Zacks Investment Research lowered shares of Paylocity (NASDAQ:PCTY) from a buy rating to a hold rating in a research report report published on Tuesday morning.
According to Zacks, “Estimates of payroll processing and human capital management solution provider, Paylocity has remained stable off late. 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. Shares of the ompany have also outperformed the industry over the past one year. However, competition from peers remains a major headwind.”
A number of other equities analysts have also recently issued reports on the company. BidaskClub cut Paylocity from a hold rating to a sell rating in a report on Wednesday, December 27th. Dougherty & Co initiated coverage on Paylocity in a research note on Tuesday, December 19th. They issued a neutral rating for the company. TheStreet cut Paylocity from a b- rating to a c+ rating in a research note on Tuesday, December 5th. SunTrust Banks reissued a hold rating and issued a $47.00 price target on shares of Paylocity in a research note on Friday, November 3rd. Finally, Robert W. Baird increased their price target on Paylocity from $52.00 to $56.00 and gave the company an outperform rating in a research note on Friday, November 3rd. One analyst has rated the stock with a sell rating, seven have assigned a hold rating and nine have issued a buy rating to the stock. Paylocity currently has a consensus rating of Hold and a consensus price target of $52.92.
Paylocity (NASDAQ:PCTY) last issued its earnings results on Thursday, November 2nd. The software maker reported $0.15 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.02) by $0.17. Paylocity had a return on equity of 7.98% and a net margin of 3.11%. The business had revenue of $81.50 million during the quarter, compared to analysts’ expectations of $80.88 million. During the same quarter in the prior year, the firm earned $0.07 EPS. The business’s revenue for the quarter was up 25.4% compared to the same quarter last year. equities analysts anticipate that Paylocity will post 0.33 earnings per share for the current year.
In related news, insider Michael R. Haske sold 25,000 shares of the company’s stock in a transaction dated Tuesday, November 14th. The stock was sold at an average price of $47.02, for a total transaction of $1,175,500.00. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, SVP Edward W. Gaty sold 5,062 shares of the company’s stock in a transaction dated Friday, December 1st. The shares were sold at an average price of $45.82, for a total value of $231,940.84. Following the sale, the senior vice president now owns 116,135 shares in the company, valued at approximately $5,321,305.70. The disclosure for this sale can be found here. In the last three months, insiders sold 1,376,204 shares of company stock valued at $63,542,933. Insiders own 48.80% of the company’s stock.
Several institutional investors have recently made changes to their positions in the stock. Citigroup Inc. boosted its position in shares of Paylocity by 3.8% during the 2nd 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. boosted its position in shares of Paylocity by 22.6% during the 2nd 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. Bayesian Capital Management LP boosted its position in shares of Paylocity by 10.8% during the 2nd 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. Legal & General Group Plc boosted its position in shares of Paylocity by 13.1% during the 2nd quarter. Legal & General Group Plc now owns 7,726 shares of the software maker’s stock valued at $349,000 after purchasing an additional 895 shares in the last quarter. Finally, Quotient Investors LLC boosted its position in shares of Paylocity by 20.4% during the 3rd quarter. Quotient Investors LLC now owns 5,900 shares of the software maker’s stock valued at $288,000 after purchasing an additional 1,000 shares in the last quarter. Institutional investors own 59.78% of the company’s stock.
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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