Brokers Issue Forecasts for Paylocity Holding Corp’s FY2020 Earnings (PCTY)
Paylocity Holding Corp (NASDAQ:PCTY) – Investment analysts at SunTrust Banks issued their FY2020 earnings estimates for Paylocity in a report issued on Monday. SunTrust Banks analyst T. Tillman expects that the software maker will post earnings of $0.85 per share for the year. SunTrust Banks currently has a “Buy” rating and a $45.00 price target on the stock.
Several other brokerages have also weighed in on PCTY. BidaskClub upgraded shares of Paylocity from a “sell” rating to a “hold” rating in a report on Wednesday, January 31st. Zacks Investment Research lowered shares of Paylocity from a “buy” rating to a “hold” rating in a report on Tuesday, January 9th. Dougherty & Co assumed coverage on shares of Paylocity in a report on Tuesday, December 19th. They set a “neutral” rating on the stock. TheStreet lowered shares of Paylocity from a “b-” rating to a “c+” rating in a report on Tuesday, December 5th. Finally, William Blair reiterated an “outperform” rating on shares of Paylocity in a report on Friday, February 9th. Six analysts have rated the stock with a hold rating and twelve have given a buy rating to the stock. The stock currently has an average rating of “Buy” and a consensus price target of $52.77.
Paylocity (NASDAQ:PCTY) last announced its quarterly earnings data on Thursday, February 8th. The software maker reported $0.16 earnings per share for the quarter, beating the consensus estimate of $0.12 by $0.04. Paylocity had a net margin of 3.57% and a return on equity of 8.93%. The firm had revenue of $86.00 million for the quarter, compared to analyst estimates of $85.03 million. During the same quarter in the prior year, the business earned $0.10 earnings per share. The business’s quarterly revenue was up 25.3% compared to the same quarter last year.
In other news, insider Mark S. Kinsey sold 3,200 shares of the stock in a transaction that occurred on Monday, March 12th. The shares were sold at an average price of $54.44, for a total transaction of $174,208.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Steven I. Sarowitz sold 63,540 shares of the stock in a transaction that occurred on Wednesday, February 21st. The shares were sold at an average price of $45.17, for a total transaction of $2,870,101.80. The disclosure for this sale can be found here. Insiders have sold a total of 290,927 shares of company stock valued at $13,750,422 over the last three months. Insiders own 48.80% of the company’s stock.
Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. GSA Capital Partners LLP bought a new position in Paylocity in the 3rd quarter worth approximately $211,000. Fortaleza Asset Management Inc. bought a new position in Paylocity in the 4th quarter worth approximately $255,000. Jane Street Group LLC bought a new position in Paylocity in the 3rd quarter worth approximately $260,000. Prudential Financial Inc. bought a new position in Paylocity in the 3rd quarter worth approximately $267,000. Finally, Macquarie Group Ltd. boosted its holdings in Paylocity by 916.7% in the 4th quarter. Macquarie Group Ltd. now owns 6,100 shares of the software maker’s stock worth $288,000 after buying an additional 5,500 shares during the period. 62.59% of the stock is owned by institutional investors.
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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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