Paylocity Holding Corp (PCTY) Given Average Recommendation of “Buy” by Brokerages

Paylocity Holding Corp (NASDAQ:PCTY) has received a consensus recommendation of “Buy” from the eighteen research firms that are presently covering the company, MarketBeat.com reports. Eight analysts have rated the stock with a hold rating and nine have issued a buy rating on the company. The average 12 month price target among brokers that have updated their coverage on the stock in the last year is $53.73.

A number of research firms have recently issued reports on PCTY. BidaskClub upgraded shares of Paylocity from a “sell” rating to a “hold” rating in a report on Wednesday, January 31st. Zacks Investment Research lowered shares of Paylocity from a “buy” rating to a “hold” rating in a report on Tuesday, January 9th. Dougherty & Co began coverage on shares of Paylocity in a report on Tuesday, December 19th. They set a “neutral” rating on the stock. TheStreet lowered shares of Paylocity from a “b-” rating to a “c+” rating in a report on Tuesday, December 5th. Finally, SunTrust Banks restated a “hold” rating and set a $47.00 price target on shares of Paylocity in a report on Friday, November 3rd.

Paylocity (NASDAQ:PCTY) traded down $1.92 during midday trading on Friday, hitting $44.01. 802,159 shares of the company were exchanged, compared to its average volume of 238,784. Paylocity has a twelve month low of $33.67 and a twelve month high of $53.96. The company has a market cap of $2,529.74, a P/E ratio of 244.50, a P/E/G ratio of 6.32 and a beta of 2.09.

Paylocity (NASDAQ:PCTY) last released its quarterly earnings results on Thursday, February 8th. The software maker reported $0.16 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.12 by $0.04. Paylocity had a net margin of 3.11% and a return on equity of 7.98%. The business had revenue of $86.00 million for the quarter, compared to analyst estimates of $85.03 million. During the same quarter in the previous year, the business earned $0.10 earnings per share. The firm’s revenue was up 25.3% compared to the same quarter last year. sell-side analysts predict that Paylocity will post 0.33 earnings per share for the current fiscal year.

In related news, COO Michael R. Haske sold 6,900 shares of the business’s stock in a transaction that occurred on Tuesday, January 16th. The shares were sold at an average price of $50.13, for a total transaction of $345,897.00. Following the transaction, the chief operating officer now directly owns 1,201,844 shares of the company’s stock, valued at $60,248,439.72. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Steven R. Beauchamp sold 50,000 shares of the business’s stock in a transaction that occurred on Monday, November 13th. The shares were sold at an average price of $46.63, for a total transaction of $2,331,500.00. The disclosure for this sale can be found here. Insiders have sold 1,444,846 shares of company stock worth $66,981,241 over the last ninety days. 48.80% of the stock is currently owned by insiders.

A number of hedge funds have recently bought and sold shares of the business. Vanguard Group Inc. grew its position in Paylocity by 3.8% in the second quarter. Vanguard Group Inc. now owns 2,070,015 shares of the software maker’s stock worth $93,524,000 after acquiring an additional 75,709 shares in the last quarter. FMR LLC grew its position in Paylocity by 5.2% in the second quarter. FMR LLC now owns 1,963,017 shares of the software maker’s stock worth $88,689,000 after acquiring an additional 97,368 shares in the last quarter. BlackRock Inc. grew its position in Paylocity by 1.7% in the fourth quarter. BlackRock Inc. now owns 1,821,962 shares of the software maker’s stock worth $85,924,000 after acquiring an additional 30,155 shares in the last quarter. Wasatch Advisors Inc. grew its position in Paylocity by 24.4% in the fourth quarter. Wasatch Advisors Inc. now owns 1,071,943 shares of the software maker’s stock worth $50,553,000 after acquiring an additional 210,556 shares in the last quarter. Finally, TimesSquare Capital Management LLC grew its position in Paylocity by 4.7% in the third quarter. TimesSquare Capital Management LLC now owns 1,042,500 shares of the software maker’s stock worth $50,895,000 after acquiring an additional 46,950 shares in the last quarter. 60.32% of the stock is owned by institutional investors.

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About Paylocity

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 (NASDAQ:PCTY)

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