Paylocity Holding Corporation (NASDAQ:PCTY) Earns “Buy” Rating from Bank of America Corporation
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.
TRADEMARK VIOLATION WARNING: This report was originally posted by American Banking News and is the sole property of of American Banking News. If you are reading this report on another domain, it was illegally stolen and republished in violation of U.S. and international trademark & copyright legislation. The original version of this report can be accessed at https://www.americanbankingnews.com/2017/08/11/paylocity-holding-corporation-nasdaqpcty-earns-buy-rating-from-bank-of-america-corporation.html.
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.
Receive News & Ratings for Paylocity Holding Corporation Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Paylocity Holding Corporation and related companies with MarketBeat.com's FREE daily email newsletter.