Paylocity Holding Corporation (PCTY) Receives $53.73 Average Target Price from Analysts
Shares of Paylocity Holding Corporation (NASDAQ:PCTY) have received an average recommendation of “Buy” from the nineteen ratings firms that are presently covering the company, Marketbeat.com reports. Nine research analysts have rated the stock with a hold recommendation and nine have issued a buy recommendation on the company. The average 12 month target price among brokers that have issued ratings on the stock in the last year is $53.73.
PCTY has been the topic of a number of analyst reports. ValuEngine upgraded shares of Paylocity from a “sell” rating to a “hold” rating in a report on Friday, September 1st. Robert W. Baird raised their price objective on shares of Paylocity from $52.00 to $56.00 and gave the company an “outperform” rating in a report on Friday, November 3rd. Bank of America raised their price objective on shares of Paylocity from $50.00 to $56.00 and gave the company a “buy” rating in a report on Tuesday, October 24th. Mizuho restated a “hold” rating and issued a $45.00 price objective on shares of Paylocity in a report on Thursday, October 12th. Finally, TheStreet upgraded shares of Paylocity from a “c” rating to a “b-” rating in a report on Friday, November 3rd.
Shares of Paylocity (NASDAQ PCTY) traded down $0.13 on Friday, hitting $47.25. 400,100 shares of the stock were exchanged, compared to its average volume of 291,352. Paylocity has a fifty-two week low of $29.69 and a fifty-two week high of $53.96. The firm has a market cap of $2,490.00, a price-to-earnings ratio of 219.18, a price-to-earnings-growth ratio of 6.33 and a beta of 2.24.
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 Zacks’ 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 last year, the business earned $0.07 EPS. The company’s revenue was up 25.4% on a year-over-year basis. analysts anticipate that Paylocity will post 0.32 earnings per share for the current fiscal year.
In related news, Director Steven I. Sarowitz sold 1,296,142 shares of Paylocity stock in a transaction on Tuesday, November 21st. The shares were sold at an average price of $46.14, for a total transaction of $59,803,991.88. Following the sale, the director now directly owns 15,343,130 shares in the company, valued at approximately $707,932,018.20. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, SVP Edward W. Gaty sold 5,185 shares of Paylocity stock in a transaction on Friday, September 1st. The stock was sold at an average price of $48.92, for a total transaction of $253,650.20. Following the sale, the senior vice president now owns 116,135 shares in the company, valued at $5,681,324.20. The disclosure for this sale can be found here. Insiders have sold a total of 1,429,857 shares of company stock worth $66,253,404 over the last quarter. 48.80% of the stock is owned by company insiders.
A number of hedge funds and other institutional investors have recently bought and sold shares of the business. GSA Capital Partners LLP acquired a new position in Paylocity in the third quarter valued at $211,000. Cubist Systematic Strategies LLC acquired a new position in Paylocity in the third quarter valued at $289,000. Granahan Investment Management Inc. MA increased its stake in Paylocity by 7.5% in the third quarter. Granahan Investment Management Inc. MA now owns 159,286 shares of the software maker’s stock valued at $7,776,000 after purchasing an additional 11,054 shares during the period. Jane Street Group LLC acquired a new position in Paylocity in the third quarter valued at $260,000. Finally, Alyeska Investment Group L.P. increased its stake in Paylocity by 56.3% in the third quarter. Alyeska Investment Group L.P. now owns 625,000 shares of the software maker’s stock valued at $30,513,000 after purchasing an additional 225,000 shares during the period. Institutional investors own 59.83% of the company’s stock.
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Paylocity 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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