Paylocity (PCTY) Price Target Raised to $71.00

Paylocity (NASDAQ:PCTY) had its price objective boosted by Robert W. Baird from $68.00 to $71.00 in a report issued on Friday morning. Robert W. Baird currently has an outperform rating on the software maker’s stock.

Other research analysts also recently issued research reports about the company. BidaskClub downgraded Paylocity from a hold rating to a sell rating in a report on Monday, October 15th. Needham & Company LLC lifted their price objective on Paylocity from $65.00 to $80.00 and gave the stock a buy rating in a report on Friday, August 10th. Royal Bank of Canada reiterated a hold rating and issued a $68.00 price objective on shares of Paylocity in a report on Wednesday, August 8th. Guggenheim began coverage on Paylocity in a report on Monday, August 20th. They issued a buy rating and a $80.00 price objective on the stock. Finally, Zacks Investment Research upgraded Paylocity from a hold rating to a buy rating and set a $72.00 price objective on the stock in a report on Tuesday, August 14th. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating and ten have assigned a buy rating to the company. The company has a consensus rating of Buy and an average target price of $68.36.

NASDAQ PCTY traded down $1.79 during trading hours on Friday, reaching $60.83. 2,116 shares of the stock traded hands, compared to its average volume of 289,692. Paylocity has a 1 year low of $41.15 and a 1 year high of $88.47. The company has a quick ratio of 1.08, a current ratio of 1.08 and a debt-to-equity ratio of 0.01. The company has a market capitalization of $3.31 billion, a price-to-earnings ratio of 197.81, a PEG ratio of 3.64 and a beta of 2.19.

Paylocity (NASDAQ:PCTY) last released its quarterly earnings results on Thursday, November 1st. The software maker reported $0.06 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.04 by $0.02. Paylocity had a return on equity of 13.00% and a net margin of 12.08%. The business had revenue of $100.50 million for the quarter, compared to the consensus estimate of $98.37 million. During the same quarter last year, the business posted $0.15 earnings per share. The company’s revenue for the quarter was up 23.3% on a year-over-year basis. On average, equities analysts expect that Paylocity will post 0.76 earnings per share for the current fiscal year.

In related news, 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 value of $600,744.60. Following the sale, the senior vice president now directly owns 126,392 shares of the company’s stock, valued at $9,972,328.80. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Jeffrey T. Diehl sold 750,000 shares of the firm’s stock in a transaction dated Thursday, August 16th. The stock was sold at an average price of $65.75, for a total value of $49,312,500.00. The disclosure for this sale can be found here. Insiders sold 1,002,124 shares of company stock worth $65,904,551 over the last three months. 41.20% of the stock is owned by insiders.

Several hedge funds and other institutional investors have recently bought and sold shares of PCTY. Voya Investment Management LLC grew its stake in shares of Paylocity by 3,670.3% in the second quarter. Voya Investment Management LLC now owns 446,288 shares of the software maker’s stock worth $26,269,000 after purchasing an additional 434,451 shares during the last quarter. Standard Life Aberdeen plc boosted its position in Paylocity by 31.4% during the 2nd quarter. Standard Life Aberdeen plc now owns 1,469,941 shares of the software maker’s stock valued at $86,521,000 after acquiring an additional 350,996 shares in the last quarter. BlackRock Inc. boosted its position in Paylocity by 15.0% during the 2nd quarter. BlackRock Inc. now owns 2,050,204 shares of the software maker’s stock valued at $120,674,000 after acquiring an additional 267,913 shares in the last quarter. American Century Companies Inc. bought a new stake in Paylocity during the 2nd quarter valued at approximately $10,926,000. Finally, Cortina Asset Management LLC bought a new stake in Paylocity during the 2nd quarter valued at approximately $8,647,000. 65.17% of the stock is currently owned by institutional investors.

About Paylocity

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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