Paylocity Holding Corporation (NASDAQ:PCTY) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research report issued on Friday.
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.”
Other analysts have also issued research reports about the stock. TheStreet upgraded shares of Paylocity Holding Corporation from a “c” rating to a “b-” rating in a research note on Friday, November 3rd. Raymond James Financial, Inc. set a $55.00 target price on shares of Paylocity Holding Corporation and gave the company a “buy” rating in a research note on Wednesday, August 9th. Stifel Nicolaus reiterated a “buy” rating and set a $55.00 target price (up previously from $50.00) on shares of Paylocity Holding Corporation in a research note on Friday, August 11th. Bank of America Corporation reiterated a “buy” rating and set a $47.00 target price (down previously from $50.00) on shares of Paylocity Holding Corporation in a research note on Friday, August 11th. Finally, Northland Securities reiterated a “buy” rating and set a $55.00 target price on shares of Paylocity Holding Corporation in a research note on Sunday, September 10th. Nine analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. The stock currently has a consensus rating of “Buy” and a consensus target price of $52.92.
Paylocity Holding Corporation (NASDAQ:PCTY) traded down $0.59 on Friday, reaching $47.26. 112,595 shares of the company traded hands, compared to its average volume of 260,343. The firm has a market capitalization of $2,480.00, a PE ratio of 219.77, a PEG ratio of 6.42 and a beta of 2.24. Paylocity Holding Corporation has a 1 year low of $29.69 and a 1 year high of $53.96.
Paylocity Holding Corporation (NASDAQ:PCTY) last released its earnings results on Thursday, November 2nd. The software maker reported $0.15 earnings per share for the quarter, beating the consensus estimate of ($0.02) by $0.17. Paylocity Holding Corporation had a net margin of 3.11% and a return on equity of 7.98%. The firm had revenue of $81.50 million during the quarter, compared to analyst estimates of $80.88 million. During the same quarter in the previous year, the firm earned $0.07 earnings per share. The firm’s revenue for the quarter was up 25.4% compared to the same quarter last year. sell-side analysts expect that Paylocity Holding Corporation will post 0.32 EPS for the current year.
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In related news, VP Michael R. Haske sold 88,600 shares of the company’s stock in a transaction dated Monday, August 14th. The shares were sold at an average price of $45.21, for a total value of $4,005,606.00. Following the completion of the sale, the vice president now owns 1,189,606 shares of the company’s stock, valued at $53,782,087.26. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Steven R. Beauchamp sold 5,470 shares of the company’s stock in a transaction dated Friday, October 6th. The stock was sold at an average price of $50.09, for a total transaction of $273,992.30. The disclosure for this sale can be found here. Insiders have sold 1,563,715 shares of company stock valued at $70,723,858 in the last 90 days. Insiders own 48.80% of the company’s stock.
A number of hedge funds have recently bought and sold shares of the stock. Vanguard Group Inc. lifted its holdings in Paylocity Holding Corporation by 3.8% in the second quarter. Vanguard Group Inc. now owns 2,070,015 shares of the software maker’s stock worth $93,524,000 after purchasing an additional 75,709 shares during the period. FMR LLC lifted its holdings in Paylocity Holding Corporation by 5.2% in the second quarter. FMR LLC now owns 1,963,017 shares of the software maker’s stock worth $88,689,000 after purchasing an additional 97,368 shares during the period. TimesSquare Capital Management LLC lifted its holdings in Paylocity Holding Corporation by 4.7% in the third quarter. TimesSquare Capital Management LLC now owns 1,042,500 shares of the software maker’s stock worth $50,895,000 after purchasing an additional 46,950 shares during the period. Wasatch Advisors Inc. lifted its holdings in Paylocity Holding Corporation by 8.0% in the second quarter. Wasatch Advisors Inc. now owns 863,765 shares of the software maker’s stock worth $39,025,000 after purchasing an additional 64,268 shares during the period. Finally, Janus Henderson Group PLC acquired a new stake in Paylocity Holding Corporation in the second quarter worth about $29,148,000. 60.05% of the stock is owned by institutional investors and hedge funds.
Paylocity Holding Corporation 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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