Paylocity Holding Corp (PCTY) Receives Average Recommendation of “Buy” from Analysts

Shares of Paylocity Holding Corp (NASDAQ:PCTY) have been given a consensus recommendation of “Buy” by the nineteen analysts that are presently covering the company, MarketBeat reports. One analyst has rated the stock with a sell recommendation, seven have assigned a hold recommendation and ten have given a buy recommendation to the company. The average 12-month target price among brokerages that have covered the stock in the last year is $69.54.

Several research firms have recently commented on PCTY. BidaskClub lowered shares of Paylocity from a “hold” rating to a “sell” rating in a report on Monday. Zacks Investment Research lowered shares of Paylocity from a “strong-buy” rating to a “hold” rating in a report on Wednesday, October 10th. Jefferies Financial Group began coverage on shares of Paylocity in a report on Monday, October 1st. They issued a “hold” rating and a $88.00 price target for the company. Bank of America boosted their price target on shares of Paylocity from $73.00 to $91.00 and gave the company a “buy” rating in a report on Wednesday, September 26th. Finally, Guggenheim began coverage on shares of Paylocity in a report on Monday, August 20th. They issued a “buy” rating and a $80.00 price target for the company.

PCTY traded down $1.77 on Wednesday, reaching $67.98. 290,600 shares of the company traded hands, compared to its average volume of 278,989. Paylocity has a one year low of $41.15 and a one year high of $88.47. The firm has a market capitalization of $4.24 billion, a price-to-earnings ratio of 219.29, a PEG ratio of 4.27 and a beta of 2.11. The company has a debt-to-equity ratio of 0.01, a current ratio of 1.08 and a quick ratio of 1.08.

Paylocity (NASDAQ:PCTY) last announced its quarterly earnings data on Thursday, August 9th. The software maker reported $0.11 earnings per share for the quarter, missing analysts’ consensus estimates of $0.12 by ($0.01). Paylocity had a net margin of 10.22% and a return on equity of 12.44%. The company had revenue of $96.62 million for the quarter, compared to the consensus estimate of $93.33 million. During the same quarter in the previous year, the business earned $0.09 EPS. The company’s quarterly revenue was up 27.0% compared to the same quarter last year. On average, equities analysts anticipate that Paylocity will post 0.75 earnings per share for the current fiscal year.

In other news, Director Steven I. Sarowitz sold 144,124 shares of Paylocity stock in a transaction that occurred on Tuesday, August 14th. The shares were sold at an average price of $64.75, for a total value of $9,332,029.00. Following the transaction, the director now owns 14,820,606 shares of the company’s stock, valued at approximately $959,634,238.50. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Michael R. Haske sold 42,500 shares of Paylocity stock in a transaction that occurred on Tuesday, August 14th. The stock was sold at an average price of $65.91, for a total transaction of $2,801,175.00. The disclosure for this sale can be found here. In the last ninety days, insiders sold 1,002,124 shares of company stock worth $65,904,551. Insiders own 48.80% of the company’s stock.

A number of large investors have recently added to or reduced their stakes in PCTY. Voya Investment Management LLC grew its position in Paylocity by 3,670.3% during the 2nd quarter. Voya Investment Management LLC now owns 446,288 shares of the software maker’s stock worth $26,269,000 after purchasing an additional 434,451 shares during the last quarter. Standard Life Aberdeen plc boosted its holdings in shares of Paylocity by 31.4% in the 2nd quarter. Standard Life Aberdeen plc now owns 1,469,941 shares of the software maker’s stock valued at $86,521,000 after acquiring an additional 350,996 shares during the last quarter. Royal Bank of Canada boosted its holdings in shares of Paylocity by 46.2% in the 1st quarter. Royal Bank of Canada now owns 870,958 shares of the software maker’s stock valued at $44,620,000 after acquiring an additional 275,364 shares during the last quarter. BlackRock Inc. boosted its holdings in shares of Paylocity by 15.0% in the 2nd quarter. BlackRock Inc. now owns 2,050,204 shares of the software maker’s stock valued at $120,674,000 after acquiring an additional 267,913 shares during the last quarter. Finally, Riverbridge Partners LLC boosted its holdings in shares of Paylocity by 36.5% in the 2nd quarter. Riverbridge Partners LLC now owns 951,801 shares of the software maker’s stock valued at $56,023,000 after acquiring an additional 254,392 shares during the last quarter. 65.40% of the stock is currently owned by institutional investors.

Paylocity Company Profile

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.

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Analyst Recommendations for Paylocity (NASDAQ:PCTY)

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