Paylocity (PCTY) Rating Lowered to C+ at TheStreet
Paylocity (NASDAQ:PCTY) was downgraded by equities research analysts at TheStreet from a “b-” rating to a “c+” rating in a research report issued to clients and investors on Tuesday.
PCTY has been the subject of several other reports. Stifel Nicolaus reissued a “buy” rating and issued a $55.00 price objective (up from $50.00) on shares of Paylocity in a research note on Friday, August 11th. Northland Securities reissued a “buy” rating and issued a $55.00 price objective on shares of Paylocity in a research note on Sunday, September 10th. Bank of America increased their price objective on Paylocity from $50.00 to $56.00 and gave the stock a “buy” rating in a research note on Tuesday, October 24th. Robert W. Baird increased their price objective on Paylocity from $52.00 to $56.00 and gave the stock an “outperform” rating in a research note on Friday, November 3rd. Finally, Mizuho reissued a “hold” rating and issued a $45.00 price objective on shares of Paylocity in a research note on Thursday, October 12th. Seven equities research analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. The stock has an average rating of “Buy” and an average target price of $52.92.
Shares of Paylocity (PCTY) traded up $0.13 during midday trading on Tuesday, hitting $45.02. The stock had a trading volume of 226,400 shares, compared to its average volume of 292,361. Paylocity has a twelve month low of $29.69 and a twelve month high of $53.96. The stock has a market capitalization of $2,357.48, a P/E ratio of 204.04, a price-to-earnings-growth ratio of 5.89 and a beta of 2.11.
Paylocity (NASDAQ:PCTY) last announced its earnings results on Thursday, November 2nd. The software maker reported $0.15 EPS for the quarter, beating the consensus estimate of ($0.02) by $0.17. The business had revenue of $81.50 million during the quarter, compared to the consensus estimate of $80.88 million. Paylocity had a return on equity of 7.98% and a net margin of 3.11%. Paylocity’s revenue was up 25.4% compared to the same quarter last year. During the same period in the prior year, the business posted $0.07 earnings per share. sell-side analysts expect that Paylocity will post 0.32 EPS for the current year.
In other Paylocity news, CEO Steven R. Beauchamp sold 23,530 shares of the company’s stock in a transaction dated Tuesday, October 3rd. The stock was sold at an average price of $50.25, for a total value of $1,182,382.50. Following the transaction, the chief executive officer now directly owns 2,253,978 shares of the company’s stock, valued at approximately $113,262,394.50. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, SVP Edward W. Gaty sold 5,062 shares of the company’s stock in a transaction dated Friday, December 1st. The stock was sold at an average price of $45.82, for a total value of $231,940.84. Following the completion of the transaction, the senior vice president now directly owns 116,135 shares in the company, valued at $5,321,305.70. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 1,429,734 shares of company stock worth $66,231,695. Insiders own 48.80% of the company’s stock.
A number of hedge funds have recently modified their holdings of PCTY. State of Wisconsin Investment Board acquired a new position in shares of Paylocity during the 2nd quarter valued at about $3,660,000. Schwab Charles Investment Management Inc. increased its holdings in shares of Paylocity by 10.6% during the 2nd quarter. Schwab Charles Investment Management Inc. now owns 113,529 shares of the software maker’s stock valued at $5,130,000 after acquiring an additional 10,911 shares during the last quarter. Chicago Equity Partners LLC acquired a new position in shares of Paylocity during the 2nd quarter valued at about $1,129,000. Menta Capital LLC acquired a new position in shares of Paylocity during the 2nd quarter valued at about $1,270,000. Finally, Teachers Advisors LLC increased its holdings in shares of Paylocity by 29.0% during the 2nd quarter. Teachers Advisors LLC now owns 47,178 shares of the software maker’s stock valued at $2,132,000 after acquiring an additional 10,613 shares during the last quarter. 59.84% of the stock is currently owned by institutional investors.
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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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