Paylocity (NASDAQ:PCTY) Rating Lowered to Sell at BidaskClub

BidaskClub downgraded shares of Paylocity (NASDAQ:PCTY) from a hold rating to a sell rating in a research note published on Wednesday, December 27th.

Several other equities analysts have also issued reports on the company. ValuEngine upgraded Paylocity from a sell rating to a hold rating in a research report on Friday, September 1st. Robert W. Baird boosted their target price on Paylocity from $52.00 to $56.00 and gave the stock an outperform rating in a research report on Friday, November 3rd. Zacks Investment Research lowered Paylocity from a buy rating to a hold rating in a research report on Friday, November 10th. TheStreet lowered Paylocity from a b- rating to a c+ rating in a research report on Tuesday, December 5th. Finally, Bank of America boosted their target price on Paylocity from $50.00 to $56.00 and gave the stock a buy rating in a research report on Tuesday, October 24th. One analyst has rated the stock with a sell rating, seven have assigned a hold rating and nine have assigned a buy rating to the company. Paylocity currently has a consensus rating of Hold and a consensus target price of $52.92.

Shares of Paylocity (NASDAQ PCTY) opened at $49.64 on Wednesday. The company has a market capitalization of $2,610.00, a PE ratio of 275.78, a P/E/G 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 posted its earnings results on Thursday, November 2nd. The software maker reported $0.15 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.02) by $0.17. The company had revenue of $81.50 million during the quarter, compared to analyst estimates of $80.88 million. Paylocity had a return on equity of 7.98% and a net margin of 3.11%. The company’s revenue for the quarter was up 25.4% compared to the same quarter last year. During the same period in the previous year, the company earned $0.07 EPS. equities research analysts expect that Paylocity will post 0.33 EPS for the current fiscal year.

In other news, SVP Edward W. Gaty sold 5,062 shares of the company’s stock in a transaction that occurred on Friday, December 1st. The stock was sold at an average price of $45.82, for a total transaction of $231,940.84. Following the sale, the senior vice president now owns 116,135 shares in the company, valued at approximately $5,321,305.70. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Steven I. Sarowitz sold 1,296,142 shares of the company’s stock in a transaction that occurred on Tuesday, November 21st. The stock was sold at an average price of $46.14, for a total value of $59,803,991.88. Following the sale, the director now owns 15,343,130 shares in the company, valued at approximately $707,932,018.20. The disclosure for this sale can be found here. Insiders sold a total of 1,376,204 shares of company stock worth $63,542,933 in the last 90 days. Company insiders own 48.80% of the company’s stock.

Several institutional investors have recently made changes to their positions in the company. Bank of Montreal Can raised its stake in shares of Paylocity by 1.2% during the 2nd quarter. Bank of Montreal Can now owns 3,419 shares of the software maker’s stock worth $154,000 after purchasing an additional 42 shares in the last quarter. Citigroup Inc. raised its stake in shares of Paylocity by 3.8% during the 2nd quarter. Citigroup Inc. now owns 11,366 shares of the software maker’s stock worth $514,000 after purchasing an additional 413 shares in the last quarter. Ameritas Investment Partners Inc. raised its stake in shares of Paylocity by 22.6% during the 2nd quarter. Ameritas Investment Partners Inc. now owns 2,282 shares of the software maker’s stock worth $103,000 after purchasing an additional 421 shares in the last quarter. Bayesian Capital Management LP raised its stake in shares of Paylocity by 10.8% during the 2nd quarter. Bayesian Capital Management LP now owns 6,144 shares of the software maker’s stock worth $278,000 after purchasing an additional 600 shares in the last quarter. Finally, Legal & General Group Plc raised its stake in shares of Paylocity by 13.1% during the 2nd quarter. Legal & General Group Plc now owns 7,726 shares of the software maker’s stock worth $349,000 after purchasing an additional 895 shares in the last quarter. Institutional investors own 59.78% of the company’s stock.

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About Paylocity

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.

Analyst Recommendations for Paylocity (NASDAQ:PCTY)

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