Paylocity (PCTY) Price Target Lowered to $78.00 at Bank of America

Paylocity (NASDAQ:PCTY) had its price objective decreased by equities researchers at Bank of America from $91.00 to $78.00 in a research report issued on Friday, MarketBeat Ratings reports. The brokerage currently has a “buy” rating on the software maker’s stock. Bank of America’s target price would indicate a potential upside of 24.56% from the company’s current price.

Other research analysts also recently issued reports about the company. BidaskClub downgraded Paylocity from a “strong-buy” rating to a “buy” rating in a report on Wednesday, July 25th. Guggenheim started coverage on Paylocity in a report on Monday, August 20th. They set a “buy” rating and a $80.00 target price on the stock. Zacks Investment Research raised Paylocity from a “hold” rating to a “buy” rating and set a $72.00 target price on the stock in a report on Tuesday, August 14th. Raymond James reaffirmed a “buy” rating and set a $75.00 target price on shares of Paylocity in a report on Monday, August 13th. Finally, Needham & Company LLC lifted their target price on Paylocity from $65.00 to $80.00 and gave the stock a “buy” rating in a report on Friday, August 10th. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating and ten have given a buy rating to the company’s stock. Paylocity has a consensus rating of “Buy” and an average target price of $68.36.

PCTY stock traded down $3.54 during midday trading on Friday, reaching $62.62. 534,041 shares of the stock were exchanged, compared to its average volume of 285,768. The firm has a market capitalization of $3.31 billion, a P/E ratio of 202.00, a P/E/G ratio of 3.64 and a beta of 2.19. Paylocity has a 52 week low of $41.15 and a 52 week high of $88.47. The company has a quick ratio of 1.08, a current ratio of 1.08 and a debt-to-equity ratio of 0.01.

Paylocity (NASDAQ:PCTY) last announced its earnings results on Thursday, November 1st. The software maker reported $0.06 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.04 by $0.02. The firm had revenue of $100.50 million for the quarter, compared to the consensus estimate of $98.37 million. Paylocity had a return on equity of 13.00% and a net margin of 12.08%. The business’s quarterly revenue was up 23.3% compared to the same quarter last year. During the same period in the previous year, the business earned $0.15 EPS. As a group, equities research analysts expect that Paylocity will post 0.76 EPS for the current fiscal year.

In related news, SVP Edward W. Gaty sold 7,614 shares of the company’s stock in a transaction that occurred on Tuesday, September 4th. The stock was sold at an average price of $78.90, for a total transaction of $600,744.60. Following the transaction, the senior vice president now directly owns 126,392 shares of the company’s stock, valued at approximately $9,972,328.80. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, SVP Mark S. Kinsey sold 386 shares of the company’s stock in a transaction that occurred on Wednesday, August 15th. The stock was sold at an average price of $66.65, for a total value of $25,726.90. Following the transaction, the senior vice president now directly owns 86,331 shares in the company, valued at $5,753,961.15. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 1,002,124 shares of company stock worth $65,904,551. 41.20% of the stock is owned by company insiders.

A number of hedge funds have recently bought and sold shares of PCTY. Voya Investment Management LLC raised its stake in Paylocity by 3,670.3% during the 2nd quarter. Voya Investment Management LLC now owns 446,288 shares of the software maker’s stock worth $26,269,000 after buying an additional 434,451 shares during the period. Standard Life Aberdeen plc increased its holdings in Paylocity by 31.4% during the 2nd quarter. Standard Life Aberdeen plc now owns 1,469,941 shares of the software maker’s stock worth $86,521,000 after purchasing an additional 350,996 shares in the last quarter. BlackRock Inc. increased its holdings in Paylocity by 15.0% during the 2nd quarter. BlackRock Inc. now owns 2,050,204 shares of the software maker’s stock worth $120,674,000 after purchasing an additional 267,913 shares in the last quarter. American Century Companies Inc. bought a new stake in Paylocity during the 2nd quarter worth approximately $10,926,000. Finally, Cortina Asset Management LLC bought a new stake in Paylocity during the 2nd quarter worth approximately $8,647,000. 65.36% of the stock is currently owned by institutional investors and hedge funds.

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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