Paylocity Holding Co. (NASDAQ:PCTY) Receives Average Recommendation of “Moderate Buy” from Brokerages

Shares of Paylocity Holding Co. (NASDAQ:PCTY) have been assigned an average recommendation of “Moderate Buy” from the fifteen brokerages that are currently covering the stock, Marketbeat.com reports. Six investment analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. The average 1 year price objective among analysts that have covered the stock in the last year is $179.87.

PCTY has been the topic of a number of recent analyst reports. TD Cowen dropped their price objective on Paylocity from $180.00 to $153.00 and set a “buy” rating on the stock in a report on Thursday, June 20th. Needham & Company LLC reissued a “buy” rating and set a $200.00 price objective on shares of Paylocity in a report on Thursday, September 5th. Jefferies Financial Group reduced their price objective on shares of Paylocity from $180.00 to $145.00 and set a “hold” rating for the company in a research report on Monday, June 24th. KeyCorp increased their target price on shares of Paylocity from $171.00 to $182.00 and gave the company an “overweight” rating in a research report on Wednesday. Finally, Barclays reduced their price target on shares of Paylocity from $160.00 to $156.00 and set an “equal weight” rating for the company in a research report on Monday, August 5th.

Paylocity Stock Up 2.0 %

Shares of NASDAQ:PCTY opened at $170.23 on Tuesday. Paylocity has a fifty-two week low of $129.94 and a fifty-two week high of $206.28. The stock has a market cap of $9.61 billion, a price-to-earnings ratio of 49.49, a price-to-earnings-growth ratio of 3.91 and a beta of 0.95. The firm’s 50 day moving average price is $157.87 and its 200 day moving average price is $154.58.

Paylocity (NASDAQ:PCTY) last released its quarterly earnings data on Thursday, August 1st. The software maker reported $1.48 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.29 by $0.19. The business had revenue of $357.30 million during the quarter, compared to analysts’ expectations of $350.29 million. Paylocity had a net margin of 14.74% and a return on equity of 22.17%. The company’s revenue for the quarter was up 15.8% on a year-over-year basis. During the same period in the previous year, the company earned $0.76 EPS. On average, equities analysts anticipate that Paylocity will post 4.51 EPS for the current year.

Insider Transactions at Paylocity

In related news, CEO Steven R. Beauchamp sold 49,442 shares of Paylocity stock in a transaction on Monday, July 22nd. The shares were sold at an average price of $142.68, for a total value of $7,054,384.56. Following the transaction, the chief executive officer now directly owns 1,745,022 shares in the company, valued at $248,979,738.96. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. In related news, CEO Steven R. Beauchamp sold 49,442 shares of the firm’s stock in a transaction dated Monday, July 22nd. The shares were sold at an average price of $142.68, for a total value of $7,054,384.56. Following the completion of the sale, the chief executive officer now owns 1,745,022 shares in the company, valued at $248,979,738.96. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CFO Ryan Glenn sold 1,400 shares of the business’s stock in a transaction that occurred on Monday, July 15th. The stock was sold at an average price of $140.06, for a total value of $196,084.00. Following the transaction, the chief financial officer now owns 31,074 shares in the company, valued at $4,352,224.44. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 51,632 shares of company stock worth $7,379,399 over the last 90 days. 22.50% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Paylocity

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Rothschild Investment LLC acquired a new stake in shares of Paylocity in the second quarter valued at about $40,000. J.Safra Asset Management Corp lifted its position in shares of Paylocity by 80.0% during the 1st quarter. J.Safra Asset Management Corp now owns 243 shares of the software maker’s stock valued at $42,000 after acquiring an additional 108 shares during the period. GAMMA Investing LLC grew its holdings in shares of Paylocity by 34.7% in the 1st quarter. GAMMA Investing LLC now owns 303 shares of the software maker’s stock worth $52,000 after acquiring an additional 78 shares during the period. RiverPark Advisors LLC grew its holdings in shares of Paylocity by 152.0% in the 1st quarter. RiverPark Advisors LLC now owns 383 shares of the software maker’s stock worth $66,000 after acquiring an additional 231 shares during the period. Finally, Versant Capital Management Inc purchased a new position in Paylocity in the 2nd quarter valued at approximately $66,000. Institutional investors and hedge funds own 94.76% of the company’s stock.

About Paylocity

Paylocity Holding Corporation provides cloud-based human capital management and payroll software solutions for workforce in the United States. The company offers Payroll and Tax Services solution to simplifies payroll, automates processes, and manages compliance requirements within one system; and expense management, on demand payment, and garnishment solutions.