Zacks Investment Research Lowers Paylocity Holding Corporation (PCTY) to Hold
Zacks Investment Research lowered shares of Paylocity Holding Corporation (NASDAQ:PCTY) from a buy rating to a hold rating in a report released on Friday morning.
According to Zacks, “Estimates of payroll processing and human capital management solution provider, Paylocity has moved north off late. Shares of the ompany have also outperformed the industry over the past one year. The upside can be attributed to the company’s encouraging Q2 and FY18 outlook. We remain positive about Paylocity’s regular investments in SaaS technology. For the last few quarters, clients moving from traditional payroll service providers to the company’s SaaS-based services contributed significantly to its revenues. Hence, regular investments in technological upgrades, along with product innovation, will continue to boost the company’s top line. Also, higher adoption of Paylocity’s ACA dashboard application, specializing in tracking employee count, employee status and health care plan affordability, will act as a tailwind. However, competition from peers remains a major headwind.”
Several other equities analysts also recently weighed in on the company. ValuEngine upgraded Paylocity Holding Corporation from a sell rating to a hold rating in a research report on Friday, September 1st. JMP Securities reiterated an outperform rating and set a $54.00 target price on shares of Paylocity Holding Corporation in a research report on Tuesday, July 18th. Mizuho reiterated a hold rating and set a $45.00 target price on shares of Paylocity Holding Corporation in a research report on Thursday, October 12th. Bank of America Corporation increased their target price on Paylocity Holding Corporation from $50.00 to $56.00 and gave the stock a buy rating in a research report on Tuesday, October 24th. Finally, Northland Securities reiterated a buy rating and set a $55.00 target price on shares of Paylocity Holding Corporation in a research report on Sunday, September 10th. Nine investment analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. The company has an average rating of Buy and a consensus target price of $52.92.
Paylocity Holding Corporation (PCTY) traded down $0.21 on Friday, hitting $47.64. The company had a trading volume of 205,500 shares, compared to its average volume of 292,450. The firm has a market capitalization of $2,501.90, a price-to-earnings ratio of 216.54, a P/E/G ratio of 6.33 and a beta of 2.24. Paylocity Holding Corporation has a fifty-two week low of $29.69 and a fifty-two week high of $53.96.
Paylocity Holding Corporation (NASDAQ:PCTY) last posted its quarterly earnings data on Thursday, November 2nd. The software maker reported $0.15 EPS for the quarter, beating analysts’ consensus estimates of ($0.02) by $0.17. The business had revenue of $81.50 million for the quarter, compared to analyst estimates of $80.88 million. Paylocity Holding Corporation had a return on equity of 7.98% and a net margin of 3.11%. The business’s revenue for the quarter was up 25.4% compared to the same quarter last year. During the same quarter last year, the company earned $0.07 earnings per share. research analysts predict that Paylocity Holding Corporation will post 0.32 earnings per share for the current year.
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In related news, Director Steven I. Sarowitz sold 200,000 shares of the firm’s stock in a transaction dated Tuesday, August 15th. The stock was sold at an average price of $44.81, for a total transaction of $8,962,000.00. Following the sale, the director now directly owns 16,212,317 shares in the company, valued at approximately $726,473,924.77. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, insider Steven R. Beauchamp sold 50,000 shares of the firm’s stock in a transaction dated Wednesday, August 16th. The shares were sold at an average price of $46.38, for a total value of $2,319,000.00. Following the sale, the insider now owns 2,218,486 shares in the company, valued at $102,893,380.68. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 1,475,115 shares of company stock worth $66,718,252. Company insiders own 48.80% of the company’s stock.
A number of hedge funds and other institutional investors have recently modified their holdings of PCTY. Janus Henderson Group PLC acquired a new stake in Paylocity Holding Corporation during the 2nd quarter valued at approximately $29,148,000. Blair William & Co. IL grew its stake in Paylocity Holding Corporation by 70.1% during the 2nd 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 in the last quarter. Palisade Capital Management LLC NJ acquired a new stake in Paylocity Holding Corporation during the 2nd quarter valued at approximately $5,092,000. FMR LLC grew its stake in Paylocity Holding Corporation by 5.2% during the 2nd quarter. FMR LLC now owns 1,963,017 shares of the software maker’s stock valued at $88,689,000 after purchasing an additional 97,368 shares in the last quarter. Finally, Goldman Sachs Group Inc. grew its stake in Paylocity Holding Corporation by 76.2% during the 2nd quarter. Goldman Sachs Group Inc. now owns 199,508 shares of the software maker’s stock valued at $9,014,000 after purchasing an additional 86,262 shares in the last quarter. Hedge funds and other institutional investors own 59.44% 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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