Paylocity Holding Corporation (NASDAQ:PCTY)‘s stock had its “buy” rating reaffirmed by stock analysts at Bank of America Corporation in a research report issued to clients and investors on Friday. They presently have a $47.00 price objective on the software maker’s stock, down from their prior price objective of $50.00. Bank of America Corporation’s target price would suggest a potential upside of 8.42% from the stock’s previous close.

A number of other research analysts have also recently issued reports on PCTY. Pacific Crest reiterated a “hold” rating on shares of Paylocity Holding Corporation in a research report on Thursday, May 4th. Deutsche Bank AG lifted their target price on Paylocity Holding Corporation from $55.00 to $60.00 and gave the company a “buy” rating in a research report on Friday, May 5th. Needham & Company LLC reiterated a “buy” rating and issued a $46.00 target price (up previously from $40.00) on shares of Paylocity Holding Corporation in a research report on Friday, May 5th. Zacks Investment Research upgraded Paylocity Holding Corporation from a “hold” rating to a “strong-buy” rating and set a $50.00 target price on the stock in a research report on Wednesday, May 10th. Finally, Wells Fargo & Company initiated coverage on Paylocity Holding Corporation in a research report on Thursday, May 11th. They issued a “market perform” rating and a $44.00 target price on the stock. Ten analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. The stock currently has an average rating of “Hold” and an average price target of $50.82.

Paylocity Holding Corporation (NASDAQ PCTY) opened at 43.35 on Friday. Paylocity Holding Corporation has a 12 month low of $29.69 and a 12 month high of $49.65. The company’s 50-day moving average is $45.87 and its 200 day moving average is $41.15. The firm has a market cap of $2.23 billion, a P/E ratio of 433.50 and a beta of 2.26.

Paylocity Holding Corporation (NASDAQ:PCTY) last released its earnings results on Thursday, August 10th. The software maker reported $0.09 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.01 by $0.08. Paylocity Holding Corporation had a return on equity of 5.24% and a net margin of 1.81%. The firm had revenue of $76.10 million for the quarter, compared to analysts’ expectations of $73.79 million. During the same quarter in the previous year, the business posted ($0.01) earnings per share. The business’s revenue for the quarter was up 27.3% on a year-over-year basis. Equities research analysts expect that Paylocity Holding Corporation will post $0.78 EPS for the current fiscal year.

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In other news, insider Mark S. Kinsey sold 1,000 shares of the business’s stock in a transaction dated Monday, May 15th. The stock was sold at an average price of $44.52, for a total transaction of $44,520.00. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director Steven I. Sarowitz sold 27,301 shares of the business’s stock in a transaction dated Tuesday, May 16th. The stock was sold at an average price of $45.05, for a total value of $1,229,910.05. Following the sale, the director now owns 16,250,729 shares in the company, valued at $732,095,341.45. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 182,322 shares of company stock worth $8,279,403. Company insiders own 53.10% of the company’s stock.

Hedge funds have recently added to or reduced their stakes in the company. Wrapmanager Inc. purchased a new stake in Paylocity Holding Corporation during the first quarter valued at $305,000. OLD National Bancorp IN purchased a new stake in Paylocity Holding Corporation during the first quarter valued at $436,000. Tocqueville Asset Management L.P. boosted its stake in Paylocity Holding Corporation by 262.3% in the first quarter. Tocqueville Asset Management L.P. now owns 72,460 shares of the software maker’s stock valued at $2,799,000 after buying an additional 52,460 shares during the period. Sumitomo Mitsui Asset Management Company LTD boosted its stake in Paylocity Holding Corporation by 17.8% in the first quarter. Sumitomo Mitsui Asset Management Company LTD now owns 126,875 shares of the software maker’s stock valued at $4,901,000 after buying an additional 19,200 shares during the period. Finally, Granite Investment Partners LLC purchased a new stake in Paylocity Holding Corporation during the first quarter valued at $1,506,000. Institutional investors own 63.54% of the company’s stock.

Paylocity Holding Corporation Company Profile

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.

Analyst Recommendations for Paylocity Holding Corporation (NASDAQ:PCTY)

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