$73.72 Million in Sales Expected for Paylocity Holding Corp (PCTY) This Quarter
Brokerages expect Paylocity Holding Corp (NASDAQ:PCTY) to announce sales of $73.72 million for the current quarter, according to Zacks Investment Research. Six analysts have provided estimates for Paylocity Holding Corp’s earnings, with the highest sales estimate coming in at $73.98 million and the lowest estimate coming in at $73.5 million. Paylocity Holding Corp posted sales of $59.84 million in the same quarter last year, which would indicate a positive year-over-year growth rate of 23.2%. The company is scheduled to report its next earnings results on Tuesday, August 8th.
According to Zacks, analysts expect that Paylocity Holding Corp will report full year sales of $73.72 million for the current fiscal year, with estimates ranging from $297 million to $298 million. For the next financial year, analysts forecast that the business will post sales of $369.63 million per share, with estimates ranging from $366.7 million to $372 million. Zacks’ sales averages are an average based on a survey of research analysts that that provide coverage for Paylocity Holding Corp.
A number of brokerages have commented on PCTY. Needham & Company LLC raised their price objective on Paylocity Holding Corp from $46.00 to $52.00 and gave the stock a “buy” rating in a research report on Thursday. Royal Bank of Canada raised their price objective on Paylocity Holding Corp from $47.00 to $56.00 and gave the stock an “outperform” rating in a research report on Thursday. Deutsche Bank AG raised their price objective on Paylocity Holding Corp from $55.00 to $60.00 and gave the stock a “buy” rating in a research report on Monday, May 15th. Wells Fargo & Co reiterated a “market perform” rating on shares of Paylocity Holding Corp in a research report on Friday, May 12th. Finally, Zacks Investment Research upgraded Paylocity Holding Corp from a “hold” rating to a “strong-buy” rating and set a $50.00 price objective for the company in a research report on Wednesday, May 10th. Five investment analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Paylocity Holding Corp has a consensus rating of “Buy” and a consensus target price of $48.50.
In other Paylocity Holding Corp news, SVP Edward W. Gaty sold 4,257 shares of the company’s stock in a transaction on Monday, May 15th. The stock was sold at an average price of $44.78, for a total transaction of $190,628.46. Following the completion of the sale, the senior vice president now directly owns 85,934 shares in the company, valued at $3,848,124.52. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Steven I. Sarowitz sold 50,000 shares of the company’s stock in a transaction on Tuesday, March 28th. The stock was sold at an average price of $38.09, for a total value of $1,904,500.00. Following the sale, the director now owns 16,378,507 shares of the company’s stock, valued at $623,857,331.63. The disclosure for this sale can be found here. Insiders have sold 384,773 shares of company stock valued at $16,637,847 over the last 90 days. Corporate insiders own 53.10% of the company’s stock.
A number of large investors have recently added to or reduced their stakes in the company. Bank of Montreal Can boosted its stake in Paylocity Holding Corp by 29.2% in the first quarter. Bank of Montreal Can now owns 3,377 shares of the software maker’s stock valued at $130,000 after buying an additional 764 shares during the last quarter. Invictus RG acquired a new stake in Paylocity Holding Corp during the first quarter valued at $198,000. Pacad Investment Ltd. boosted its stake in Paylocity Holding Corp by 73.1% in the fourth quarter. Pacad Investment Ltd. now owns 7,616 shares of the software maker’s stock valued at $229,000 after buying an additional 3,216 shares during the last quarter. Independent Portfolio Consultants Inc. boosted its stake in Paylocity Holding Corp by 38.0% in the first quarter. Independent Portfolio Consultants Inc. now owns 6,005 shares of the software maker’s stock valued at $232,000 after buying an additional 1,655 shares during the last quarter. Finally, Quadrature Capital Ltd boosted its stake in Paylocity Holding Corp by 4.7% in the fourth quarter. Quadrature Capital Ltd now owns 8,626 shares of the software maker’s stock valued at $259,000 after buying an additional 387 shares during the last quarter. Hedge funds and other institutional investors own 62.91% of the company’s stock.
Shares of Paylocity Holding Corp (NASDAQ:PCTY) traded up 1.75% during midday trading on Friday, hitting $47.20. The stock had a trading volume of 194,494 shares. Paylocity Holding Corp has a 12-month low of $29.69 and a 12-month high of $49.65. The firm has a market cap of $2.43 billion, a PE ratio of 472.00 and a beta of 2.22. The firm has a 50-day moving average of $41.49 and a 200 day moving average of $36.04.
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About Paylocity Holding Corp
Paylocity Holding Corporation is a cloud-based provider of payroll and human capital management (HCM), software solutions for medium-sized organizations. The Company’s services are provided in a software-as-a-service delivery model utilizing its cloud-based platform. The cloud-based platform provides a suite of applications using a multi-tenant architecture.
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