Paylocity Holding Corp (NASDAQ:PCTY) – SunTrust Banks issued their FY2020 earnings per share estimates for shares of Paylocity in a report released on Monday. SunTrust Banks analyst T. Tillman forecasts that the software maker will earn $0.85 per share for the year. SunTrust Banks currently has a “Buy” rating and a $45.00 target price on the stock.
A number of other equities analysts have also recently commented on the company. BidaskClub upgraded Paylocity from a “hold” rating to a “buy” rating in a report on Wednesday, March 7th. Zacks Investment Research upgraded Paylocity from a “sell” rating to a “hold” rating in a report on Wednesday, February 14th. William Blair reiterated an “outperform” rating on shares of Paylocity in a report on Friday, February 9th. Dougherty & Co began coverage on Paylocity in a report on Tuesday, December 19th. They set a “neutral” rating for the company. Finally, TheStreet cut Paylocity from a “b-” rating to a “c+” rating in a report on Tuesday, December 5th. Six investment analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company. Paylocity currently has a consensus rating of “Buy” and an average target price of $52.77.
Paylocity (NASDAQ:PCTY) last posted its quarterly earnings results on Thursday, February 8th. The software maker reported $0.16 EPS for the quarter, topping analysts’ consensus estimates of $0.12 by $0.04. Paylocity had a return on equity of 8.93% and a net margin of 3.57%. The business had revenue of $86.00 million during the quarter, compared to analysts’ expectations of $85.03 million. During the same quarter last year, the company posted $0.10 earnings per share. Paylocity’s quarterly revenue was up 25.3% on a year-over-year basis.
A number of institutional investors and hedge funds have recently made changes to their positions in the business. J. Goldman & Co LP bought a new stake in shares of Paylocity during the fourth quarter worth $3,436,000. Her Majesty the Queen in Right of the Province of Alberta as represented by Alberta Investment Management Corp bought a new stake in shares of Paylocity during the fourth quarter worth $297,000. MetLife Investment Advisors LLC bought a new stake in shares of Paylocity during the fourth quarter worth $581,000. Macquarie Group Ltd. grew its stake in shares of Paylocity by 916.7% during the fourth quarter. Macquarie Group Ltd. now owns 6,100 shares of the software maker’s stock worth $288,000 after buying an additional 5,500 shares during the last quarter. Finally, TIAA CREF Investment Management LLC grew its stake in shares of Paylocity by 113.6% during the fourth quarter. TIAA CREF Investment Management LLC now owns 146,433 shares of the software maker’s stock worth $6,906,000 after buying an additional 77,891 shares during the last quarter. Institutional investors and hedge funds own 62.59% of the company’s stock.
In other news, Director Steven I. Sarowitz sold 2,338 shares of Paylocity stock in a transaction that occurred on Friday, February 23rd. The shares were sold at an average price of $46.54, for a total value of $108,810.52. Following the completion of the sale, the director now directly owns 15,277,252 shares in the company, valued at $711,003,308.08. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CEO Steven R. Beauchamp sold 10,042 shares of Paylocity stock in a transaction that occurred on Thursday, January 18th. The shares were sold at an average price of $50.09, for a total transaction of $503,003.78. Following the completion of the sale, the chief executive officer now owns 2,180,425 shares of the company’s stock, valued at $109,217,488.25. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 290,927 shares of company stock valued at $13,750,422. Corporate insiders own 48.80% of the company’s stock.
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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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