Paylocity (PCTY) Raised to Buy at Zacks Investment Research

Zacks Investment Research upgraded shares of Paylocity (NASDAQ:PCTY) from a hold rating to a buy rating in a research report sent to investors on Tuesday. The firm currently has $53.00 price objective on the software maker’s stock.

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.”

Other analysts have also issued research reports about the company. TheStreet upgraded Paylocity from a c rating to a b- rating in a research note on Friday, November 3rd. Bank of America upped their price objective on Paylocity from $50.00 to $56.00 and gave the company a buy rating in a research note on Tuesday, October 24th. Northland Securities restated a buy rating and issued a $55.00 price objective on shares of Paylocity in a research note on Sunday, September 10th. Mizuho restated a hold rating and issued a $45.00 price objective on shares of Paylocity in a research note on Thursday, October 12th. Finally, SunTrust Banks restated a hold rating and issued a $47.00 price objective on shares of Paylocity in a research note on Friday, November 3rd. One research analyst has rated the stock with a sell rating, six have given a hold rating and ten have issued a buy rating to the company’s stock. Paylocity presently has a consensus rating of Buy and an average price target of $52.92.

Paylocity (NASDAQ PCTY) traded up $1.17 on Tuesday, reaching $48.67. The company had a trading volume of 239,700 shares, compared to its average volume of 239,700. Paylocity has a fifty-two week low of $29.69 and a fifty-two week high of $53.96. The company has a market capitalization of $2,530.00, a price-to-earnings ratio of 270.39, a PEG ratio of 6.12 and a beta of 2.11.

Paylocity (NASDAQ:PCTY) last released its quarterly earnings data on Thursday, November 2nd. The software maker reported $0.15 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.02) by $0.17. The firm had revenue of $81.50 million for the quarter, compared to analyst estimates of $80.88 million. Paylocity had a return on equity of 7.98% and a net margin of 3.11%. The business’s revenue for the quarter was up 25.4% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.07 earnings per share. equities analysts forecast that Paylocity will post 0.33 EPS for the current year.

In other news, insider Michael R. Haske sold 25,000 shares of the company’s stock in a transaction that occurred on Tuesday, November 14th. The stock was sold at an average price of $47.02, for a total value of $1,175,500.00. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CEO Steven R. Beauchamp sold 50,000 shares of the company’s stock in a transaction that occurred on Monday, November 13th. The shares were sold at an average price of $46.63, for a total value of $2,331,500.00. The disclosure for this sale can be found here. Insiders sold 1,376,204 shares of company stock worth $63,542,933 in the last ninety days. 48.80% of the stock is owned by company insiders.

Several institutional investors have recently bought and sold shares of PCTY. Bank of Montreal Can grew its position in shares of Paylocity by 1.2% in the second quarter. Bank of Montreal Can now owns 3,419 shares of the software maker’s stock valued at $154,000 after purchasing an additional 42 shares during the last quarter. Schwab Charles Investment Management Inc. grew its position in shares of Paylocity by 10.6% in the second quarter. Schwab Charles Investment Management Inc. now owns 113,529 shares of the software maker’s stock valued at $5,130,000 after purchasing an additional 10,911 shares during the last quarter. First Trust Advisors LP acquired a new position in shares of Paylocity in the second quarter valued at approximately $1,076,000. Rhumbline Advisers grew its position in Paylocity by 16.5% during the second quarter. Rhumbline Advisers now owns 28,825 shares of the software maker’s stock worth $1,302,000 after buying an additional 4,090 shares in the last quarter. Finally, Legal & General Group Plc grew its position in Paylocity by 13.1% during the second quarter. Legal & General Group Plc now owns 7,726 shares of the software maker’s stock worth $349,000 after buying an additional 895 shares in the last quarter. 59.78% of the stock is currently owned by institutional investors.

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About Paylocity

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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