Zacks Investment Research upgraded shares of Paylocity Holding Corp (NASDAQ:PCTY) from a hold rating to a buy rating in a report issued on Tuesday morning. The firm currently has $53.00 target price on the software maker’s stock.
According to Zacks, “Paylocity offers cloud-based payroll and HCM software solutions to medium-sized organizations. Estimates have been stable lately ahead of the company’s Q4 earnings release. The company has positive record of earnings surprises in recent quarters. 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. Such initiatives should also drive its forthcoming results. 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. Paylocity has outperformed the broader market in the last one year.”
Other equities analysts have also issued research reports about the company. Needham & Company LLC lifted their price target on Paylocity Holding Corp from $46.00 to $52.00 and gave the company a buy rating in a research note on Thursday, May 25th. Deutsche Bank AG lifted their price target on Paylocity Holding Corp from $55.00 to $60.00 and gave the company a buy rating in a research note on Monday, May 15th. TheStreet upgraded Paylocity Holding Corp from a d+ rating to a c rating in a research note on Monday, March 20th. SunTrust Banks, Inc. started coverage on Paylocity Holding Corp in a research note on Monday, June 26th. They issued a hold rating and a $45.00 price target on the stock. Finally, ValuEngine upgraded Paylocity Holding Corp from a sell rating to a hold rating in a research note on Friday, June 2nd. Nine equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. The company has an average rating of Hold and a consensus target price of $48.82.
Shares of Paylocity Holding Corp (NASDAQ:PCTY) traded up 0.43% during mid-day trading on Tuesday, reaching $47.19. The company’s stock had a trading volume of 75,319 shares. Paylocity Holding Corp has a 52-week low of $29.69 and a 52-week high of $49.65. The firm has a 50 day moving average price of $46.67 and a 200 day moving average price of $39.72. The firm has a market cap of $2.43 billion, a price-to-earnings ratio of 471.90 and a beta of 2.28.
In other Paylocity Holding Corp news, CFO Peter J. Mcgrail sold 49,764 shares of the company’s stock in a transaction dated Friday, June 9th. The stock was sold at an average price of $47.27, for a total value of $2,352,344.28. Following the sale, the chief financial officer now owns 227,475 shares in the company, valued at approximately $10,752,743.25. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, insider Steven R. Beauchamp sold 1,330 shares of the company’s stock in a transaction dated Tuesday, April 25th. The shares were sold at an average price of $40.05, for a total value of $53,266.50. Following the completion of the sale, the insider now owns 2,225,264 shares in the company, valued at approximately $89,121,823.20. The disclosure for this sale can be found here. Insiders sold a total of 364,537 shares of company stock worth $16,323,091 in the last quarter. Corporate insiders own 53.10% of the company’s stock.
Several large investors have recently added to or reduced their stakes in PCTY. Tocqueville Asset Management L.P. raised its stake in Paylocity Holding Corp by 262.3% in the first quarter. Tocqueville Asset Management L.P. now owns 72,460 shares of the software maker’s stock worth $2,799,000 after buying an additional 52,460 shares during the period. Sumitomo Mitsui Asset Management Company LTD raised its stake in Paylocity Holding Corp by 17.8% in the first quarter. Sumitomo Mitsui Asset Management Company LTD now owns 126,875 shares of the software maker’s stock worth $4,901,000 after buying an additional 19,200 shares during the period. Granite Investment Partners LLC bought a new stake in Paylocity Holding Corp during the first quarter worth approximately $1,506,000. Independent Portfolio Consultants Inc. raised its stake in Paylocity Holding Corp by 38.0% in the first quarter. Independent Portfolio Consultants Inc. now owns 6,005 shares of the software maker’s stock worth $232,000 after buying an additional 1,655 shares during the period. Finally, Bank of Montreal Can raised its stake in Paylocity Holding Corp by 29.2% in the first quarter. Bank of Montreal Can now owns 3,377 shares of the software maker’s stock worth $130,000 after buying an additional 764 shares during the period. Hedge funds and other institutional investors own 63.67% of the company’s stock.
Paylocity Holding Corp 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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