Paylocity (NASDAQ:PCTY)‘s stock had its “buy” rating restated by stock analysts at Needham & Company LLC in a report released on Thursday, MarketBeat Ratings reports. They presently have a $65.00 price objective on the software maker’s stock, up from their previous price objective of $60.00. Needham & Company LLC’s price target indicates a potential upside of 19.57% from the stock’s previous close.
A number of other equities research analysts also recently issued reports on the stock. Zacks Investment Research upgraded shares of Paylocity from a “hold” rating to a “buy” rating and set a $53.00 price target for the company in a research report on Tuesday, January 2nd. BidaskClub upgraded shares of Paylocity from a “sell” rating to a “hold” rating in a research report on Tuesday, December 19th. TheStreet downgraded shares of Paylocity from a “b-” rating to a “c+” rating in a research report on Tuesday, December 5th. Dougherty & Co initiated coverage on shares of Paylocity in a research note on Tuesday, December 19th. They set a “neutral” rating for the company. Finally, William Blair reissued an “outperform” rating on shares of Paylocity in a research note on Friday, February 9th. Six investment analysts have rated the stock with a hold rating and twelve have issued a buy rating to the stock. The company presently has a consensus rating of “Buy” and a consensus target price of $53.77.
Shares of Paylocity (PCTY) opened at $54.36 on Thursday. The company has a market cap of $2,904.78, a PE ratio of 212.38, a P/E/G ratio of 8.31 and a beta of 2.13. Paylocity has a 12-month low of $34.13 and a 12-month high of $57.16.
Paylocity (NASDAQ:PCTY) last announced its quarterly earnings data on Thursday, February 8th. The software maker reported $0.16 EPS for the quarter, beating the Zacks’ consensus estimate of $0.12 by $0.04. The firm had revenue of $86.00 million during the quarter, compared to the consensus estimate of $85.03 million. Paylocity had a net margin of 3.57% and a return on equity of 8.93%. The firm’s revenue was up 25.3% compared to the same quarter last year. During the same quarter last year, the firm earned $0.10 earnings per share. research analysts forecast that Paylocity will post 0.3 earnings per share for the current fiscal year.
In related news, insider Michael R. Haske sold 25,000 shares of Paylocity stock in a transaction on Tuesday, February 13th. The shares were sold at an average price of $43.37, for a total transaction of $1,084,250.00. Following the transaction, the insider now owns 1,159,202 shares in the company, valued at approximately $50,274,590.74. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Mark S. Kinsey sold 3,200 shares of Paylocity stock in a transaction on Monday, March 12th. The shares were sold at an average price of $54.44, for a total transaction of $174,208.00. The disclosure for this sale can be found here. Insiders sold a total of 290,927 shares of company stock valued at $13,750,422 over the last ninety days. 48.80% of the stock is owned by corporate insiders.
A number of hedge funds have recently modified their holdings of PCTY. State Street Corp lifted its holdings in Paylocity by 18.4% in the 2nd quarter. State Street Corp now owns 475,077 shares of the software maker’s stock worth $21,468,000 after buying an additional 73,786 shares in the last quarter. First Trust Advisors LP increased its position in shares of Paylocity by 52.2% in the 3rd quarter. First Trust Advisors LP now owns 36,258 shares of the software maker’s stock worth $1,770,000 after purchasing an additional 12,432 shares during the last quarter. Prudential Financial Inc. bought a new stake in shares of Paylocity in the 3rd quarter worth about $267,000. Sei Investments Co. grew its position in shares of Paylocity by 8.1% during the 3rd quarter. Sei Investments Co. now owns 153,414 shares of the software maker’s stock valued at $7,490,000 after buying an additional 11,514 shares during the last quarter. Finally, New York State Common Retirement Fund grew its position in shares of Paylocity by 4.9% during the 3rd quarter. New York State Common Retirement Fund now owns 164,015 shares of the software maker’s stock valued at $8,007,000 after buying an additional 7,604 shares during the last quarter. Hedge funds and other institutional investors own 62.59% 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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