Paylocity Holding Corp (NASDAQ:PCTY) has been given an average rating of “Buy” by the seventeen research firms that are covering the stock, Marketbeat.com reports. Four equities research analysts have rated the stock with a hold recommendation, eleven have issued a buy recommendation and one has given a strong buy recommendation to the company. The average 12-month price objective among brokerages that have updated their coverage on the stock in the last year is $55.55.
Several analysts have commented on the company. Royal Bank of Canada cut Paylocity from an “outperform” rating to a “sector perform” rating and set a $56.00 price target for the company. in a report on Monday, April 23rd. BidaskClub upgraded Paylocity from a “buy” rating to a “strong-buy” rating in a report on Friday, March 23rd. ValuEngine upgraded Paylocity from a “hold” rating to a “buy” rating in a report on Monday, April 2nd. Needham & Company LLC restated a “buy” rating and issued a $65.00 price target (up previously from $60.00) on shares of Paylocity in a report on Thursday, March 15th. Finally, Stifel Nicolaus lifted their price target on Paylocity from $50.00 to $59.00 and gave the company a “buy” rating in a report on Friday, May 4th.
Paylocity traded down $0.31, reaching $63.55, during midday trading on Thursday, Marketbeat.com reports. 229,500 shares of the company were exchanged, compared to its average volume of 260,731. The stock has a market cap of $3.33 billion, a PE ratio of 423.67, a P/E/G ratio of 7.62 and a beta of 2.00. Paylocity has a 1 year low of $41.15 and a 1 year high of $64.21.
Paylocity (NASDAQ:PCTY) last posted its quarterly earnings data on Thursday, May 3rd. The software maker reported $0.86 EPS for the quarter, topping analysts’ consensus estimates of $0.47 by $0.39. The firm had revenue of $113.41 million during the quarter, compared to analysts’ expectations of $110.74 million. Paylocity had a return on equity of 11.74% and a net margin of 10.17%. The firm’s quarterly revenue was up 25.6% compared to the same quarter last year. During the same quarter last year, the business posted $0.40 EPS. equities research analysts predict that Paylocity will post 0.38 EPS for the current fiscal year.
In other news, SVP Edward W. Gaty sold 14,287 shares of Paylocity stock in a transaction dated Friday, June 1st. The stock was sold at an average price of $59.92, for a total value of $856,077.04. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, CEO Steven R. Beauchamp sold 500 shares of Paylocity stock in a transaction dated Friday, May 25th. The shares were sold at an average price of $60.02, for a total value of $30,010.00. Following the completion of the transaction, the chief executive officer now directly owns 1,996,667 shares in the company, valued at $119,839,953.34. The disclosure for this sale can be found here. Insiders sold a total of 494,072 shares of company stock worth $29,279,094 over the last ninety days. Corporate insiders own 48.80% of the company’s stock.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Principal Financial Group Inc. lifted its stake in shares of Paylocity by 4.5% in the 1st quarter. Principal Financial Group Inc. now owns 21,816 shares of the software maker’s stock valued at $1,117,000 after purchasing an additional 943 shares in the last quarter. Summit Trail Advisors LLC lifted its stake in shares of Paylocity by 6,931.5% in the 1st quarter. Summit Trail Advisors LLC now owns 101,816 shares of the software maker’s stock valued at $102,000 after purchasing an additional 100,368 shares in the last quarter. Xact Kapitalforvaltning AB acquired a new position in shares of Paylocity in the 1st quarter valued at about $254,000. Royal Bank of Canada lifted its stake in shares of Paylocity by 46.2% in the 1st quarter. Royal Bank of Canada now owns 870,958 shares of the software maker’s stock valued at $44,620,000 after purchasing an additional 275,364 shares in the last quarter. Finally, Highbridge Capital Management LLC acquired a new position in shares of Paylocity in the 1st quarter valued at about $296,000. 63.10% of the stock is currently owned by institutional investors and hedge funds.
Paylocity Holding Corporation provides cloud-based payroll and human capital management (HCM) software solutions for medium-sized organizations in the United States. It offers Paylocity Web Pay for enterprise-grade payroll processing and administration; Paylocity Web HR for employee record management and HR compliance and reporting; Talent Management for employee performance appraisal process and performance review; Paylocity Web Time, a time and attendance solution; and Paylocity Web Expense, an expense management tool designed to streamline and automate the expense management process.
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