Shares of Paylocity Holding Corp (NASDAQ:PCTY) have been assigned a consensus recommendation of “Buy” from the sixteen analysts that are presently covering the firm, Marketbeat reports. Five analysts have rated the stock with a hold rating and ten have given a buy rating to the company. The average 12-month target price among brokers that have issued a report on the stock in the last year is $106.55.

Several research analysts have recently weighed in on the stock. Mizuho assumed coverage on shares of Paylocity in a report on Wednesday, August 21st. They set a “neutral” rating and a $105.00 price objective on the stock. BidaskClub lowered shares of Paylocity from a “strong-buy” rating to a “buy” rating in a report on Friday, September 6th. JMP Securities increased their price objective on shares of Paylocity to $115.00 and gave the stock a “market perform” rating in a report on Monday, July 22nd. Royal Bank of Canada reiterated a “neutral” rating on shares of Paylocity in a report on Sunday, August 11th. Finally, Jefferies Financial Group increased their price objective on shares of Paylocity to $115.00 in a report on Thursday, August 8th.

In related news, COO Michael R. Haske sold 50,000 shares of the firm’s stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $105.78, for a total value of $5,289,000.00. Following the transaction, the chief operating officer now owns 800,195 shares in the company, valued at $84,644,627.10. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, CEO Steven R. Beauchamp sold 65,000 shares of the firm’s stock in a transaction that occurred on Wednesday, August 14th. The shares were sold at an average price of $98.89, for a total transaction of $6,427,850.00. Following the completion of the transaction, the chief executive officer now owns 1,817,080 shares in the company, valued at approximately $179,691,041.20. The disclosure for this sale can be found here. Insiders sold 262,076 shares of company stock worth $26,692,978 in the last 90 days. 41.20% of the stock is currently owned by insiders.

A number of hedge funds and other institutional investors have recently bought and sold shares of PCTY. Invesco Ltd. grew its position in Paylocity by 636.8% in the second quarter. Invesco Ltd. now owns 757,846 shares of the software maker’s stock valued at $71,101,000 after acquiring an additional 654,996 shares in the last quarter. Nuveen Asset Management LLC grew its position in Paylocity by 8,106.1% in the second quarter. Nuveen Asset Management LLC now owns 267,356 shares of the software maker’s stock valued at $25,083,000 after acquiring an additional 264,098 shares in the last quarter. Wasatch Advisors Inc. grew its position in Paylocity by 9.3% in the first quarter. Wasatch Advisors Inc. now owns 2,008,033 shares of the software maker’s stock valued at $179,096,000 after acquiring an additional 171,514 shares in the last quarter. Westfield Capital Management Co. LP acquired a new stake in Paylocity in the first quarter valued at approximately $13,600,000. Finally, Federated Investors Inc. PA grew its position in Paylocity by 380.6% in the first quarter. Federated Investors Inc. PA now owns 190,223 shares of the software maker’s stock valued at $16,966,000 after acquiring an additional 150,642 shares in the last quarter. Hedge funds and other institutional investors own 66.04% of the company’s stock.

Shares of PCTY stock traded up $3.37 during trading hours on Friday, hitting $98.42. 461,245 shares of the company were exchanged, compared to its average volume of 341,929. The firm has a market cap of $5.12 billion, a PE ratio of 91.13, a PEG ratio of 4.60 and a beta of 1.63. Paylocity has a 1 year low of $53.46 and a 1 year high of $112.46. The firm has a fifty day moving average of $104.87 and a 200 day moving average of $96.79.

Paylocity (NASDAQ:PCTY) last announced its quarterly earnings data on Thursday, August 8th. The software maker reported $0.34 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.07 by $0.27. The business had revenue of $120.37 million for the quarter, compared to analyst estimates of $117.51 million. Paylocity had a net margin of 11.57% and a return on equity of 18.19%. The company’s revenue was up 24.6% on a year-over-year basis. During the same period in the prior year, the firm posted $0.11 EPS. As a group, equities research analysts predict that Paylocity will post 1.06 earnings per share for the current year.

About Paylocity

Paylocity Holding Corporation provides cloud-based payroll and human capital management software solutions for medium-sized organizations in the United States. The company offers Paylocity Web Pay for enterprise-grade payroll processing and administration; Paylocity Web HR for employee record management, HR compliance and reporting, HR insight and analytics, and self-service portals; Talent Management for employee performance appraisal process and performance review; Paylocity Web Time, a time and attendance solution; and Paylocity Web Expense, an expense management tool designed to streamline and automate the expense management process.

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Analyst Recommendations for Paylocity (NASDAQ:PCTY)

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