Royal Bank of Canada Reiterates “Neutral” Rating for Paylocity (NASDAQ:PCTY)

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Royal Bank of Canada restated their neutral rating on shares of Paylocity (NASDAQ:PCTY) in a research report report published on Sunday, AnalystRatings.com reports.

PCTY has been the topic of a number of other reports. Craig Hallum reaffirmed a hold rating and set a $97.00 target price (up from $78.00) on shares of Paylocity in a report on Friday, May 3rd. Stifel Nicolaus lifted their target price on Paylocity from $105.00 to $125.00 and gave the stock a buy rating in a report on Friday, August 9th. KeyCorp lifted their target price on Paylocity from $112.00 to $115.00 and gave the stock an overweight rating in a report on Monday, July 29th. Jefferies Financial Group lifted their target price on Paylocity to $115.00 in a report on Thursday, August 8th. Finally, Raymond James lifted their target price on Paylocity from $105.00 to $115.00 and gave the stock an outperform rating in a report on Friday, May 17th. Five analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the stock. Paylocity has a consensus rating of Buy and a consensus price target of $103.58.

NASDAQ:PCTY opened at $104.45 on Friday. The business’s 50-day moving average price is $101.99. The firm has a market capitalization of $5.86 billion, a price-to-earnings ratio of 96.71, a P/E/G ratio of 6.14 and a beta of 1.69. Paylocity has a 52-week low of $53.46 and a 52-week high of $111.61.

Paylocity (NASDAQ:PCTY) last released its earnings results on Thursday, August 8th. The software maker reported $0.34 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.07 by $0.27. The firm had revenue of $120.37 million for the quarter, compared to analyst estimates of $117.51 million. Paylocity had a return on equity of 19.10% and a net margin of 11.57%. Paylocity’s revenue was up 24.6% compared to the same quarter last year. During the same period in the previous year, the company earned $0.11 earnings per share. As a group, research analysts anticipate that Paylocity will post 0.9 EPS for the current year.

In related news, SVP Edward W. Gaty sold 7,768 shares of Paylocity stock in a transaction dated Monday, June 3rd. The stock was sold at an average price of $97.54, for a total value of $757,690.72. Following the transaction, the senior vice president now owns 126,392 shares of the company’s stock, valued at approximately $12,328,275.68. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, COO Michael R. Haske sold 50,000 shares of Paylocity stock in a transaction dated Monday, June 3rd. The stock was sold at an average price of $91.64, for a total value of $4,582,000.00. Following the completion of the transaction, the chief operating officer now directly owns 868,334 shares in the company, valued at approximately $79,574,127.76. The disclosure for this sale can be found here. Company insiders own 41.20% of the company’s stock.

A number of institutional investors and hedge funds have recently modified their holdings of PCTY. Principal Financial Group Inc. raised its holdings in shares of Paylocity by 4.5% in the fourth quarter. Principal Financial Group Inc. now owns 20,289 shares of the software maker’s stock worth $1,221,000 after buying an additional 870 shares during the last quarter. Legal & General Group Plc raised its holdings in shares of Paylocity by 8.0% in the fourth quarter. Legal & General Group Plc now owns 11,867 shares of the software maker’s stock worth $715,000 after buying an additional 875 shares during the last quarter. Amalgamated Bank purchased a new position in shares of Paylocity in the fourth quarter worth $254,000. FMR LLC raised its holdings in shares of Paylocity by 19.5% in the fourth quarter. FMR LLC now owns 846,032 shares of the software maker’s stock worth $50,940,000 after buying an additional 138,231 shares during the last quarter. Finally, Dimensional Fund Advisors LP raised its holdings in shares of Paylocity by 26.5% in the fourth quarter. Dimensional Fund Advisors LP now owns 453,995 shares of the software maker’s stock worth $27,335,000 after buying an additional 95,223 shares during the last quarter. 64.43% of the stock is currently owned by hedge funds and other institutional investors.

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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