Paylocity (NASDAQ:PCTY) Now Covered by Analysts at DA Davidson

DA Davidson assumed coverage on shares of Paylocity (NASDAQ:PCTY) in a report released on Wednesday, Price Targets.com reports. The firm issued a buy rating and a $315.00 price objective on the software maker’s stock.

Other equities analysts also recently issued reports about the company. JMP Securities raised their price target on Paylocity from $220.00 to $272.00 and gave the company an outperform rating in a report on Friday, August 6th. Wolfe Research raised their price target on Paylocity from $180.00 to $230.00 and gave the company a peer perform rating in a report on Friday, August 6th. Citigroup reaffirmed a neutral rating and set a $203.71 price objective (up from $194.00) on shares of Paylocity in a research report on Monday, July 26th. KeyCorp increased their price objective on Paylocity from $220.00 to $255.00 and gave the company an overweight rating in a research report on Monday, August 9th. Finally, William Blair reaffirmed a buy rating on shares of Paylocity in a research report on Friday, August 6th. Seven research analysts have rated the stock with a hold rating and six have given a buy rating to the stock. According to MarketBeat.com, Paylocity has an average rating of Hold and an average price target of $228.31.

PCTY opened at $281.40 on Wednesday. The stock has a fifty day simple moving average of $267.68 and a two-hundred day simple moving average of $213.70. The company has a market cap of $15.36 billion, a price-to-earnings ratio of 225.12 and a beta of 1.31. Paylocity has a 12-month low of $154.26 and a 12-month high of $298.63.

Paylocity (NASDAQ:PCTY) last issued its quarterly earnings results on Thursday, August 5th. The software maker reported $0.46 earnings per share for the quarter, beating the consensus estimate of $0.07 by $0.39. Paylocity had a return on equity of 16.19% and a net margin of 11.14%. The firm had revenue of $167.45 million during the quarter, compared to the consensus estimate of $162.14 million. On average, sell-side analysts predict that Paylocity will post 1.15 EPS for the current fiscal year.

In other news, Director Steven I. Sarowitz sold 22,704 shares of Paylocity stock in a transaction dated Monday, August 23rd. The stock was sold at an average price of $256.40, for a total transaction of $5,821,305.60. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CEO Steven R. Beauchamp sold 38,234 shares of Paylocity stock in a transaction dated Thursday, August 12th. The shares were sold at an average price of $252.21, for a total value of $9,642,997.14. Following the transaction, the chief executive officer now directly owns 1,808,645 shares in the company, valued at $456,158,355.45. The disclosure for this sale can be found here. Insiders sold 112,193 shares of company stock worth $29,058,493 over the last three months. Insiders own 32.90% of the company’s stock.

A number of institutional investors and hedge funds have recently modified their holdings of PCTY. BlackRock Inc. raised its stake in Paylocity by 9.8% during the 2nd quarter. BlackRock Inc. now owns 3,987,941 shares of the software maker’s stock valued at $760,899,000 after purchasing an additional 355,916 shares during the period. Price T Rowe Associates Inc. MD increased its stake in Paylocity by 4.7% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 7,519,696 shares of the software maker’s stock worth $1,352,267,000 after acquiring an additional 339,043 shares during the last quarter. Westfield Capital Management Co. LP increased its stake in Paylocity by 342.5% in the 2nd quarter. Westfield Capital Management Co. LP now owns 313,623 shares of the software maker’s stock worth $59,839,000 after acquiring an additional 242,746 shares during the last quarter. American Century Companies Inc. increased its stake in Paylocity by 215.3% in the 2nd quarter. American Century Companies Inc. now owns 227,735 shares of the software maker’s stock worth $43,452,000 after acquiring an additional 155,510 shares during the last quarter. Finally, Ameriprise Financial Inc. boosted its holdings in shares of Paylocity by 71.7% in the 1st quarter. Ameriprise Financial Inc. now owns 261,935 shares of the software maker’s stock worth $47,091,000 after purchasing an additional 109,396 shares during the period. 68.82% of the stock is currently owned by institutional investors.

Paylocity Company Profile

Paylocity Holding Corp. engages in the development and provision of cloud-based software solution. It offers cloud-based payroll, human capital management applications, time labor tracking, benefits administration, and talent management. The company was founded by Steve I. Sarowitz in 1997 and is headquartered in Schaumburg, IL.

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Analyst Recommendations for Paylocity (NASDAQ:PCTY)

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