Paylocity Holding Co. (NASDAQ:PCTY) Given Average Rating of “Moderate Buy” by Brokerages

Paylocity Holding Co. (NASDAQ:PCTY) has been assigned a consensus rating of “Moderate Buy” from the fifteen ratings firms that are currently covering the company, MarketBeat.com reports. Six research analysts have rated the stock with a hold recommendation and nine have issued a buy recommendation on the company. The average 1 year price objective among brokers that have updated their coverage on the stock in the last year is $179.13.

PCTY has been the topic of several analyst reports. KeyCorp cut their target price on Paylocity from $200.00 to $171.00 and set an “overweight” rating on the stock in a research note on Friday, July 19th. TD Cowen lowered their price objective on Paylocity from $180.00 to $153.00 and set a “buy” rating for the company in a research report on Thursday, June 20th. Barclays dropped their target price on Paylocity from $160.00 to $156.00 and set an “equal weight” rating on the stock in a research note on Monday, August 5th. Piper Sandler decreased their price target on Paylocity from $194.00 to $172.00 and set an “overweight” rating for the company in a research note on Friday, August 2nd. Finally, Truist Financial dropped their price target on Paylocity from $200.00 to $195.00 and set a “buy” rating on the stock in a research note on Wednesday, July 31st.

Paylocity Stock Down 3.2 %

Shares of NASDAQ PCTY opened at $155.32 on Friday. The firm has a market cap of $8.63 billion, a PE ratio of 45.15, a price-to-earnings-growth ratio of 3.91 and a beta of 0.94. Paylocity has a twelve month low of $129.94 and a twelve month high of $206.28. The business has a fifty day simple moving average of $148.19 and a two-hundred day simple moving average of $155.82.

Paylocity (NASDAQ:PCTY) last issued its earnings results on Thursday, August 1st. The software maker reported $1.48 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.29 by $0.19. Paylocity had a net margin of 14.74% and a return on equity of 22.17%. The company had revenue of $357.30 million for the quarter, compared to analysts’ expectations of $350.29 million. During the same period in the prior year, the business earned $0.76 EPS. The firm’s quarterly revenue was up 15.8% on a year-over-year basis. On average, research analysts expect that Paylocity will post 4.51 earnings per share for the current year.

Insider Transactions at Paylocity

In related news, CAO Nicholas Rost sold 331 shares of the business’s stock in a transaction on Monday, June 17th. The shares were sold at an average price of $138.73, for a total value of $45,919.63. Following the completion of the transaction, the chief accounting officer now directly owns 4,751 shares in the company, valued at approximately $659,106.23. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. In other news, CEO Steven R. Beauchamp sold 49,442 shares of the business’s stock in a transaction that occurred on Monday, July 22nd. The stock was sold at an average price of $142.68, for a total value of $7,054,384.56. Following the completion of the sale, the chief executive officer now directly owns 1,745,022 shares in the company, valued at $248,979,738.96. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CAO Nicholas Rost sold 331 shares of the stock in a transaction that occurred on Monday, June 17th. The shares were sold at an average price of $138.73, for a total value of $45,919.63. Following the transaction, the chief accounting officer now owns 4,751 shares in the company, valued at approximately $659,106.23. The disclosure for this sale can be found here. Insiders have sold 51,173 shares of company stock valued at $7,296,388 in the last 90 days. 22.50% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Paylocity

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. International Assets Investment Management LLC lifted its stake in Paylocity by 16,049.0% in the 4th quarter. International Assets Investment Management LLC now owns 7,913 shares of the software maker’s stock valued at $1,304,000 after buying an additional 7,864 shares in the last quarter. Van ECK Associates Corp boosted its stake in shares of Paylocity by 15.5% in the fourth quarter. Van ECK Associates Corp now owns 7,565 shares of the software maker’s stock worth $1,247,000 after acquiring an additional 1,017 shares during the last quarter. Benjamin F. Edwards & Company Inc. acquired a new stake in shares of Paylocity in the fourth quarter worth approximately $93,000. Metis Global Partners LLC purchased a new stake in shares of Paylocity during the fourth quarter worth approximately $360,000. Finally, Charles Schwab Investment Management Inc. raised its stake in Paylocity by 3.7% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 266,936 shares of the software maker’s stock valued at $44,004,000 after purchasing an additional 9,452 shares during the last quarter. 94.76% of the stock is owned by hedge funds and other institutional investors.

Paylocity Company Profile

Paylocity Holding Corporation provides cloud-based human capital management and payroll software solutions for workforce in the United States. The company offers Payroll and Tax Services solution to simplifies payroll, automates processes, and manages compliance requirements within one system; and expense management, on demand payment, and garnishment solutions.