Paylocity Holding Corporation (PCTY) Stock Rating Reaffirmed by Northland Securities
Northland Securities restated their buy rating on shares of Paylocity Holding Corporation (NASDAQ:PCTY) in a research note issued to investors on Sunday morning. They currently have a $55.00 target price on the software maker’s stock.
Several other equities research analysts also recently weighed in on the stock. Zacks Investment Research raised shares of Paylocity Holding Corporation from a hold rating to a buy rating and set a $53.00 price target for the company in a research report on Tuesday, July 18th. Deutsche Bank AG raised their price target on shares of Paylocity Holding Corporation from $55.00 to $60.00 and gave the company a buy rating in a research report on Monday, May 15th. JMP Securities reissued an outperform rating and set a $54.00 price target on shares of Paylocity Holding Corporation in a research report on Tuesday, July 18th. ValuEngine raised shares of Paylocity Holding Corporation from a sell rating to a hold rating in a research report on Friday, June 2nd. Finally, SunTrust Banks, Inc. initiated coverage on shares of Paylocity Holding Corporation in a research report on Monday, June 26th. They set a hold rating and a $45.00 price target for the company. Ten research analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. Paylocity Holding Corporation currently has an average rating of Hold and an average target price of $51.46.
Paylocity Holding Corporation (NASDAQ PCTY) opened at 47.05 on Friday. Paylocity Holding Corporation has a 52 week low of $29.69 and a 52 week high of $49.65. The stock has a 50 day moving average price of $46.32 and a 200-day moving average price of $43.31. The stock has a market cap of $2.43 billion, a P/E ratio of 392.08 and a beta of 2.25.
Paylocity Holding Corporation (NASDAQ:PCTY) last announced its earnings results on Thursday, August 10th. The software maker reported ($0.06) earnings per share for the quarter, beating the Zacks’ consensus estimate of ($0.10) by $0.04. The business had revenue of $76.10 million during the quarter, compared to the consensus estimate of $73.79 million. Paylocity Holding Corporation had a net margin of 2.24% and a return on equity of 6.13%. The business’s revenue for the quarter was up 27.3% on a year-over-year basis. During the same quarter last year, the firm earned ($0.01) earnings per share. On average, equities analysts anticipate that Paylocity Holding Corporation will post $0.79 EPS for the current fiscal year.
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In related news, Director Steven I. Sarowitz sold 200,000 shares of the firm’s stock in a transaction that occurred on Tuesday, August 15th. The shares were sold at an average price of $44.81, for a total value of $8,962,000.00. Following the sale, the director now owns 16,212,317 shares in the company, valued at $726,473,924.77. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, VP Michael R. Haske sold 88,600 shares of the firm’s stock in a transaction that occurred on Monday, August 14th. The stock was sold at an average price of $45.21, for a total transaction of $4,005,606.00. Following the completion of the sale, the vice president now owns 1,189,606 shares in the company, valued at approximately $53,782,087.26. The disclosure for this sale can be found here. Insiders sold 1,510,185 shares of company stock worth $68,035,096 in the last 90 days. 53.10% of the stock is currently owned by corporate insiders.
Several institutional investors have recently modified their holdings of the company. USA Financial Portformulas Corp purchased a new position in shares of Paylocity Holding Corporation during the 2nd quarter worth $471,000. Dynamic Technology Lab Private Ltd purchased a new position in shares of Paylocity Holding Corporation during the 2nd quarter worth $419,000. Wasatch Advisors Inc. boosted its stake in shares of Paylocity Holding Corporation by 8.0% during the 2nd quarter. Wasatch Advisors Inc. now owns 863,765 shares of the software maker’s stock worth $39,025,000 after acquiring an additional 64,268 shares during the last quarter. Public Employees Retirement System of Ohio boosted its stake in shares of Paylocity Holding Corporation by 29.0% during the 2nd quarter. Public Employees Retirement System of Ohio now owns 37,350 shares of the software maker’s stock worth $1,687,000 after acquiring an additional 8,391 shares during the last quarter. Finally, Ameritas Investment Partners Inc. boosted its stake in shares of Paylocity Holding Corporation by 22.6% during the 2nd 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 last quarter. Institutional investors and hedge funds own 60.87% of the company’s stock.
About Paylocity Holding Corporation
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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