Paylocity (NASDAQ:PCTY) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a note issued to investors on Tuesday. The brokerage presently has a $53.00 target price on the software maker’s stock. Zacks Investment Research‘s target price would suggest a potential upside of 11.58% from the stock’s current price.
According to Zacks, “Estimates of payroll processing and human capital management solution provider, Paylocity has remained stable off late. We remain positive about Paylocity’s regular investments in SaaS technology. For the last few quarters, clients moving from traditional payroll service providers to the company’s SaaS-based services contributed significantly to its revenues. Hence, regular investments in technological upgrades, along with product innovation, will continue to boost the company’s top line. Also, higher adoption of Paylocity’s ACA dashboard application, specializing in tracking employee count, employee status and health care plan affordability, will act as a tailwind. Shares of the ompany have also outperformed the industry over the past one year. However, competition from peers remains a major headwind.”
PCTY has been the topic of several other reports. TheStreet upgraded shares of Paylocity from a “c” rating to a “b-” rating in a report on Friday, November 3rd. Bank of America increased their target price on shares of Paylocity from $50.00 to $56.00 and gave the stock a “buy” rating in a report on Tuesday, October 24th. Northland Securities reiterated a “buy” rating and issued a $55.00 target price on shares of Paylocity in a report on Sunday, September 10th. Robert W. Baird increased their target price on shares of Paylocity from $52.00 to $56.00 and gave the stock an “outperform” rating in a report on Friday, November 3rd. Finally, Mizuho reiterated a “hold” rating and issued a $45.00 target price on shares of Paylocity in a report on Thursday, October 12th. One analyst has rated the stock with a sell rating, six have assigned a hold rating and ten have assigned a buy rating to the company’s stock. Paylocity presently has an average rating of “Buy” and a consensus target price of $52.92.
Shares of Paylocity (NASDAQ:PCTY) traded down $0.23 during midday trading on Tuesday, reaching $47.50. 154,200 shares of the company traded hands, compared to its average volume of 239,700. Paylocity has a fifty-two week low of $29.69 and a fifty-two week high of $53.96. The firm has a market capitalization of $2,506.63, a price-to-earnings ratio of 263.89, a P/E/G ratio of 6.15 and a beta of 2.11.
Paylocity (NASDAQ:PCTY) last announced its quarterly earnings data on Thursday, November 2nd. The software maker reported $0.15 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.02) by $0.17. Paylocity had a net margin of 3.11% and a return on equity of 7.98%. The business had revenue of $81.50 million for the quarter, compared to analyst estimates of $80.88 million. During the same period in the prior year, the business posted $0.07 earnings per share. Paylocity’s revenue was up 25.4% compared to the same quarter last year. equities research analysts expect that Paylocity will post 0.33 EPS for the current year.
In related news, SVP Edward W. Gaty sold 5,062 shares of the firm’s stock in a transaction on Friday, December 1st. The shares were sold at an average price of $45.82, for a total transaction of $231,940.84. Following the sale, the senior vice president now directly owns 116,135 shares in the company, valued at $5,321,305.70. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Steven I. Sarowitz sold 1,296,142 shares of the firm’s stock in a transaction on Tuesday, November 21st. The stock was sold at an average price of $46.14, for a total transaction of $59,803,991.88. Following the sale, the director now owns 15,343,130 shares in the company, valued at $707,932,018.20. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 1,381,674 shares of company stock worth $63,816,925. 48.80% of the stock is currently owned by company insiders.
Several large investors have recently modified their holdings of PCTY. Ameritas Investment Partners Inc. raised its holdings in shares of Paylocity by 22.6% during the second quarter. Ameritas Investment Partners Inc. now owns 2,282 shares of the software maker’s stock worth $103,000 after acquiring an additional 421 shares during the period. BNP Paribas Arbitrage SA raised its holdings in shares of Paylocity by 562.6% during the second quarter. BNP Paribas Arbitrage SA now owns 3,293 shares of the software maker’s stock worth $149,000 after acquiring an additional 2,796 shares during the period. Bank of Montreal Can raised its holdings in shares of Paylocity by 1.2% during the second quarter. Bank of Montreal Can now owns 3,419 shares of the software maker’s stock worth $154,000 after acquiring an additional 42 shares during the period. Nomura Holdings Inc. acquired a new stake in shares of Paylocity during the second quarter worth $208,000. Finally, GSA Capital Partners LLP acquired a new stake in shares of Paylocity during the third quarter worth $211,000. Institutional investors and hedge funds own 59.78% of the company’s stock.
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Paylocity Holding Corporation is a cloud-based provider of payroll and human capital management (HCM), software solutions for medium-sized organizations. The Company’s services are provided in a software-as-a-service delivery model utilizing its cloud-based platform. The cloud-based platform provides a suite of applications using a multi-tenant architecture.
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