Paylocity (NASDAQ:PCTY) had its target price cut by Bank of America from $91.00 to $78.00 in a research report sent to investors on Friday, MarketBeat Ratings reports. They currently have a buy rating on the software maker’s stock.
Several other research firms have also recently issued reports on PCTY. Raymond James reaffirmed a buy rating and set a $75.00 price objective on shares of Paylocity in a research report on Monday, August 13th. BidaskClub cut Paylocity from a hold rating to a sell rating in a research report on Monday, October 15th. Guggenheim started coverage on Paylocity in a research report on Monday, August 20th. They set a buy rating and a $80.00 price objective for the company. Craig Hallum upped their price objective on Paylocity from $58.00 to $65.00 and gave the stock a hold rating in a research report on Friday, August 10th. Finally, Jefferies Financial Group lowered their price objective on Paylocity to $79.00 and set a hold rating for the company in a research report on Friday. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating and nine have issued a buy rating to the stock. The stock currently has an average rating of Hold and a consensus target price of $68.36.
NASDAQ:PCTY opened at $61.80 on Friday. The stock has a market cap of $3.31 billion, a PE ratio of 199.35, a price-to-earnings-growth ratio of 3.64 and a beta of 2.19. 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.
Paylocity (NASDAQ:PCTY) last released its quarterly earnings data on Thursday, November 1st. The software maker reported $0.06 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.04 by $0.02. The business had revenue of $100.50 million during the quarter, compared to analysts’ expectations of $98.37 million. Paylocity had a return on equity of 13.00% and a net margin of 12.08%. The business’s quarterly revenue was up 23.3% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.15 EPS. As a group, research analysts forecast that Paylocity will post 0.76 earnings per share for the current year.
In related news, insider Michael R. Haske sold 42,500 shares of the company’s stock in a transaction dated Tuesday, August 14th. The stock was sold at an average price of $65.91, for a total value of $2,801,175.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available 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 value of $9,332,029.00. Following the completion of the sale, the director now directly owns 14,820,606 shares of the company’s stock, valued at $959,634,238.50. The disclosure for this sale can be found here. Over the last three months, insiders sold 1,002,124 shares of company stock valued at $65,904,551. Insiders own 41.20% of the company’s stock.
Several hedge funds and other institutional investors have recently made changes to their positions in PCTY. Los Angeles Capital Management & Equity Research Inc. purchased a new stake in Paylocity during the 3rd quarter valued at approximately $748,000. American Century Companies Inc. raised its stake in Paylocity by 48.0% during the 3rd quarter. American Century Companies Inc. now owns 274,707 shares of the software maker’s stock valued at $22,064,000 after acquiring an additional 89,080 shares during the last quarter. Cambridge Investment Research Advisors Inc. purchased a new stake in Paylocity during the 3rd quarter valued at approximately $215,000. Commerce Bank purchased a new stake in Paylocity during the 3rd quarter valued at approximately $478,000. Finally, Wells Fargo & Company MN raised its stake in Paylocity by 6.4% during the 3rd quarter. Wells Fargo & Company MN now owns 14,809 shares of the software maker’s stock valued at $1,189,000 after acquiring an additional 886 shares during the last quarter. 65.17% of the stock is owned by hedge funds and other institutional investors.
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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