Paylocity Holding Corporation (PCTY) Stock Rating Reaffirmed by Northland Securities
Paylocity Holding Corporation (NASDAQ:PCTY)‘s stock had its “buy” rating restated by Northland Securities in a research note issued on Sunday. They currently have a $55.00 price objective on the software maker’s stock. Northland Securities’ target price suggests a potential upside of 14.94% from the company’s previous close.
A number of other equities analysts have also commented on the company. Zacks Investment Research raised Paylocity Holding Corporation from a “hold” rating to a “buy” rating and set a $53.00 price objective on the stock in a research note on Tuesday, July 18th. Deutsche Bank AG boosted their price objective on Paylocity Holding Corporation from $55.00 to $60.00 and gave the stock a “buy” rating in a research note on Monday, May 15th. JMP Securities restated an “outperform” rating and set a $54.00 target price on shares of Paylocity Holding Corporation in a research report on Tuesday, July 18th. ValuEngine upgraded Paylocity Holding Corporation from a “sell” rating to a “hold” rating in a research report on Friday, June 2nd. Finally, SunTrust Banks, Inc. assumed coverage on Paylocity Holding Corporation in a research report on Monday, June 26th. They set a “hold” rating and a $45.00 target price for the company. Ten analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. The stock currently has an average rating of “Hold” and an average target price of $51.46.
Paylocity Holding Corporation (NASDAQ PCTY) opened at 47.85 on Friday. The firm has a market capitalization of $2.48 billion, a price-to-earnings ratio of 398.75 and a beta of 2.25. Paylocity Holding Corporation has a 12-month low of $29.69 and a 12-month high of $49.65. The company’s 50-day moving average price is $46.30 and its 200-day moving average price is $43.20.
Paylocity Holding Corporation (NASDAQ:PCTY) last posted its quarterly earnings data on Thursday, August 10th. The software maker reported ($0.06) EPS for the quarter, topping analysts’ consensus estimates of ($0.10) by $0.04. The company had revenue of $76.10 million for the quarter, compared to analyst estimates of $73.79 million. Paylocity Holding Corporation had a return on equity of 6.13% and a net margin of 2.24%. The business’s revenue was up 27.3% on a year-over-year basis. During the same quarter in the previous year, the firm earned ($0.01) earnings per share. Equities analysts expect that Paylocity Holding Corporation will post $0.79 EPS for the current fiscal year.
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In related news, Director Jeffrey T. Diehl sold 1,155,000 shares of the company’s stock in a transaction dated Thursday, August 17th. The stock was sold at an average price of $45.00, for a total value of $51,975,000.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, SVP Edward W. Gaty sold 5,185 shares of the company’s stock in a transaction dated Friday, September 1st. The shares were sold at an average price of $48.92, for a total value of $253,650.20. Following the completion of the sale, the senior vice president now owns 116,135 shares of the company’s stock, valued at approximately $5,681,324.20. The disclosure for this sale can be found here. Insiders sold 1,510,185 shares of company stock valued at $68,035,096 in the last quarter. 53.10% of the stock is currently owned by corporate insiders.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in PCTY. Janus Henderson Group PLC bought a new stake in Paylocity Holding Corporation in the second quarter valued at about $29,148,000. MARSHALL WACE ASIA Ltd bought a new stake in Paylocity Holding Corporation in the first quarter valued at about $16,054,000. Marshall Wace North America L.P. bought a new stake in Paylocity Holding Corporation in the first quarter valued at about $16,054,000. Tudor Investment Corp ET AL increased its holdings in Paylocity Holding Corporation by 2,737.3% in the first quarter. Tudor Investment Corp ET AL now owns 314,709 shares of the software maker’s stock valued at $12,157,000 after purchasing an additional 303,617 shares during the last quarter. Finally, Blair William & Co. IL increased its holdings in Paylocity Holding Corporation by 70.1% in the second quarter. Blair William & Co. IL now owns 545,439 shares of the software maker’s stock valued at $24,643,000 after purchasing an additional 224,771 shares during the last quarter. Institutional investors and hedge funds own 60.87% of the company’s stock.
About Paylocity Holding Corporation
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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