Paylocity Holding Corporation (PCTY) Given Buy Rating at Stifel Nicolaus
Paylocity Holding Corporation (NASDAQ:PCTY)‘s stock had its “buy” rating reaffirmed by equities researchers at Stifel Nicolaus in a research report issued on Friday. They presently have a $55.00 price objective on the software maker’s stock, up from their previous price objective of $50.00. Stifel Nicolaus’ target price would suggest a potential upside of 22.22% from the company’s current price.
A number of other research firms also recently commented on PCTY. ValuEngine raised Paylocity Holding Corporation from a “sell” rating to a “hold” rating in a research note on Friday, June 2nd. SunTrust Banks, Inc. assumed coverage on Paylocity Holding Corporation in a research note on Monday, June 26th. They issued a “hold” rating and a $45.00 price objective on the stock. Zacks Investment Research downgraded Paylocity Holding Corporation from a “buy” rating to a “hold” rating in a research note on Wednesday, July 19th. JMP Securities reissued an “outperform” rating and issued a $54.00 price objective on shares of Paylocity Holding Corporation in a research note on Tuesday, July 18th. Finally, BidaskClub downgraded Paylocity Holding Corporation from a “buy” rating to a “hold” rating in a research note on Monday, July 31st. Ten analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. Paylocity Holding Corporation has an average rating of “Hold” and an average price target of $51.17.
Shares of Paylocity Holding Corporation (PCTY) traded up 3.81% on Friday, hitting $45.00. The stock had a trading volume of 688,058 shares. The company’s 50-day moving average price is $45.87 and its 200 day moving average price is $41.15. Paylocity Holding Corporation has a 12-month low of $29.69 and a 12-month high of $49.65. The firm has a market cap of $2.32 billion, a P/E ratio of 450.00 and a beta of 2.26.
Paylocity Holding Corporation (NASDAQ:PCTY) last posted its quarterly earnings data on Thursday, August 10th. The software maker reported ($0.06) EPS for the quarter, topping the Zacks’ consensus estimate of ($0.10) by $0.04. Paylocity Holding Corporation had a return on equity of 5.24% and a net margin of 1.81%. The company had revenue of $76.10 million for the quarter, compared to the consensus estimate of $73.79 million. During the same quarter in the previous year, the business earned ($0.01) EPS. The company’s quarterly revenue was up 27.3% compared to the same quarter last year. On average, equities research analysts forecast that Paylocity Holding Corporation will post $0.78 earnings per share for the current fiscal year.
In other news, CFO Peter J. Mcgrail sold 49,764 shares of the business’s stock in a transaction on Friday, June 9th. The stock was sold at an average price of $47.27, for a total transaction of $2,352,344.28. Following the sale, the chief financial officer now directly owns 227,475 shares of the company’s stock, valued at $10,752,743.25. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Steven I. Sarowitz sold 27,301 shares of the business’s stock in a transaction on Tuesday, May 16th. The stock was sold at an average price of $45.05, for a total value of $1,229,910.05. Following the sale, the director now directly owns 16,250,729 shares in the company, valued at $732,095,341.45. The disclosure for this sale can be found here. Insiders have sold 182,322 shares of company stock worth $8,279,403 over the last ninety days. 53.10% of the stock is owned by insiders.
Several large investors have recently made changes to their positions in the company. Bank of Montreal Can raised its stake in shares of Paylocity Holding Corporation by 29.2% in the first quarter. Bank of Montreal Can now owns 3,377 shares of the software maker’s stock worth $130,000 after buying an additional 764 shares during the period. BNP Paribas Arbitrage SA raised its stake in shares of Paylocity Holding Corporation by 562.6% in the second quarter. BNP Paribas Arbitrage SA now owns 3,293 shares of the software maker’s stock worth $149,000 after buying an additional 2,796 shares during the period. Turner Investments LLC bought a new stake in shares of Paylocity Holding Corporation during the second quarter worth about $158,000. Invictus RG bought a new stake in shares of Paylocity Holding Corporation during the first quarter worth about $198,000. Finally, Independent Portfolio Consultants Inc. raised its stake in shares of Paylocity Holding Corporation by 38.0% in the first quarter. Independent Portfolio Consultants Inc. now owns 6,005 shares of the software maker’s stock worth $232,000 after buying an additional 1,655 shares during the period. 63.54% of the stock is currently owned by institutional investors.
Paylocity Holding Corporation Company Profile
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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