Paylocity (NASDAQ:PCTY) Earns Hold Rating from Analysts at StockNews.com

StockNews.com assumed coverage on shares of Paylocity (NASDAQ:PCTY – Get Rating) in a report issued on Thursday. The firm issued a hold rating on the software maker’s stock.

Other research analysts have also issued research reports about the company. Robert W. Baird boosted their target price on Paylocity from $305.00 to $311.00 in a research report on Friday, February 3rd. Piper Sandler boosted their target price on Paylocity from $276.00 to $297.00 and gave the company an overweight rating in a research report on Friday, February 3rd. JMP Securities restated a market outperform rating and set a $320.00 target price on shares of Paylocity in a research report on Friday, February 3rd. Needham & Company LLC restated a buy rating and set a $325.00 target price on shares of Paylocity in a research report on Monday, February 13th. Finally, KeyCorp boosted their target price on Paylocity from $295.00 to $305.00 and gave the company an overweight rating in a research report on Friday, February 3rd. Five equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of Moderate Buy and a consensus target price of $272.71.

Paylocity Trading Up 1.2 %

PCTY opened at $180.51 on Thursday. The firm has a market cap of $10.07 billion, a P/E ratio of 105.56 and a beta of 1.07. Paylocity has a 12 month low of $152.01 and a 12 month high of $276.88. The stock has a 50-day moving average of $200.01 and a 200 day moving average of $213.62.

Paylocity (NASDAQ:PCTY – Get Rating) last released its quarterly earnings results on Thursday, February 2nd. The software maker reported $0.34 EPS for the quarter, topping the consensus estimate of $0.24 by $0.10. The company had revenue of $273.01 million during the quarter, compared to analyst estimates of $259.78 million. Paylocity had a return on equity of 18.52% and a net margin of 9.58%. On average, research analysts forecast that Paylocity will post 2 earnings per share for the current fiscal year.

Insider Activity

In other news, CEO Toby J. Williams sold 8,000 shares of Paylocity stock in a transaction that occurred on Tuesday, February 14th. The shares were sold at an average price of $217.63, for a total transaction of $1,741,040.00. Following the completion of the sale, the chief executive officer now owns 107,176 shares of the company’s stock, valued at $23,324,712.88. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, CEO Toby J. Williams sold 8,000 shares of the business’s stock in a transaction that occurred on Tuesday, February 14th. The shares were sold at an average price of $217.63, for a total value of $1,741,040.00. Following the completion of the transaction, the chief executive officer now owns 107,176 shares of the company’s stock, valued at $23,324,712.88. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Ryan Glenn sold 1,250 shares of the business’s stock in a transaction that occurred on Wednesday, February 15th. The stock was sold at an average price of $214.95, for a total transaction of $268,687.50. Following the completion of the transaction, the chief financial officer now directly owns 23,288 shares of the company’s stock, valued at approximately $5,005,755.60. The disclosure for this sale can be found here. Over the last quarter, insiders sold 177,242 shares of company stock valued at $36,661,532. Corporate insiders own 26.50% of the company’s stock.

Hedge Funds Weigh In On Paylocity

A number of large investors have recently bought and sold shares of PCTY. Price T Rowe Associates Inc. MD grew its holdings in Paylocity by 11.4% in the second quarter. Price T Rowe Associates Inc. MD now owns 9,778,582 shares of the software maker’s stock worth $1,705,580,000 after purchasing an additional 1,003,092 shares during the last quarter. Norges Bank purchased a new position in Paylocity in the fourth quarter worth $86,063,000. Vanguard Group Inc. grew its holdings in Paylocity by 6.5% in the third quarter. Vanguard Group Inc. now owns 3,989,670 shares of the software maker’s stock worth $963,824,000 after purchasing an additional 244,553 shares during the last quarter. Invesco Ltd. grew its holdings in Paylocity by 20.7% in the first quarter. Invesco Ltd. now owns 1,382,116 shares of the software maker’s stock worth $284,399,000 after purchasing an additional 236,876 shares during the last quarter. Finally, Lord Abbett & CO. LLC grew its holdings in Paylocity by 227.0% in the third quarter. Lord Abbett & CO. LLC now owns 290,178 shares of the software maker’s stock worth $70,101,000 after purchasing an additional 201,451 shares during the last quarter. Institutional investors own 72.79% of the company’s stock.

Paylocity Company Profile

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Paylocity Holding Corp. engages in the development and provision of cloud-based software solutions. It offers cloud-based payroll, human capital management applications, time labor tracking, benefits administration, and talent management. The company was founded by Steve I. Sarowitz in 1997 and is headquartered in Schaumburg, IL.