Paylocity Holding Corporation’s (NASDAQ:PCTY) “Buy” Rating Reaffirmed at Stifel Nicolaus
Paylocity Holding Corporation (NASDAQ:PCTY)‘s stock had its “buy” rating restated by research analysts at Stifel Nicolaus in a report issued on Friday. They currently have a $55.00 price objective on the software maker’s stock, up from their prior price objective of $50.00. Stifel Nicolaus’ price objective would indicate a potential upside of 22.22% from the stock’s current price.
Several other brokerages have also recently commented on PCTY. Zacks Investment Research cut Paylocity Holding Corporation from a “strong-buy” rating to a “hold” rating in a report on Tuesday, July 4th. Bank of America Corporation reissued a “buy” rating and set a $47.00 target price (down previously from $50.00) on shares of Paylocity Holding Corporation in a report on Friday. SunTrust Banks, Inc. started coverage on Paylocity Holding Corporation in a report on Monday, June 26th. They set a “hold” rating and a $45.00 target price on the stock. Deutsche Bank AG boosted their target price on Paylocity Holding Corporation from $55.00 to $60.00 and gave the stock a “buy” rating in a report on Friday, May 5th. Finally, Needham & Company LLC boosted their target price on Paylocity Holding Corporation from $46.00 to $52.00 and gave the stock a “buy” rating in a report on Thursday, May 25th. Ten research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and a consensus target price of $51.17.
Paylocity Holding Corporation (NASDAQ PCTY) traded up 3.81% on Friday, hitting $45.00. The stock had a trading volume of 688,163 shares. Paylocity Holding Corporation has a one year low of $29.69 and a one year high of $49.65. The company’s 50-day moving average is $45.87 and its 200-day moving average is $41.15. The stock has a market cap of $2.32 billion, a P/E ratio of 450.00 and a beta of 2.26.
Paylocity Holding Corporation (NASDAQ:PCTY) last announced its earnings results on Thursday, August 10th. The software maker reported ($0.06) EPS for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.10) by $0.04. 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 company earned ($0.01) earnings per share. The firm’s quarterly revenue was up 27.3% compared to the same quarter last year. On average, analysts anticipate that Paylocity Holding Corporation will post $0.78 earnings per share for the current fiscal year.
In other Paylocity Holding Corporation news, insider Mark S. Kinsey sold 1,000 shares of Paylocity Holding Corporation stock in a transaction that occurred on Monday, May 15th. The shares were sold at an average price of $44.52, for a total value of $44,520.00. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CFO Peter J. Mcgrail sold 49,764 shares of Paylocity Holding Corporation stock in a transaction that occurred on Friday, June 9th. The stock was sold at an average price of $47.27, for a total transaction of $2,352,344.28. Following the completion of the transaction, the chief financial officer now owns 227,475 shares in the company, valued at approximately $10,752,743.25. The disclosure for this sale can be found here. In the last 90 days, insiders sold 182,322 shares of company stock worth $8,279,403. 53.10% of the stock is currently owned by company insiders.
A number of institutional investors have recently bought and sold shares of PCTY. FMR LLC boosted its position in Paylocity Holding Corporation by 5.2% in the second quarter. FMR LLC now owns 1,963,017 shares of the software maker’s stock valued at $88,689,000 after buying an additional 97,368 shares during the last quarter. Vanguard Group Inc. boosted its position in Paylocity Holding Corporation by 3.8% in the second quarter. Vanguard Group Inc. now owns 2,070,015 shares of the software maker’s stock valued at $93,524,000 after buying an additional 75,709 shares during the last quarter. Northern Trust Corp boosted its position in Paylocity Holding Corporation by 13.6% in the second quarter. Northern Trust Corp now owns 383,264 shares of the software maker’s stock valued at $17,316,000 after buying an additional 45,948 shares during the last quarter. Citigroup Inc. boosted its position in Paylocity Holding Corporation by 3.8% in the second quarter. Citigroup Inc. now owns 11,366 shares of the software maker’s stock valued at $514,000 after buying an additional 413 shares during the last quarter. Finally, Menta Capital LLC purchased a new position in Paylocity Holding Corporation during the second quarter valued at $1,270,000. Hedge funds and other 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.
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