Paylocity Holding Corp (PCTY) Given Average Rating of “Buy” by Brokerages

Paylocity Holding Corp (NASDAQ:PCTY) has earned an average rating of “Buy” from the nineteen analysts that are currently covering the stock, Marketbeat reports. Eight analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. The average twelve-month target price among brokers that have issued a report on the stock in the last year is $53.73.

A number of brokerages have commented on PCTY. BidaskClub upgraded Paylocity from a “sell” rating to a “hold” rating in a research note on Wednesday, January 31st. Bank of America lifted their target price on Paylocity from $50.00 to $56.00 and gave the company a “buy” rating in a research note on Tuesday, October 24th. SunTrust Banks restated a “hold” rating and issued a $47.00 target price on shares of Paylocity in a research note on Friday, November 3rd. Robert W. Baird lifted their target price on Paylocity from $52.00 to $56.00 and gave the company an “outperform” rating in a research note on Friday, November 3rd. Finally, TheStreet upgraded Paylocity from a “c” rating to a “b-” rating in a research note on Friday, November 3rd.

In other news, Director Steven I. Sarowitz sold 1,296,142 shares of the company’s stock in a transaction dated Tuesday, November 21st. The shares were sold at an average price of $46.14, for a total transaction of $59,803,991.88. Following the completion of the transaction, the director now owns 15,343,130 shares of the company’s stock, valued at $707,932,018.20. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Steven R. Beauchamp sold 19,958 shares of the stock in a transaction dated Tuesday, January 23rd. The stock was sold at an average price of $50.09, for a total transaction of $999,696.22. Following the completion of the transaction, the chief executive officer now directly owns 2,168,270 shares of the company’s stock, valued at approximately $108,608,644.30. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 1,369,846 shares of company stock worth $63,474,241. 48.80% of the stock is currently owned by corporate insiders.

A number of large investors have recently bought and sold shares of the stock. Citigroup Inc. raised its holdings in Paylocity by 3.8% in the second quarter. Citigroup Inc. now owns 11,366 shares of the software maker’s stock worth $514,000 after purchasing an additional 413 shares during the period. Ameritas Investment Partners Inc. raised its holdings in Paylocity by 22.6% in the second quarter. Ameritas Investment Partners Inc. now owns 2,282 shares of the software maker’s stock worth $103,000 after purchasing an additional 421 shares during the period. Quotient Investors LLC raised its holdings in shares of Paylocity by 20.4% during the third quarter. Quotient Investors LLC now owns 5,900 shares of the software maker’s stock worth $288,000 after acquiring an additional 1,000 shares during the period. California Public Employees Retirement System raised its holdings in shares of Paylocity by 16.2% during the fourth quarter. California Public Employees Retirement System now owns 8,600 shares of the software maker’s stock worth $406,000 after acquiring an additional 1,200 shares during the period. Finally, American International Group Inc. raised its holdings in shares of Paylocity by 8.1% during the third quarter. American International Group Inc. now owns 17,429 shares of the software maker’s stock worth $851,000 after acquiring an additional 1,304 shares during the period. 60.47% of the stock is owned by hedge funds and other institutional investors.

Paylocity (NASDAQ:PCTY) traded down $1.34 during trading hours on Friday, reaching $42.91. The company had a trading volume of 590,100 shares, compared to its average volume of 248,388. Paylocity has a fifty-two week low of $34.13 and a fifty-two week high of $53.96. The firm has a market capitalization of $2,260.00, a P/E ratio of 195.05, a price-to-earnings-growth ratio of 6.18 and a beta of 2.09.

Paylocity (NASDAQ:PCTY) last issued its earnings results on Thursday, February 8th. The software maker reported $0.16 EPS for the quarter, beating the Zacks’ consensus estimate of $0.12 by $0.04. Paylocity had a return on equity of 9.09% and a net margin of 3.57%. The company had revenue of $86.00 million during the quarter, compared to the consensus estimate of $85.03 million. During the same period in the previous year, the firm posted $0.10 earnings per share. Paylocity’s quarterly revenue was up 25.3% compared to the same quarter last year. analysts predict that Paylocity will post 0.33 earnings per share for the current year.

WARNING: “Paylocity Holding Corp (PCTY) Given Average Rating of “Buy” by Brokerages” was first published by Sports Perspectives and is owned by of Sports Perspectives. If you are accessing this piece on another domain, it was stolen and reposted in violation of United States & international copyright & trademark laws. The original version of this piece can be accessed at https://sportsperspectives.com/2018/02/14/paylocity-holding-corp-pcty-given-average-rating-of-buy-by-brokerages.html.

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.

Analyst Recommendations for Paylocity (NASDAQ:PCTY)

Receive News & Ratings for Paylocity Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Paylocity and related companies with MarketBeat.com's FREE daily email newsletter.

Latest News

Leave a Reply