Paylocity (NASDAQ:PCTY) Posts Quarterly Earnings Results, Beats Estimates By $0.28 EPS

Paylocity (NASDAQ:PCTY) issued its earnings results on Thursday. The software maker reported $1.85 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.57 by $0.28, FiscalAI reports. The firm had revenue of $416.13 million for the quarter, compared to analysts’ expectations of $408.37 million. Paylocity had a net margin of 13.75% and a return on equity of 22.07%.

Paylocity Stock Up 0.3%

Paylocity stock traded up $0.41 during mid-day trading on Thursday, reaching $127.05. The company had a trading volume of 2,120,734 shares, compared to its average volume of 665,410. The firm has a market cap of $6.91 billion, a price-to-earnings ratio of 31.84, a PEG ratio of 3.75 and a beta of 0.54. The company has a 50 day moving average of $146.26 and a 200-day moving average of $157.53. Paylocity has a 52 week low of $123.71 and a 52 week high of $223.80.

Analysts Set New Price Targets

PCTY has been the topic of several research reports. BMO Capital Markets dropped their price target on shares of Paylocity from $200.00 to $185.00 and set an “outperform” rating on the stock in a research report on Wednesday, November 5th. Cantor Fitzgerald restated an “overweight” rating on shares of Paylocity in a report on Thursday, January 29th. Weiss Ratings cut Paylocity from a “hold (c-)” rating to a “sell (d+)” rating in a report on Tuesday, January 27th. BTIG Research initiated coverage on Paylocity in a research note on Tuesday, December 16th. They set a “buy” rating and a $180.00 price objective for the company. Finally, Stephens set a $160.00 target price on Paylocity in a research report on Friday, January 16th. Fifteen analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $204.05.

Insider Buying and Selling at Paylocity

In related news, CFO Ryan Glenn sold 1,737 shares of Paylocity stock in a transaction dated Wednesday, November 19th. The stock was sold at an average price of $143.65, for a total transaction of $249,520.05. Following the sale, the chief financial officer directly owned 77,229 shares of the company’s stock, valued at $11,093,945.85. This trade represents a 2.20% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 19.40% of the company’s stock.

Institutional Trading of Paylocity

A number of hedge funds have recently modified their holdings of the company. Advisory Services Network LLC bought a new stake in Paylocity in the third quarter valued at about $38,000. Danske Bank A S acquired a new stake in Paylocity during the third quarter valued at approximately $64,000. Smartleaf Asset Management LLC grew its stake in shares of Paylocity by 35.0% in the 2nd quarter. Smartleaf Asset Management LLC now owns 428 shares of the software maker’s stock valued at $77,000 after purchasing an additional 111 shares during the period. EverSource Wealth Advisors LLC raised its holdings in shares of Paylocity by 537.0% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 465 shares of the software maker’s stock worth $84,000 after buying an additional 392 shares in the last quarter. Finally, Lazard Asset Management LLC bought a new position in shares of Paylocity during the 2nd quarter worth approximately $110,000. Institutional investors own 94.76% of the company’s stock.

Paylocity Company Profile

Paylocity (NASDAQ: PCTY) is a leading provider of cloud-based payroll and human capital management (HCM) software designed to streamline workforce administration for mid-sized organizations. The company’s integrated platform automates core functions such as payroll processing, benefits administration, time and labor tracking, and compliance management, enabling employers to manage employee data more efficiently and reduce administrative burdens.

In addition to payroll and HR capabilities, Paylocity offers talent management solutions including recruiting, onboarding, performance tracking, and learning management.