Paylocity (PCTY) Earns Overweight Rating from Analysts at KeyCorp

KeyCorp initiated coverage on shares of Paylocity (NASDAQ:PCTY) in a research note issued to investors on Tuesday, The Fly reports. The brokerage issued an overweight rating on the software maker’s stock.

PCTY has been the topic of a number of other research reports. Zacks Investment Research lowered shares of Paylocity from a hold rating to a sell rating in a research note on Wednesday, December 19th. Raymond James upped their price target on shares of Paylocity from $75.00 to $88.00 and gave the company an outperform rating in a research note on Thursday, February 7th. SunTrust Banks upped their price target on shares of Paylocity to $83.00 and gave the company a positive rating in a research note on Tuesday, February 5th. Craig Hallum upped their price target on shares of Paylocity from $65.00 to $78.00 and gave the company a hold rating in a research note on Thursday, February 7th. Finally, BidaskClub upgraded shares of Paylocity from a buy rating to a strong-buy rating in a research note on Friday, January 25th. Six analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the stock. The company has an average rating of Buy and an average price target of $79.93.

Shares of PCTY stock opened at $90.27 on Tuesday. The stock has a market capitalization of $4.73 billion, a PE ratio of 291.19, a PEG ratio of 8.23 and a beta of 2.09. Paylocity has a 52-week low of $51.18 and a 52-week high of $93.62.

Paylocity (NASDAQ:PCTY) last issued its earnings results on Wednesday, February 6th. The software maker reported $0.11 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.22 by ($0.11). The firm had revenue of $107.20 million during the quarter, compared to the consensus estimate of $104.68 million. Paylocity had a net margin of 12.81% and a return on equity of 13.43%. The firm’s revenue for the quarter was up 24.7% compared to the same quarter last year. During the same period in the previous year, the company posted $0.16 earnings per share. On average, analysts predict that Paylocity will post 0.54 earnings per share for the current year.

In other Paylocity news, Director Steven I. Sarowitz sold 72,500 shares of the stock in a transaction that occurred on Friday, February 8th. The shares were sold at an average price of $81.04, for a total transaction of $5,875,400.00. Following the transaction, the director now owns 14,735,730 shares in the company, valued at approximately $1,194,183,559.20. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CEO Steven R. Beauchamp sold 40,000 shares of the stock in a transaction that occurred on Friday, February 15th. The stock was sold at an average price of $83.69, for a total transaction of $3,347,600.00. Following the transaction, the chief executive officer now owns 1,885,948 shares in the company, valued at approximately $157,834,988.12. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 882,481 shares of company stock worth $75,511,619. Company insiders own 41.20% of the company’s stock.

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. FTB Advisors Inc. boosted its position in shares of Paylocity by 25.1% during the 4th quarter. FTB Advisors Inc. now owns 642 shares of the software maker’s stock worth $38,000 after acquiring an additional 129 shares in the last quarter. Bronfman E.L. Rothschild L.P. boosted its position in shares of Paylocity by 34.8% during the 4th quarter. Bronfman E.L. Rothschild L.P. now owns 774 shares of the software maker’s stock worth $47,000 after acquiring an additional 200 shares in the last quarter. OLD National Bancorp IN boosted its position in shares of Paylocity by 7.0% during the 4th quarter. OLD National Bancorp IN now owns 4,048 shares of the software maker’s stock worth $244,000 after acquiring an additional 266 shares in the last quarter. Renaissance Group LLC boosted its position in shares of Paylocity by 4.3% during the 4th quarter. Renaissance Group LLC now owns 8,360 shares of the software maker’s stock worth $503,000 after acquiring an additional 342 shares in the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank boosted its position in shares of Paylocity by 23.5% during the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 2,141 shares of the software maker’s stock worth $129,000 after acquiring an additional 407 shares in the last quarter. Institutional investors and hedge funds own 64.95% of the company’s stock.

About Paylocity

Paylocity Holding Corporation provides cloud-based payroll and human capital management software solutions for medium-sized organizations in the United States. The company offers Paylocity Web Pay for enterprise-grade payroll processing and administration; Paylocity Web HR for employee record management, HR compliance and reporting, HR insight and analytics, and self-service portals; 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.

Further Reading: Net Asset Value

The Fly

Analyst Recommendations for Paylocity (NASDAQ:PCTY)

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