Paylocity (PCTY) Downgraded by BidaskClub

BidaskClub cut shares of Paylocity (NASDAQ:PCTY) from a strong-buy rating to a buy rating in a report published on Tuesday.

Several other equities analysts also recently issued reports on PCTY. SunTrust Banks upgraded Paylocity from a hold rating to a buy rating and cut their price objective for the company from $52.72 to $45.00 in a research report on Monday, March 12th. ValuEngine upgraded Paylocity from a hold rating to a buy rating in a research report on Monday, April 2nd. Zacks Investment Research upgraded Paylocity from a sell rating to a hold rating in a research report on Wednesday, February 14th. William Blair reiterated an outperform rating on shares of Paylocity in a research report on Friday, February 9th. Finally, First Analysis lifted their price objective on Paylocity from $63.00 to $65.00 and gave the company an overweight rating in a research report on Monday, March 19th. Five equities research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the stock. The company has an average rating of Buy and a consensus target price of $54.57.

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Shares of PCTY stock opened at $51.06 on Tuesday. The firm has a market capitalization of $2,681.74, a P/E ratio of 340.40, a P/E/G ratio of 7.66 and a beta of 2.00. Paylocity has a one year low of $37.66 and a one year high of $57.16.

Paylocity (NASDAQ:PCTY) last announced its quarterly earnings results on Thursday, February 8th. The software maker reported $0.16 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.12 by $0.04. The business had revenue of $86.00 million for the quarter, compared to analyst estimates of $85.03 million. Paylocity had a return on equity of 8.93% and a net margin of 3.57%. Paylocity’s quarterly revenue was up 25.3% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.10 EPS. equities analysts forecast that Paylocity will post 0.3 earnings per share for the current year.

In other news, Director Steven I. Sarowitz sold 63,540 shares of the business’s stock in a transaction on Wednesday, February 21st. The stock was sold at an average price of $45.17, for a total transaction of $2,870,101.80. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Ellen Carnahan bought 1,380 shares of the company’s stock in a transaction dated Friday, March 16th. The shares were purchased at an average price of $53.91 per share, with a total value of $74,395.80. Following the transaction, the director now owns 7,908 shares of the company’s stock, valued at $426,320.28. The disclosure for this purchase can be found here. In the last 90 days, insiders have sold 290,927 shares of company stock valued at $13,750,422. 48.80% of the stock is currently owned by corporate insiders.

Several hedge funds have recently added to or reduced their stakes in the company. California Public Employees Retirement System raised its position in shares of Paylocity by 16.2% during the fourth quarter. California Public Employees Retirement System now owns 8,600 shares of the software maker’s stock worth $406,000 after acquiring an additional 1,200 shares during the last quarter. American International Group Inc. raised its position in shares of Paylocity by 8.1% during the third quarter. American International Group Inc. now owns 17,429 shares of the software maker’s stock worth $851,000 after acquiring an additional 1,304 shares during the last quarter. UBS Asset Management Americas Inc. raised its position in shares of Paylocity by 8.4% during the fourth quarter. UBS Asset Management Americas Inc. now owns 17,270 shares of the software maker’s stock worth $814,000 after acquiring an additional 1,339 shares during the last quarter. Teachers Advisors LLC raised its position in shares of Paylocity by 4.2% during the fourth quarter. Teachers Advisors LLC now owns 48,646 shares of the software maker’s stock worth $2,294,000 after acquiring an additional 1,962 shares during the last quarter. Finally, Swiss National Bank grew its stake in shares of Paylocity by 5.7% during the fourth quarter. Swiss National Bank now owns 49,750 shares of the software maker’s stock worth $2,346,000 after purchasing an additional 2,700 shares during the period. Institutional investors own 62.59% of the company’s stock.

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About Paylocity

Paylocity Holding Corporation provides cloud-based payroll and human capital management (HCM) software solutions for medium-sized organizations in the United States. It offers Paylocity Web Pay for enterprise-grade payroll processing and administration; Paylocity Web HR for employee record management and HR compliance and reporting; 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.

Analyst Recommendations for Paylocity (NASDAQ:PCTY)

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