Paylocity Holding Corporation (NASDAQ:PCTY) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note issued to investors on Friday.
According to Zacks, “Estimates of payroll processing and human capital management solution provider, Paylocity has moved north off late. Shares of the ompany have also outperformed the industry over the past one year. The upside can be attributed to the company’s encouraging Q2 and FY18 outlook. We remain positive about Paylocity’s regular investments in SaaS technology. For the last few quarters, clients moving from traditional payroll service providers to the company’s SaaS-based services contributed significantly to its revenues. Hence, regular investments in technological upgrades, along with product innovation, will continue to boost the company’s top line. Also, higher adoption of Paylocity’s ACA dashboard application, specializing in tracking employee count, employee status and health care plan affordability, will act as a tailwind. However, competition from peers remains a major headwind.”
A number of other research analysts have also issued reports on PCTY. Raymond James Financial, Inc. set a $55.00 price target on shares of Paylocity Holding Corporation and gave the company a “buy” rating in a research note on Wednesday, August 9th. Bank of America Corporation restated a “buy” rating and set a $47.00 price target (down previously from $50.00) on shares of Paylocity Holding Corporation in a research note on Friday, August 11th. Mizuho restated a “hold” rating and set a $45.00 price target on shares of Paylocity Holding Corporation in a research note on Thursday, August 10th. Stifel Nicolaus restated a “buy” rating and set a $55.00 price target (up previously from $50.00) on shares of Paylocity Holding Corporation in a research note on Friday, August 11th. Finally, BidaskClub lowered shares of Paylocity Holding Corporation from a “buy” rating to a “hold” rating in a research note on Monday, July 31st. Nine investment analysts have rated the stock with a hold rating and nine have given a buy rating to the company’s stock. The stock currently has an average rating of “Buy” and a consensus price target of $52.92.
Paylocity Holding Corporation (PCTY) traded down $0.21 during midday trading on Friday, hitting $47.64. 205,500 shares of the company traded hands, compared to its average volume of 292,450. The company has a market cap of $2,501.90, a price-to-earnings ratio of 216.54, a PEG ratio of 6.33 and a beta of 2.24. Paylocity Holding Corporation has a 1 year low of $29.69 and a 1 year high of $53.96.
Paylocity Holding Corporation (NASDAQ:PCTY) last posted its quarterly earnings data on Thursday, November 2nd. The software maker reported $0.15 EPS for the quarter, topping the consensus estimate of ($0.02) by $0.17. Paylocity Holding Corporation had a net margin of 3.11% and a return on equity of 7.98%. The firm had revenue of $81.50 million during the quarter, compared to analyst estimates of $80.88 million. During the same quarter in the previous year, the business posted $0.07 EPS. Paylocity Holding Corporation’s revenue was up 25.4% on a year-over-year basis. analysts expect that Paylocity Holding Corporation will post 0.32 EPS for the current fiscal year.
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In related news, CEO Steven R. Beauchamp sold 5,470 shares of the stock in a transaction on Friday, October 6th. The shares were sold at an average price of $50.09, for a total transaction of $273,992.30. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, SVP Edward W. Gaty sold 5,185 shares of the 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 directly 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 1,475,115 shares of company stock worth $66,718,252 over the last three months. 48.80% of the stock is currently owned by insiders.
A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Bank of Montreal Can boosted its holdings in Paylocity Holding Corporation by 1.2% during the second quarter. Bank of Montreal Can now owns 3,419 shares of the software maker’s stock worth $154,000 after buying an additional 42 shares in the last quarter. Citigroup Inc. lifted its holdings in Paylocity Holding Corporation by 3.8% during the second quarter. Citigroup Inc. now owns 11,366 shares of the software maker’s stock valued at $514,000 after purchasing an additional 413 shares in the last quarter. Ameritas Investment Partners Inc. lifted its holdings in Paylocity Holding Corporation by 22.6% during the second quarter. Ameritas Investment Partners Inc. now owns 2,282 shares of the software maker’s stock valued at $103,000 after purchasing an additional 421 shares in the last quarter. Sei Investments Co. lifted its holdings in Paylocity Holding Corporation by 0.4% during the second quarter. Sei Investments Co. now owns 141,900 shares of the software maker’s stock valued at $6,411,000 after purchasing an additional 529 shares in the last quarter. Finally, Bayesian Capital Management LP lifted its holdings in Paylocity Holding Corporation by 10.8% during the second quarter. Bayesian Capital Management LP now owns 6,144 shares of the software maker’s stock valued at $278,000 after purchasing an additional 600 shares in the last quarter. 59.44% of the stock is currently owned by hedge funds and other institutional investors.
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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