Zacks Investment Research lowered shares of Paylocity (NASDAQ:PCTY) from a buy rating to a hold rating in a research report report published on Tuesday, January 9th.
According to Zacks, “Estimates of payroll processing and human capital management solution provider, Paylocity has remained stable off late. We remain positive about Paylocity’s regular investments in SaaS technology. For the last few quarters, clients moving from traditional payroll service providers to the company’s SaaS-based services contributed significantly to its revenues. Hence, regular investments in technological upgrades, along with product innovation, will continue to boost the company’s top line. Also, higher adoption of Paylocity’s ACA dashboard application, specializing in tracking employee count, employee status and health care plan affordability, will act as a tailwind. Shares of the ompany have also outperformed the industry over the past one year. However, competition from peers remains a major headwind.”
Several other analysts also recently weighed in on the company. Robert W. Baird increased their target price on Paylocity from $52.00 to $56.00 and gave the company an outperform rating in a research note on Friday, November 3rd. Dougherty & Co started coverage on Paylocity in a research note on Tuesday, December 19th. They set a neutral rating for the company. TheStreet downgraded Paylocity from a b- rating to a c+ rating in a research note on Tuesday, December 5th. Bank of America raised their price objective on Paylocity from $50.00 to $56.00 and gave the stock a buy rating in a research report on Tuesday, October 24th. Finally, BidaskClub downgraded Paylocity from a hold rating to a sell rating in a research report on Wednesday, December 27th. Eight research analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. Paylocity presently has a consensus rating of Buy and an average price target of $52.92.
Shares of Paylocity (PCTY) opened at $52.29 on Tuesday. Paylocity has a 52 week low of $29.69 and a 52 week high of $53.96. The firm has a market capitalization of $2,677.31, a P/E ratio of 290.50, a P/E/G ratio of 6.69 and a beta of 2.11.
Paylocity (NASDAQ:PCTY) last announced its earnings results on Thursday, November 2nd. The software maker reported $0.15 earnings per share for the quarter, beating the consensus estimate of ($0.02) by $0.17. Paylocity had a return on equity of 7.98% and a net margin of 3.11%. The firm had revenue of $81.50 million during the quarter, compared to the consensus estimate of $80.88 million. During the same quarter in the prior year, the company earned $0.07 EPS. The firm’s revenue for the quarter was up 25.4% compared to the same quarter last year. equities analysts forecast that Paylocity will post 0.33 earnings per share for the current year.
In related news, insider Michael R. Haske sold 15,300 shares of the firm’s stock in a transaction that occurred on Tuesday, January 23rd. The stock was sold at an average price of $50.05, for a total transaction of $765,765.00. Following the completion of the transaction, the insider now owns 1,190,221 shares in the company, valued at approximately $59,570,561.05. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, SVP Edward W. Gaty sold 5,062 shares of the firm’s stock in a transaction that occurred on Friday, December 1st. The stock was sold at an average price of $45.82, for a total value of $231,940.84. Following the transaction, the senior vice president now owns 116,135 shares of the company’s stock, valued at approximately $5,321,305.70. The disclosure for this sale can be found here. Insiders sold a total of 1,444,846 shares of company stock valued at $66,981,241 in the last quarter. Corporate insiders own 48.80% of the company’s stock.
Institutional investors have recently bought and sold shares of the stock. Ameritas Investment Partners Inc. lifted its position in shares of Paylocity by 22.6% during the 2nd quarter. Ameritas Investment Partners Inc. now owns 2,282 shares of the software maker’s stock worth $103,000 after buying an additional 421 shares during the period. BNP Paribas Arbitrage SA lifted its position in shares of Paylocity by 562.6% during the 2nd quarter. BNP Paribas Arbitrage SA now owns 3,293 shares of the software maker’s stock worth $149,000 after buying an additional 2,796 shares during the period. GSA Capital Partners LLP acquired a new stake in Paylocity during the 3rd quarter valued at $211,000. Nomura Holdings Inc. acquired a new stake in Paylocity during the 2nd quarter valued at $208,000. Finally, Jane Street Group LLC acquired a new stake in Paylocity during the 3rd quarter valued at $260,000. Institutional investors and hedge funds own 60.36% 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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