Paylocity (NASDAQ:PCTY) was downgraded by investment analysts at BidaskClub from a “buy” rating to a “hold” rating in a report issued on Saturday, BidAskClub reports.
A number of other analysts also recently weighed in on the company. JMP Securities boosted their target price on Paylocity to $115.00 and gave the stock a “market perform” rating in a research report on Monday, July 22nd. SunTrust Banks boosted their price objective on Paylocity from $108.00 to $125.00 and gave the company a “buy” rating in a research report on Friday, August 9th. Jefferies Financial Group boosted their price objective on Paylocity to $115.00 in a research report on Thursday, August 8th. ValuEngine downgraded Paylocity from a “hold” rating to a “sell” rating in a research report on Wednesday, October 2nd. Finally, Royal Bank of Canada reiterated a “neutral” rating on shares of Paylocity in a research report on Sunday, August 11th. One analyst has rated the stock with a sell rating, seven have given a hold rating and eight have assigned a buy rating to the company. The company has an average rating of “Hold” and an average price target of $105.67.
NASDAQ:PCTY opened at $96.14 on Friday. The business has a 50 day moving average of $99.63 and a 200 day moving average of $98.81. The company has a market capitalization of $5.22 billion, a price-to-earnings ratio of 89.02, a PEG ratio of 4.70 and a beta of 1.57. Paylocity has a 1-year low of $53.46 and a 1-year high of $112.46.
Paylocity (NASDAQ:PCTY) last released its earnings results on Thursday, August 8th. The software maker reported $0.34 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.07 by $0.27. The company had revenue of $120.37 million during the quarter, compared to the consensus estimate of $117.51 million. Paylocity had a return on equity of 18.19% and a net margin of 11.57%. Paylocity’s quarterly revenue was up 24.6% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.11 EPS. On average, research analysts anticipate that Paylocity will post 1.05 EPS for the current fiscal year.
In related news, COO Michael R. Haske sold 50,000 shares of the company’s stock in a transaction that occurred on Tuesday, September 3rd. The stock was sold at an average price of $105.78, for a total transaction of $5,289,000.00. Following the completion of the transaction, the chief operating officer now owns 800,195 shares in the company, valued at $84,644,627.10. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CEO Steven R. Beauchamp sold 65,000 shares of the company’s stock in a transaction that occurred on Wednesday, August 14th. The shares were sold at an average price of $98.89, for a total value of $6,427,850.00. Following the transaction, the chief executive officer now owns 1,817,080 shares of the company’s stock, valued at approximately $179,691,041.20. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 262,076 shares of company stock valued at $26,692,978. 41.20% of the stock is owned by corporate insiders.
Several institutional investors have recently made changes to their positions in the stock. Hardy Reed LLC raised its holdings in shares of Paylocity by 6.3% during the third quarter. Hardy Reed LLC now owns 2,378 shares of the software maker’s stock valued at $232,000 after acquiring an additional 140 shares in the last quarter. Rehmann Capital Advisory Group raised its holdings in shares of Paylocity by 14.0% during the second quarter. Rehmann Capital Advisory Group now owns 1,196 shares of the software maker’s stock valued at $112,000 after acquiring an additional 147 shares in the last quarter. Cim LLC grew its stake in Paylocity by 2.3% in the third quarter. Cim LLC now owns 6,676 shares of the software maker’s stock worth $651,000 after purchasing an additional 150 shares during the period. Ladenburg Thalmann Financial Services Inc. grew its stake in Paylocity by 38.5% in the second quarter. Ladenburg Thalmann Financial Services Inc. now owns 568 shares of the software maker’s stock worth $53,000 after purchasing an additional 158 shares during the period. Finally, Aperio Group LLC grew its stake in Paylocity by 9.2% in the second quarter. Aperio Group LLC now owns 2,479 shares of the software maker’s stock worth $233,000 after purchasing an additional 208 shares during the period. Institutional investors own 65.09% of the company’s stock.
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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