Paylocity Holding Corporation (PCTY) Receives Average Rating of “Buy” from Analysts
Paylocity Holding Corporation (NASDAQ:PCTY) has received an average recommendation of “Buy” from the nineteen analysts that are currently covering the stock, Marketbeat.com reports. Nine analysts have rated the stock with a hold recommendation and nine have given a buy recommendation to the company. The average 12-month price objective among brokers that have updated their coverage on the stock in the last year is $53.73.
A number of research analysts have recently weighed in on PCTY shares. Stifel Nicolaus reissued a “buy” rating and set a $55.00 price objective (up from $50.00) on shares of Paylocity in a research note on Friday, August 11th. TheStreet raised shares of Paylocity from a “c” rating to a “b-” rating in a research note on Friday, November 3rd. Northland Securities reissued a “buy” rating and set a $55.00 price objective on shares of Paylocity in a research note on Sunday, September 10th. Bank of America Corporation raised their price objective 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. Finally, Robert W. Baird raised their price objective on shares of Paylocity from $52.00 to $56.00 and gave the stock an “outperform” rating in a research note on Friday, November 3rd.
Shares of Paylocity (NASDAQ PCTY) traded up $0.37 during trading on Friday, reaching $48.22. 115,350 shares of the company’s stock were exchanged, compared to its average volume of 315,130. Paylocity has a 12 month low of $29.69 and a 12 month high of $53.96. The stock has a market capitalization of $2,532.37, a PE ratio of 219.18, a PEG ratio of 6.33 and a beta of 2.24.
Paylocity (NASDAQ:PCTY) last issued its earnings results on Thursday, November 2nd. The software maker reported $0.15 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of ($0.02) by $0.17. Paylocity had a net margin of 3.11% and a return on equity of 7.98%. The company had revenue of $81.50 million during the quarter, compared to analysts’ expectations of $80.88 million. During the same period last year, the company posted $0.07 earnings per share. The firm’s quarterly revenue was up 25.4% compared to the same quarter last year. analysts expect that Paylocity will post 0.32 EPS for the current year.
In related news, SVP Edward W. Gaty sold 5,185 shares of the firm’s stock in a transaction that occurred on Friday, September 1st. The shares were sold at an average price of $48.92, for a total transaction of $253,650.20. Following the sale, the senior vice president now owns 116,135 shares in the company, valued at $5,681,324.20. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Steven I. Sarowitz sold 1,296,142 shares of the firm’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 transaction 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. In the last 90 days, insiders have sold 1,429,857 shares of company stock worth $66,253,404. 48.80% of the stock is owned by company insiders.
Hedge funds and other institutional investors have recently made changes to their positions in the stock. Ameritas Investment Partners Inc. boosted its position in Paylocity by 22.6% during the second quarter. Ameritas Investment Partners Inc. now owns 2,282 shares of the software maker’s stock worth $103,000 after acquiring an additional 421 shares during the last quarter. BNP Paribas Arbitrage SA boosted its position in Paylocity by 562.6% during the second quarter. BNP Paribas Arbitrage SA now owns 3,293 shares of the software maker’s stock worth $149,000 after acquiring an additional 2,796 shares during the last quarter. Bank of Montreal Can boosted its position in Paylocity by 1.2% during the second quarter. Bank of Montreal Can now owns 3,419 shares of the software maker’s stock worth $154,000 after acquiring an additional 42 shares during the last quarter. Turner Investments LLC acquired a new stake in Paylocity during the second quarter worth approximately $158,000. Finally, GSA Capital Partners LLP acquired a new stake in Paylocity during the third quarter worth approximately $211,000. Hedge funds and other institutional investors own 59.88% of the company’s stock.
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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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