Paylocity (PCTY) Downgraded to Sell at BidaskClub

BidaskClub cut shares of Paylocity (NASDAQ:PCTY) from a hold rating to a sell rating in a report published on Monday morning.

PCTY has been the topic of several other research reports. Bank of America increased their price target on shares of Paylocity from $73.00 to $91.00 and gave the stock a buy rating in a research report on Wednesday, September 26th. Royal Bank of Canada reduced their price target on shares of Paylocity from $68.00 to $66.00 and set a sector perform rating on the stock in a research report on Friday, August 10th. Zacks Investment Research cut shares of Paylocity from a strong-buy rating to a hold rating in a research report on Wednesday, October 10th. Needham & Company LLC increased their price target on shares of Paylocity from $65.00 to $80.00 and gave the stock a buy rating in a research report on Friday, August 10th. Finally, Wells Fargo & Co increased their price target on shares of Paylocity from $52.00 to $58.00 and gave the stock a market perform rating in a research report on Friday, August 10th. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating and ten have assigned a buy rating to the company. Paylocity has an average rating of Buy and a consensus target price of $69.71.

Shares of PCTY stock opened at $65.76 on Monday. The company has a current ratio of 1.08, a quick ratio of 1.08 and a debt-to-equity ratio of 0.01. Paylocity has a one year low of $41.15 and a one year high of $88.47. The stock has a market cap of $4.24 billion, a PE ratio of 211.81, a P/E/G ratio of 4.27 and a beta of 2.11.

Paylocity (NASDAQ:PCTY) last issued its quarterly earnings results on Thursday, August 9th. The software maker reported $0.11 EPS for the quarter, missing the 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 company had revenue of $96.62 million for the quarter, compared to the consensus estimate of $93.33 million. During the same period in the previous year, the business posted $0.09 EPS. The business’s revenue for the quarter was up 27.0% on a year-over-year basis. As a group, analysts anticipate that Paylocity will post 0.75 EPS for the current year.

In other Paylocity news, Director Steven I. Sarowitz sold 144,124 shares of the firm’s stock in a transaction dated Tuesday, August 14th. The shares were sold at an average price of $64.75, for a total value of $9,332,029.00. Following the transaction, the director now owns 14,820,606 shares of the company’s stock, valued at $959,634,238.50. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, SVP Edward W. Gaty sold 7,614 shares of the firm’s stock in a transaction dated Tuesday, September 4th. The stock was sold at an average price of $78.90, for a total transaction of $600,744.60. Following the completion of the transaction, the senior vice president now directly owns 126,392 shares in the company, valued at approximately $9,972,328.80. The disclosure for this sale can be found here. Insiders sold 1,002,124 shares of company stock worth $65,904,551 in the last three months. 48.80% of the stock is currently owned by corporate insiders.

A number of hedge funds and other institutional investors have recently modified their holdings of PCTY. California Public Employees Retirement System lifted its holdings in Paylocity by 316.7% in the first quarter. California Public Employees Retirement System now owns 35,838 shares of the software maker’s stock worth $1,836,000 after acquiring an additional 27,238 shares during the last quarter. Dimensional Fund Advisors LP raised its holdings in shares of 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 buying an additional 115,202 shares during the last quarter. Russell Investments Group Ltd. bought a new stake in shares of Paylocity during the first quarter valued at approximately $277,000. Koch Industries Inc. bought a new stake in shares of Paylocity during the first quarter valued at approximately $212,000. Finally, Principal Financial Group Inc. raised its holdings in shares of Paylocity by 4.5% during the first quarter. Principal Financial Group Inc. now owns 21,816 shares of the software maker’s stock valued at $1,117,000 after buying an additional 943 shares during the last quarter. 65.40% of the stock is currently owned by hedge funds and other institutional investors.

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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