Paylocity’s (PCTY) “Neutral” Rating Reiterated at Royal Bank of Canada

Royal Bank of Canada restated their neutral rating on shares of Paylocity (NASDAQ:PCTY) in a research note published on Sunday morning, AnalystRatings.com reports.

Other research analysts have also issued research reports about the stock. Craig Hallum restated a hold rating and issued a $97.00 price target (up previously from $78.00) on shares of Paylocity in a report on Friday, May 3rd. Jefferies Financial Group raised their price target on shares of Paylocity to $115.00 in a report on Thursday, August 8th. Cantor Fitzgerald started coverage on shares of Paylocity in a report on Tuesday, June 18th. They issued an overweight rating on the stock. Raymond James raised their price target on shares of Paylocity from $105.00 to $115.00 and gave the company an outperform rating in a report on Friday, May 17th. Finally, JMP Securities raised their price target on shares of Paylocity to $115.00 and gave the company a market perform rating in a report on Monday, July 22nd. Five equities research analysts have rated the stock with a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the company’s stock. Paylocity presently has a consensus rating of Buy and an average target price of $103.58.

Shares of PCTY stock opened at $104.45 on Friday. The stock has a market cap of $5.86 billion, a price-to-earnings ratio of 96.71, a P/E/G ratio of 6.14 and a beta of 1.69. Paylocity has a 1-year low of $53.46 and a 1-year high of $111.61. The business’s 50-day moving average is $101.99.

Paylocity (NASDAQ:PCTY) last posted its quarterly earnings results on Thursday, August 8th. The software maker reported $0.34 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.07 by $0.27. Paylocity had a net margin of 11.57% and a return on equity of 19.10%. The firm had revenue of $120.37 million for the quarter, compared to analyst estimates of $117.51 million. During the same quarter last year, the firm posted $0.11 earnings per share. Paylocity’s revenue for the quarter was up 24.6% compared to the same quarter last year. On average, equities analysts expect that Paylocity will post 0.9 earnings per share for the current year.

In other Paylocity news, COO Michael R. Haske sold 50,000 shares of the stock in a transaction that occurred on Monday, June 3rd. The shares were sold at an average price of $91.64, for a total value of $4,582,000.00. Following the completion of the sale, the chief operating officer now owns 868,334 shares of the company’s stock, valued at $79,574,127.76. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, SVP Edward W. Gaty sold 7,768 shares of the stock in a transaction that occurred on Monday, June 3rd. The shares were sold at an average price of $97.54, for a total transaction of $757,690.72. Following the completion of the sale, the senior vice president now directly owns 126,392 shares of the company’s stock, valued at approximately $12,328,275.68. The disclosure for this sale can be found here. 41.20% of the stock is owned by company insiders.

A number of large investors have recently modified their holdings of PCTY. Jacobs Levy Equity Management Inc. bought a new position in Paylocity during the second quarter worth $1,681,000. Tower Research Capital LLC TRC bought a new position in Paylocity during the second quarter worth $31,000. US Bancorp DE lifted its stake in Paylocity by 37.2% during the second quarter. US Bancorp DE now owns 18,006 shares of the software maker’s stock worth $1,689,000 after purchasing an additional 4,885 shares during the last quarter. ETRADE Capital Management LLC lifted its stake in Paylocity by 6.1% during the second quarter. ETRADE Capital Management LLC now owns 9,883 shares of the software maker’s stock worth $927,000 after purchasing an additional 569 shares during the last quarter. Finally, HighTower Advisors LLC bought a new position in Paylocity during the second quarter worth $211,000. 64.43% of the stock is 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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Analyst Recommendations for Paylocity (NASDAQ:PCTY)

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