Paylocity (NASDAQ:PCTY) Downgraded by BidaskClub to Buy

BidaskClub lowered shares of Paylocity (NASDAQ:PCTY) from a strong-buy rating to a buy rating in a report issued on Thursday, BidAskClub reports.

PCTY has been the topic of several other research reports. Jefferies Financial Group raised their target price on Paylocity to $115.00 in a research report on Thursday, August 8th. Cantor Fitzgerald began coverage on Paylocity in a research report on Tuesday, June 18th. They issued an overweight rating on the stock. JMP Securities raised their target price on Paylocity to $115.00 and gave the company a market perform rating in a research report on Monday, July 22nd. Craig Hallum restated a hold rating and issued a $97.00 target price (up previously from $78.00) on shares of Paylocity in a research report on Friday, May 3rd. Finally, Stifel Nicolaus raised their target price on Paylocity from $105.00 to $125.00 and gave the company a buy rating in a research report on Friday, August 9th. Five investment analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. The company currently has a consensus rating of Buy and a consensus price target of $103.58.

NASDAQ PCTY opened at $104.17 on Thursday. The company has a market cap of $5.27 billion, a PE ratio of 96.45, a price-to-earnings-growth ratio of 4.67 and a beta of 1.69. The stock’s 50 day simple moving average is $102.40 and its 200-day simple moving average is $93.70. Paylocity has a 1-year low of $53.46 and a 1-year high of $111.61.

Paylocity (NASDAQ:PCTY) last released its earnings results on Thursday, August 8th. The software maker reported $0.34 earnings per share for the quarter, beating the consensus estimate of $0.07 by $0.27. The business had revenue of $120.37 million for 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%. The business’s quarterly revenue was up 24.6% compared to the same quarter last year. During the same quarter last year, the business posted $0.11 earnings per share. Research analysts forecast that Paylocity will post 1.06 EPS for the current fiscal year.

In related news, Director Ronald V. Waters sold 4,516 shares of Paylocity stock in a transaction that occurred on Monday, August 12th. The stock was sold at an average price of $106.30, for a total transaction of $480,050.80. Following the transaction, the director now owns 14,415,427 shares in the company, valued at $1,532,359,890.10. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, CEO Steven R. Beauchamp sold 65,000 shares of Paylocity stock in a transaction that occurred on Wednesday, August 14th. The stock was 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 in the company, valued at approximately $179,691,041.20. The disclosure for this sale can be found here. In the last quarter, insiders have sold 268,005 shares of company stock worth $26,555,756. 41.20% of the stock is currently owned by company insiders.

Institutional investors have recently made changes to their positions in the stock. Tower Research Capital LLC TRC purchased a new position in Paylocity during the second quarter worth approximately $31,000. Tyers Asset Management LLC lifted its position in Paylocity by 136.4% during the second quarter. Tyers Asset Management LLC now owns 416 shares of the software maker’s stock worth $39,000 after buying an additional 240 shares in the last quarter. Ladenburg Thalmann Financial Services Inc. lifted its position in Paylocity by 38.5% during the second quarter. Ladenburg Thalmann Financial Services Inc. now owns 568 shares of the software maker’s stock worth $53,000 after buying an additional 158 shares in the last quarter. Elkfork Partners LLC lifted its position in Paylocity by 136.4% during the second quarter. Elkfork Partners LLC now owns 572 shares of the software maker’s stock worth $54,000 after buying an additional 330 shares in the last quarter. Finally, Parkside Financial Bank & Trust lifted its position in Paylocity by 588.4% during the second quarter. Parkside Financial Bank & Trust now owns 592 shares of the software maker’s stock worth $56,000 after buying an additional 506 shares in the last quarter. Hedge funds and other institutional investors own 64.43% of the company’s stock.

Paylocity Company Profile

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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