BidaskClub downgraded shares of Paylocity (NASDAQ:PCTY) from a buy rating to a hold rating in a research report sent to investors on Tuesday morning.
PCTY has been the subject of several other research reports. Raymond James reiterated a buy rating and issued a $75.00 target price on shares of Paylocity in a research note on Monday, August 13th. Royal Bank of Canada cut their price target on shares of Paylocity from $68.00 to $66.00 and set a sector perform rating on the stock in a report on Friday, August 10th. Jefferies Financial Group assumed coverage on shares of Paylocity in a report on Monday, October 1st. They issued a hold rating and a $88.00 price target on the stock. Stifel Nicolaus boosted their price target on shares of Paylocity from $59.00 to $78.00 and gave the stock a buy rating in a report on Friday, August 10th. Finally, Robert W. Baird reissued a buy rating and issued a $68.00 price target on shares of Paylocity in a report on Friday, August 10th. Eight equities research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. The stock has an average rating of Buy and an average price target of $69.71.
NASDAQ PCTY opened at $65.72 on Tuesday. Paylocity has a 1 year low of $41.15 and a 1 year high of $88.47. The company has a debt-to-equity ratio of 0.01, a current ratio of 1.08 and a quick ratio of 1.08. The firm has a market capitalization of $4.24 billion, a PE ratio of 212.00, a PEG ratio of 4.27 and a beta of 2.11.
Paylocity (NASDAQ:PCTY) last posted its earnings results on Thursday, August 9th. The software maker reported $0.11 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.12 by ($0.01). Paylocity had a return on equity of 12.44% and a net margin of 10.22%. The firm had revenue of $96.62 million during the quarter, compared to the consensus estimate of $93.33 million. During the same quarter in the previous year, the company earned $0.09 EPS. The business’s revenue was up 27.0% compared to the same quarter last year. Analysts forecast that Paylocity will post 0.75 earnings per share for the current fiscal year.
In related news, Director Jeffrey T. Diehl sold 750,000 shares of the business’s stock in a transaction dated Thursday, August 16th. The shares were sold at an average price of $65.75, for a total value of $49,312,500.00. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Steven I. Sarowitz sold 144,124 shares of the company’s stock in a transaction dated Tuesday, August 14th. The shares were sold at an average price of $64.75, for a total transaction of $9,332,029.00. Following the sale, the director now directly owns 14,820,606 shares in the company, valued at $959,634,238.50. The disclosure for this sale can be found here. Insiders sold a total of 1,002,124 shares of company stock worth $65,904,551 over the last three months. 48.80% of the stock is owned by insiders.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in PCTY. New York State Common Retirement Fund lifted its holdings in Paylocity by 3.0% during the first quarter. New York State Common Retirement Fund now owns 169,843 shares of the software maker’s stock valued at $8,701,000 after purchasing an additional 4,887 shares during the last quarter. California Public Employees Retirement System lifted its holdings in Paylocity by 316.7% during the first quarter. California Public Employees Retirement System now owns 35,838 shares of the software maker’s stock valued at $1,836,000 after purchasing an additional 27,238 shares during the last quarter. Dimensional Fund Advisors LP lifted its holdings in Paylocity by 64.4% during the first quarter. Dimensional Fund Advisors LP now owns 294,017 shares of the software maker’s stock valued at $15,062,000 after purchasing an additional 115,202 shares during the last quarter. Russell Investments Group Ltd. purchased a new stake in Paylocity during the first quarter valued at about $277,000. Finally, OppenheimerFunds Inc. lifted its holdings in Paylocity by 0.5% during the first quarter. OppenheimerFunds Inc. now owns 302,713 shares of the software maker’s stock valued at $15,508,000 after purchasing an additional 1,427 shares during the last quarter. 65.40% of the stock is currently owned by institutional investors and hedge funds.
Paylocity Company Profile
Paylocity Holding Corporation provides cloud-based payroll and human capital management software solutions for medium-sized organizations in the United States. The company offers Paylocity Web Pay for enterprise-grade payroll processing and administration; Paylocity Web HR for employee record management, HR compliance and reporting, HR insight and analytics, and self-service portals; Talent Management for employee performance appraisal process and performance review; Paylocity Web Time, a time and attendance solution; and Paylocity Web Expense, an expense management tool designed to streamline and automate the expense management process.
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