Paylocity (NASDAQ:PCTY) Lowered to Hold at BidaskClub

BidaskClub downgraded shares of Paylocity (NASDAQ:PCTY) from a buy rating to a hold rating in a research note published on Saturday morning, BidAskClub reports.

A number of other equities analysts have also recently issued reports on the stock. Royal Bank of Canada restated a neutral rating on shares of Paylocity in a research note on Sunday, August 11th. JMP Securities increased their price objective on shares of Paylocity to $115.00 and gave the company a market perform rating in a research note on Monday, July 22nd. SunTrust Banks increased their price objective on shares of Paylocity from $108.00 to $125.00 and gave the company a buy rating in a research note on Friday, August 9th. ValuEngine cut shares of Paylocity from a hold rating to a sell rating in a research note on Wednesday, October 2nd. Finally, Mizuho assumed coverage on shares of Paylocity in a research note on Wednesday, August 21st. They issued a neutral rating and a $105.00 price objective for the company. One analyst has rated the stock with a sell rating, seven have given a hold rating and eight have assigned a buy rating to the company’s stock. The company currently has a consensus rating of Hold and an average price target of $105.67.

Shares of PCTY stock opened at $95.96 on Friday. Paylocity has a 52-week low of $53.46 and a 52-week high of $112.46. The stock has a market cap of $5.17 billion, a price-to-earnings ratio of 88.85, a P/E/G ratio of 4.60 and a beta of 1.57. The firm has a fifty day moving average of $98.57 and a 200-day moving average of $98.94.

Paylocity (NASDAQ:PCTY) last announced its quarterly earnings data on Thursday, August 8th. The software maker reported $0.34 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.07 by $0.27. Paylocity had a net margin of 11.57% and a return on equity of 18.19%. The company had revenue of $120.37 million during the quarter, compared to analysts’ expectations of $117.51 million. During the same quarter in the prior year, the company posted $0.11 EPS. The business’s revenue was up 24.6% on a year-over-year basis. On average, research analysts forecast that Paylocity will post 1.05 EPS for the current year.

In other news, Director Ronald V. Waters sold 484 shares of the company’s stock in a transaction dated Monday, August 19th. The shares were sold at an average price of $105.10, for a total value of $50,868.40. Following the sale, the director now owns 26,200 shares of the company’s stock, valued at approximately $2,753,620. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, COO Michael R. Haske sold 50,000 shares of the company’s stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $105.78, for a total transaction of $5,289,000.00. Following the completion of the sale, the chief operating officer now directly owns 800,195 shares in the company, valued at approximately $84,644,627.10. The disclosure for this sale can be found here. In the last ninety days, insiders sold 262,076 shares of company stock worth $26,692,978. 41.20% of the stock is owned by insiders.

Several institutional investors and hedge funds have recently bought and sold shares of PCTY. Nordea Investment Management AB grew its holdings in shares of Paylocity by 1.6% in the 1st quarter. Nordea Investment Management AB now owns 61,542 shares of the software maker’s stock worth $5,489,000 after purchasing an additional 954 shares during the last quarter. Empowered Funds LLC bought a new stake in Paylocity during the 2nd quarter worth about $1,039,000. Archford Capital Strategies LLC grew its holdings in Paylocity by 14.1% during the 2nd quarter. Archford Capital Strategies LLC now owns 16,238 shares of the software maker’s stock worth $1,523,000 after acquiring an additional 2,010 shares during the last quarter. Broadleaf Partners LLC grew its holdings in Paylocity by 26.5% during the 2nd quarter. Broadleaf Partners LLC now owns 38,275 shares of the software maker’s stock worth $3,591,000 after acquiring an additional 8,023 shares during the last quarter. Finally, Summit Creek Advisors LLC grew its holdings in Paylocity by 0.3% during the 2nd quarter. Summit Creek Advisors LLC now owns 96,580 shares of the software maker’s stock worth $9,061,000 after acquiring an additional 290 shares during the last quarter. 65.09% of the stock is currently owned by institutional investors and hedge funds.

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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