worth $30,513,000 after purchasing an additional 225,000 shares during the period. FMR LLC boosted its stake in Paylocity by 5.2% in the 2nd quarter. FMR LLC now owns 1,963,017 shares of the software maker’s stock worth $88,689,000 after purchasing an additional 97,368 shares during the period. Goldman Sachs Group Inc. boosted its stake in Paylocity by 76.2% in the 2nd quarter. Goldman Sachs Group Inc. now owns 199,508 shares of the software maker’s stock worth $9,014,000 after purchasing an additional 86,262 shares during the period. Finally, State of Wisconsin Investment Board bought a new position in shares of Paylocity during the 2nd quarter valued at approximately $3,660,000. Institutional investors and hedge funds own 59.78% of the company’s stock.
Paylocity Company Profile
Paylocity Holding Corporation is a cloud-based provider of payroll and human capital management (HCM), software solutions for medium-sized organizations. The Company’s services are provided in a software-as-a-service delivery model utilizing its cloud-based platform. The cloud-based platform provides a suite of applications using a multi-tenant architecture.
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