Paylocity (PCTY) PT Raised to $108.00

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Paylocity (NASDAQ:PCTY) had its price target lifted by equities research analysts at SunTrust Banks to $108.00 in a research note issued on Friday, The Fly reports. The firm presently has a “positive” rating on the software maker’s stock. SunTrust Banks’ price target points to a potential upside of 9.32% from the stock’s previous close.

Several other equities research analysts also recently weighed in on PCTY. Zacks Investment Research downgraded shares of Paylocity from a “buy” rating to a “hold” rating in a research note on Wednesday, April 10th. Craig Hallum reaffirmed a “hold” rating and issued a $97.00 price target (up from $78.00) on shares of Paylocity in a research note on Friday. Jefferies Financial Group reaffirmed a “hold” rating and issued a $103.00 price target (up from $85.00) on shares of Paylocity in a research note on Friday. Finally, ValuEngine downgraded shares of Paylocity from a “strong-buy” rating to a “buy” rating in a research note on Friday, April 5th. Six equities research analysts have rated the stock with a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the stock. Paylocity currently has an average rating of “Buy” and an average price target of $85.67.

PCTY stock traded up $2.86 during midday trading on Friday, hitting $98.80. The stock had a trading volume of 128,730 shares, compared to its average volume of 281,443. The firm has a market cap of $5.03 billion, a price-to-earnings ratio of 318.69, a PEG ratio of 8.90 and a beta of 2.07. Paylocity has a 1-year low of $52.00 and a 1-year high of $97.96.

Paylocity (NASDAQ:PCTY) last released its earnings results on Thursday, May 2nd. The software maker reported $0.60 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.41 by $0.19. The business had revenue of $139.60 million for the quarter, compared to analyst estimates of $135.97 million. Paylocity had a net margin of 12.81% and a return on equity of 13.43%. Paylocity’s revenue for the quarter was up 23.1% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.71 earnings per share. Equities analysts anticipate that Paylocity will post 0.54 earnings per share for the current year.

In other Paylocity news, Director Steven I. Sarowitz sold 72,500 shares of the company’s stock in a transaction dated Friday, February 8th. The shares were sold at an average price of $81.04, for a total value of $5,875,400.00. Following the completion of the sale, the director now directly owns 14,735,730 shares of the company’s stock, valued at approximately $1,194,183,559.20. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, SVP Edward W. Gaty sold 11,281 shares of the company’s stock in a transaction dated Friday, March 1st. The stock was sold at an average price of $87.00, for a total transaction of $981,447.00. The disclosure for this sale can be found here. Over the last three months, insiders have sold 882,481 shares of company stock valued at $75,511,619. 41.20% of the stock is currently owned by insiders.

A number of hedge funds have recently modified their holdings of PCTY. Wells Fargo & Company MN grew its position in Paylocity by 6.4% in the 3rd quarter. Wells Fargo & Company MN now owns 14,809 shares of the software maker’s stock worth $1,189,000 after purchasing an additional 886 shares in the last quarter. JPMorgan Chase & Co. grew its position in Paylocity by 23.0% in the 3rd quarter. JPMorgan Chase & Co. now owns 14,041 shares of the software maker’s stock worth $1,128,000 after purchasing an additional 2,627 shares in the last quarter. Bank of New York Mellon Corp grew its position in Paylocity by 6.7% in the 3rd quarter. Bank of New York Mellon Corp now owns 307,932 shares of the software maker’s stock worth $24,733,000 after purchasing an additional 19,459 shares in the last quarter. Dimensional Fund Advisors LP grew its position in Paylocity by 15.9% in the 3rd quarter. Dimensional Fund Advisors LP now owns 358,772 shares of the software maker’s stock worth $28,816,000 after purchasing an additional 49,181 shares in the last quarter. Finally, Jane Street Group LLC bought a new stake in Paylocity in the 3rd quarter worth about $265,000. 65.25% of the stock is owned by institutional investors and hedge funds.

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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Analyst Recommendations for Paylocity (NASDAQ:PCTY)

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