Paylocity (NASDAQ:PCTY) Releases Earnings Results, Beats Estimates By $0.28 EPS

Paylocity (NASDAQ:PCTY) released its quarterly earnings data on Thursday. The software maker reported $1.85 earnings per share for the quarter, beating analysts’ consensus estimates of $1.57 by $0.28, FiscalAI reports. The firm had revenue of $416.13 million during the quarter, compared to analyst estimates of $408.37 million. Paylocity had a return on equity of 22.07% and a net margin of 13.75%.

Paylocity Stock Up 0.3%

PCTY stock traded up $0.41 during midday trading on Thursday, hitting $127.05. The company’s stock had a trading volume of 2,120,734 shares, compared to its average volume of 665,410. Paylocity has a 52-week low of $123.71 and a 52-week high of $223.80. The firm has a 50-day simple moving average of $146.26 and a 200-day simple moving average of $157.53. The firm has a market capitalization of $6.91 billion, a P/E ratio of 31.84, a PEG ratio of 3.75 and a beta of 0.54.

Insider Activity at Paylocity

In other news, CFO Ryan Glenn sold 1,737 shares of the firm’s stock in a transaction dated Wednesday, November 19th. The stock was sold at an average price of $143.65, for a total transaction of $249,520.05. Following the sale, the chief financial officer owned 77,229 shares of the company’s stock, valued at approximately $11,093,945.85. This trade represents a 2.20% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 19.40% of the company’s stock.

Hedge Funds Weigh In On Paylocity

Hedge funds have recently bought and sold shares of the stock. Advisory Services Network LLC acquired a new stake in Paylocity during the third quarter worth approximately $38,000. Danske Bank A S acquired a new position in Paylocity in the third quarter valued at $64,000. Smartleaf Asset Management LLC lifted its position in Paylocity by 35.0% during the second quarter. Smartleaf Asset Management LLC now owns 428 shares of the software maker’s stock worth $77,000 after buying an additional 111 shares during the period. EverSource Wealth Advisors LLC grew its position in Paylocity by 537.0% during the second quarter. EverSource Wealth Advisors LLC now owns 465 shares of the software maker’s stock valued at $84,000 after acquiring an additional 392 shares during the period. Finally, Lazard Asset Management LLC acquired a new position in shares of Paylocity during the 2nd quarter valued at $110,000. Hedge funds and other institutional investors own 94.76% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts have recently commented on the company. Cantor Fitzgerald reaffirmed an “overweight” rating on shares of Paylocity in a research note on Thursday, January 29th. Guggenheim upgraded Paylocity from a “neutral” rating to a “buy” rating and set a $180.00 price target on the stock in a report on Monday, November 10th. JMP Securities set a $245.00 price objective on shares of Paylocity in a research note on Wednesday, November 5th. BMO Capital Markets reduced their price objective on shares of Paylocity from $200.00 to $185.00 and set an “outperform” rating for the company in a research note on Wednesday, November 5th. Finally, Weiss Ratings lowered Paylocity from a “hold (c-)” rating to a “sell (d+)” rating in a research note on Tuesday, January 27th. Fifteen analysts have rated the stock with a Buy rating, five have given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, Paylocity currently has an average rating of “Moderate Buy” and an average target price of $204.05.

Paylocity Company Profile

Paylocity (NASDAQ: PCTY) is a leading provider of cloud-based payroll and human capital management (HCM) software designed to streamline workforce administration for mid-sized organizations. The company’s integrated platform automates core functions such as payroll processing, benefits administration, time and labor tracking, and compliance management, enabling employers to manage employee data more efficiently and reduce administrative burdens.

In addition to payroll and HR capabilities, Paylocity offers talent management solutions including recruiting, onboarding, performance tracking, and learning management.