Paylocity (PCTY) – Research Analysts’ Recent Ratings Updates

A number of research firms have changed their ratings and price targets for Paylocity (NASDAQ: PCTY):

  • 11/12/2018 – Paylocity was upgraded by analysts at ValuEngine from a “hold” rating to a “buy” rating.
  • 11/6/2018 – Paylocity was downgraded by analysts at ValuEngine from a “buy” rating to a “hold” rating.
  • 11/2/2018 – Paylocity had its price target raised by analysts at Robert W. Baird from $68.00 to $71.00. They now have an “outperform” rating on the stock.
  • 11/2/2018 – Paylocity had its price target lowered by analysts at Jefferies Financial Group Inc to $79.00. They now have a “hold” rating on the stock.
  • 11/2/2018 – Paylocity had its price target lowered by analysts at Bank of America Corp from $91.00 to $78.00. They now have a “buy” rating on the stock.
  • 10/15/2018 – Paylocity was downgraded by analysts at BidaskClub from a “hold” rating to a “sell” rating.
  • 10/10/2018 – Paylocity was downgraded by analysts at Zacks Investment Research from a “strong-buy” rating to a “hold” rating. According to Zacks, “Paylocity is benefiting from higher recurring revenues. For the last few quarters,clients moving from traditional payroll service providers to the company’s SaaS based services contributed significantly to its revenues. Also, higher adoption of Paylocity’s ACA dashboard application, specializing in tracking employee count, employee status and health care plan affordability, is a tailwind. Shares have outperformed the industry in the year-to-date period. However, SaaS network infrastructure, which Paylocity mainly operates on, is prone to cyber threats and security breaches. Moreover, estimates have been going down ahead of the company’s Q1 earnings release. The company has mixed record of earnings surprises in recent quarters. Also, competition in the payroll processing sector from new entrants as well as existing players remains a concern.”
  • 10/9/2018 – Paylocity was downgraded by analysts at BidaskClub from a “buy” rating to a “hold” rating.
  • 10/1/2018 – Paylocity is now covered by analysts at Jefferies Financial Group Inc. They set a “hold” rating and a $88.00 price target on the stock.
  • 9/26/2018 – Paylocity had its price target raised by analysts at Bank of America Corp from $73.00 to $91.00. They now have a “buy” rating on the stock.
  • 9/20/2018 – Paylocity was downgraded by analysts at BidaskClub from a “strong-buy” rating to a “buy” rating.

NASDAQ PCTY traded down $0.30 during trading hours on Tuesday, hitting $61.19. 203,407 shares of the stock were exchanged, compared to its average volume of 278,756. The stock has a market capitalization of $3.36 billion, a P/E ratio of 197.39, a P/E/G ratio of 5.03 and a beta of 2.19. Paylocity Holding Corp has a 12-month low of $41.15 and a 12-month high of $88.47.

Paylocity (NASDAQ:PCTY) last issued its earnings results on Thursday, November 1st. The software maker reported $0.06 earnings per share for the quarter, topping the consensus estimate of $0.04 by $0.02. Paylocity had a net margin of 12.08% and a return on equity of 12.35%. The company had revenue of $100.50 million for the quarter, compared to analyst estimates of $98.37 million. During the same period in the prior year, the business posted $0.15 earnings per share. The firm’s revenue for the quarter was up 23.3% compared to the same quarter last year. On average, equities research analysts predict that Paylocity Holding Corp will post 0.63 earnings per share for the current year.

In other news, Director Steven I. Sarowitz sold 80,000 shares of the stock in a transaction that occurred on Tuesday, November 6th. The shares were sold at an average price of $61.65, for a total value of $4,932,000.00. Following the sale, the director now directly owns 14,771,651 shares in the company, valued at $910,672,284.15. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Jeffrey T. Diehl sold 750,000 shares of the stock in a transaction that occurred on Thursday, August 16th. The shares were sold at an average price of $65.75, for a total transaction of $49,312,500.00. The disclosure for this sale can be found here. Insiders have sold 895,500 shares of company stock worth $58,703,347 over the last 90 days. 41.20% of the stock is currently owned by company insiders.

Hedge funds have recently added to or reduced their stakes in the company. BlackRock Inc. boosted its position in Paylocity by 9.8% during the third quarter. BlackRock Inc. now owns 2,251,293 shares of the software maker’s stock worth $180,823,000 after acquiring an additional 201,089 shares during the last quarter. Wasatch Advisors Inc. boosted its position in Paylocity by 0.6% during the second quarter. Wasatch Advisors Inc. now owns 1,737,373 shares of the software maker’s stock worth $102,262,000 after acquiring an additional 10,116 shares during the last quarter. Standard Life Aberdeen plc boosted its position in Paylocity by 0.9% during the third quarter. Standard Life Aberdeen plc now owns 1,483,567 shares of the software maker’s stock worth $119,160,000 after acquiring an additional 13,626 shares during the last quarter. FMR LLC boosted its position in Paylocity by 16.1% during the third quarter. FMR LLC now owns 707,801 shares of the software maker’s stock worth $56,850,000 after acquiring an additional 98,001 shares during the last quarter. Finally, Janus Henderson Group PLC boosted its position in Paylocity by 2.7% during the third quarter. Janus Henderson Group PLC now owns 564,049 shares of the software maker’s stock worth $45,304,000 after acquiring an additional 14,595 shares during the last quarter. Institutional investors and hedge funds own 66.41% of the company’s stock.

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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