Paylocity (PCTY) Lowered to Hold at ValuEngine

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ValuEngine downgraded shares of Paylocity (NASDAQ:PCTY) from a buy rating to a hold rating in a research report released on Tuesday morning.

Several other equities research analysts have also recently issued reports on PCTY. Robert W. Baird raised their price objective on Paylocity from $68.00 to $71.00 and gave the stock an outperform rating in a report on Friday, November 2nd. BidaskClub cut Paylocity from a strong-buy rating to a buy rating in a report on Wednesday, July 25th. Jefferies Financial Group reduced their target price on Paylocity to $79.00 and set a hold rating on the stock in a report on Friday, November 2nd. Bank of America reduced their target price on Paylocity from $91.00 to $78.00 and set a buy rating on the stock in a report on Friday, November 2nd. Finally, Royal Bank of Canada reduced their target price on Paylocity from $68.00 to $66.00 and set a sector perform rating on the stock in a report on Friday, August 10th. One research analyst has rated the stock with a sell rating, eight have issued a hold rating and nine have issued a buy rating to the stock. The stock has an average rating of Hold and an average price target of $68.36.

PCTY stock opened at $61.80 on Tuesday. Paylocity has a 52-week low of $41.15 and a 52-week high of $88.47. The company has a debt-to-equity ratio of 0.01, a quick ratio of 1.08 and a current ratio of 1.08. The firm has a market cap of $3.31 billion, a PE ratio of 199.35, a price-to-earnings-growth ratio of 3.64 and a beta of 2.19.

Paylocity (NASDAQ:PCTY) last posted its quarterly earnings data on Thursday, November 1st. The software maker reported $0.06 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.04 by $0.02. Paylocity had a return on equity of 13.00% and a net margin of 12.08%. The business had revenue of $100.50 million for the quarter, compared to analysts’ expectations of $98.37 million. During the same quarter last year, the firm earned $0.15 earnings per share. The business’s revenue was up 23.3% on a year-over-year basis. As a group, equities research analysts predict that Paylocity will post 0.76 EPS for the current fiscal year.

In other Paylocity news, Director Steven I. Sarowitz sold 144,124 shares of the firm’s stock in a transaction dated Tuesday, August 14th. The stock was sold at an average price of $64.75, for a total value of $9,332,029.00. Following the transaction, the director now directly owns 14,820,606 shares of the company’s stock, valued at $959,634,238.50. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, SVP Mark S. Kinsey sold 386 shares of the firm’s stock in a transaction dated Wednesday, August 15th. The shares were sold at an average price of $66.65, for a total value of $25,726.90. Following the completion of the transaction, the senior vice president now directly owns 86,331 shares in the company, valued at $5,753,961.15. The disclosure for this sale can be found here. Insiders sold 1,002,124 shares of company stock worth $65,904,551 in the last quarter. 41.20% of the stock is owned by insiders.

A number of large investors have recently added to or reduced their stakes in PCTY. California Public Employees Retirement System increased its position in shares of Paylocity by 316.7% during the first quarter. California Public Employees Retirement System now owns 35,838 shares of the software maker’s stock worth $1,836,000 after acquiring an additional 27,238 shares during the last quarter. Dimensional Fund Advisors LP increased its position in shares of Paylocity by 64.4% during the first quarter. Dimensional Fund Advisors LP now owns 294,017 shares of the software maker’s stock worth $15,062,000 after acquiring an additional 115,202 shares during the last quarter. Russell Investments Group Ltd. purchased a new stake in shares of Paylocity during the first quarter worth about $277,000. Principal Financial Group Inc. increased its position in shares of Paylocity by 4.5% during the first quarter. Principal Financial Group Inc. now owns 21,816 shares of the software maker’s stock worth $1,117,000 after acquiring an additional 943 shares during the last quarter. Finally, Xact Kapitalforvaltning AB purchased a new stake in shares of Paylocity during the first quarter worth about $254,000. 65.17% of the stock is currently owned by institutional investors.

Paylocity Company Profile

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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To view ValuEngine’s full report, visit ValuEngine’s official website.

Analyst Recommendations for Paylocity (NASDAQ:PCTY)

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