Paylocity Holding Corporation (PCTY) Issues Quarterly Earnings Results
Paylocity Holding Corporation (NASDAQ:PCTY) released its earnings results on Thursday. The software maker reported $0.15 earnings per share for the quarter, topping the consensus estimate of ($0.02) by $0.17, Bloomberg Earnings reports. Paylocity Holding Corporation had a return on equity of 8.11% and a net margin of 3.11%. The firm had revenue of $81.50 million during the quarter, compared to analysts’ expectations of $80.88 million. During the same period in the prior year, the company earned $0.07 earnings per share. The company’s quarterly revenue was up 25.4% on a year-over-year basis. Paylocity Holding Corporation updated its Q2 guidance to $0.11-0.13 EPS and its FY18 guidance to $0.84-0.85 EPS.
Shares of Paylocity Holding Corporation (NASDAQ PCTY) traded down $2.17 on Friday, hitting $50.31. The stock had a trading volume of 702,037 shares, compared to its average volume of 228,371. The company has a market cap of $2.70 billion, a P/E ratio of 234.50 and a beta of 2.24.
Several equities research analysts have weighed in on PCTY shares. Bank of America Corporation upped their target price on Paylocity Holding Corporation from $50.00 to $56.00 and gave the stock a “buy” rating in a research note on Tuesday, October 24th. Zacks Investment Research upgraded Paylocity Holding Corporation from a “hold” rating to a “buy” rating and set a $53.00 target price for the company in a research note on Tuesday, July 18th. Raymond James Financial, Inc. set a $55.00 target price on Paylocity Holding Corporation and gave the stock a “buy” rating in a research note on Wednesday, August 9th. Stifel Nicolaus restated a “buy” rating and set a $55.00 target price (up from $50.00) on shares of Paylocity Holding Corporation in a research note on Friday, August 11th. Finally, Northland Securities restated a “buy” rating and set a $55.00 target price on shares of Paylocity Holding Corporation in a research note on Sunday, September 10th. Ten research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. The company has a consensus rating of “Buy” and an average target price of $52.43.
In other news, Director Steven I. Sarowitz sold 200,000 shares of the firm’s stock in a transaction that occurred on Tuesday, August 15th. The shares were sold at an average price of $44.81, for a total transaction of $8,962,000.00. Following the transaction, the director now directly owns 16,212,317 shares in the company, valued at $726,473,924.77. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider Steven R. Beauchamp sold 50,000 shares of the firm’s stock in a transaction that occurred on Wednesday, August 16th. The stock was sold at an average price of $46.38, for a total transaction of $2,319,000.00. Following the transaction, the insider now owns 2,218,486 shares in the company, valued at $102,893,380.68. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 1,563,715 shares of company stock worth $70,723,858. Insiders own 48.80% of the company’s stock.
About Paylocity Holding Corporation
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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