Brokerages Expect Paylocity Holding (PCTY) Will Post Quarterly Sales of $93.15 Million

Equities research analysts predict that Paylocity Holding (NASDAQ:PCTY) will report sales of $93.15 million for the current fiscal quarter, Zacks Investment Research reports. Seven analysts have issued estimates for Paylocity’s earnings, with the lowest sales estimate coming in at $92.80 million and the highest estimate coming in at $93.40 million. Paylocity reported sales of $76.06 million in the same quarter last year, which would suggest a positive year over year growth rate of 22.5%. The company is expected to issue its next quarterly earnings results on Thursday, August 9th.

According to Zacks, analysts expect that Paylocity will report full year sales of $373.64 million for the current year, with estimates ranging from $370.80 million to $374.30 million. For the next financial year, analysts forecast that the firm will report sales of $453.61 million per share, with estimates ranging from $447.00 million to $460.55 million. Zacks Investment Research’s sales calculations are a mean average based on a survey of research analysts that cover Paylocity.

Paylocity (NASDAQ:PCTY) last issued its quarterly earnings results on Thursday, May 3rd. The software maker reported $0.86 EPS for the quarter, topping the Zacks’ consensus estimate of $0.47 by $0.39. Paylocity had a return on equity of 11.74% and a net margin of 10.17%. The company had revenue of $113.41 million during the quarter, compared to analysts’ expectations of $110.74 million. During the same quarter in the previous year, the firm posted $0.40 EPS. The firm’s revenue was up 25.6% compared to the same quarter last year.

A number of analysts have commented on the company. BidaskClub cut Paylocity from a “strong-buy” rating to a “buy” rating in a research report on Tuesday, April 3rd. SunTrust Banks raised Paylocity from a “hold” rating to a “buy” rating and lowered their price target for the stock from $52.72 to $45.00 in a research report on Monday, March 12th. Robert W. Baird lifted their price target on Paylocity to $56.00 and gave the stock an “outperform” rating in a research report on Monday, May 7th. Zacks Investment Research raised Paylocity from a “sell” rating to a “hold” rating in a research report on Wednesday, February 14th. Finally, William Blair reaffirmed an “outperform” rating on shares of Paylocity in a research report on Friday, February 9th. Four investment analysts have rated the stock with a hold rating, eleven have issued a buy rating and one has assigned a strong buy rating to the stock. The company presently has an average rating of “Buy” and a consensus target price of $55.33.

Shares of PCTY opened at $57.59 on Friday. Paylocity has a one year low of $55.41 and a one year high of $56.36. The stock has a market cap of $2.94 billion, a price-to-earnings ratio of 383.93, a PEG ratio of 6.98 and a beta of 1.99.

In other news, CEO Steven R. Beauchamp sold 30,000 shares of the business’s stock in a transaction dated Tuesday, March 6th. The stock was sold at an average price of $50.02, for a total value of $1,500,600.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, SVP Edward W. Gaty sold 6,747 shares of the business’s stock in a transaction dated Thursday, March 1st. The shares were sold at an average price of $46.33, for a total value of $312,588.51. The disclosure for this sale can be found here. In the last three months, insiders sold 312,256 shares of company stock valued at $16,138,542. Insiders own 48.80% of the company’s stock.

Hedge funds have recently modified their holdings of the company. Fox Run Management L.L.C. acquired a new position in shares of Paylocity in the 4th quarter valued at about $520,000. Teacher Retirement System of Texas acquired a new position in Paylocity in the 4th quarter worth about $462,000. Swiss National Bank raised its holdings in Paylocity by 5.7% in the 4th quarter. Swiss National Bank now owns 49,750 shares of the software maker’s stock worth $2,346,000 after purchasing an additional 2,700 shares during the period. Bank of Montreal Can raised its holdings in Paylocity by 103.0% in the 4th quarter. Bank of Montreal Can now owns 7,293 shares of the software maker’s stock worth $344,000 after purchasing an additional 3,700 shares during the period. Finally, HBK Investments L P raised its holdings in Paylocity by 609.1% in the 4th quarter. HBK Investments L P now owns 36,561 shares of the software maker’s stock worth $1,724,000 after purchasing an additional 31,405 shares during the period. 63.07% of the stock is owned by institutional investors and hedge funds.

About Paylocity

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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