Paylocity (PCTY) Lowered to “Sell” at BidaskClub

BidaskClub lowered shares of Paylocity (NASDAQ:PCTY) from a hold rating to a sell rating in a research note released on Wednesday, December 27th.

Other research analysts also recently issued reports about the stock. TheStreet upgraded shares of Paylocity from a c rating to a b- rating in a research report on Friday, November 3rd. Northland Securities reiterated a buy rating and issued a $55.00 price target on shares of Paylocity in a research report on Sunday, September 10th. Bank of America increased their price target on shares of Paylocity from $50.00 to $56.00 and gave the stock a buy rating in a research report on Tuesday, October 24th. Mizuho restated a hold rating and set a $45.00 price objective on shares of Paylocity in a research report on Thursday, October 12th. Finally, ValuEngine upgraded shares of Paylocity from a sell rating to a hold rating in a research report on Friday, September 1st. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating and nine have assigned a buy rating to the company. Paylocity has an average rating of Hold and an average price target of $52.92.

Shares of Paylocity (NASDAQ:PCTY) opened at $49.64 on Wednesday. Paylocity has a fifty-two week low of $29.69 and a fifty-two week high of $53.96. The company has a market cap of $2,610.00, a P/E ratio of 275.78, a PEG ratio of 6.39 and a beta of 2.11.

Paylocity (NASDAQ:PCTY) last issued its earnings results on Thursday, November 2nd. The software maker reported $0.15 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.02) by $0.17. Paylocity had a net margin of 3.11% and a return on equity of 7.98%. The company had revenue of $81.50 million for the quarter, compared to analysts’ expectations of $80.88 million. During the same quarter last year, the company posted $0.07 earnings per share. The firm’s quarterly revenue was up 25.4% on a year-over-year basis. analysts expect that Paylocity will post 0.33 earnings per share for the current fiscal year.

In related news, SVP Edward W. Gaty sold 5,062 shares of Paylocity stock in a transaction dated Friday, December 1st. The shares were sold at an average price of $45.82, for a total transaction of $231,940.84. Following the completion of the transaction, the senior vice president now directly owns 116,135 shares of the company’s stock, valued at approximately $5,321,305.70. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO Steven R. Beauchamp sold 50,000 shares of Paylocity stock in a transaction dated Monday, November 13th. The stock was sold at an average price of $46.63, for a total transaction of $2,331,500.00. The disclosure for this sale can be found here. Insiders sold a total of 1,376,204 shares of company stock valued at $63,542,933 over the last three months. Corporate insiders own 48.80% of the company’s stock.

Several hedge funds have recently added to or reduced their stakes in PCTY. Bank of Montreal Can lifted its holdings in Paylocity by 1.2% during the 2nd quarter. Bank of Montreal Can now owns 3,419 shares of the software maker’s stock valued at $154,000 after buying an additional 42 shares in the last quarter. Schwab Charles Investment Management Inc. lifted its holdings in Paylocity by 10.6% during the 2nd quarter. Schwab Charles Investment Management Inc. now owns 113,529 shares of the software maker’s stock valued at $5,130,000 after buying an additional 10,911 shares in the last quarter. First Trust Advisors LP bought a new stake in Paylocity during the 2nd quarter valued at about $1,076,000. Rhumbline Advisers lifted its holdings in Paylocity by 16.5% during the 2nd quarter. Rhumbline Advisers now owns 28,825 shares of the software maker’s stock valued at $1,302,000 after buying an additional 4,090 shares in the last quarter. Finally, State of Wisconsin Investment Board bought a new stake in Paylocity during the 2nd quarter valued at about $3,660,000. 59.78% of the stock is owned by hedge funds and other institutional investors.

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About Paylocity

Paylocity Holding Corporation is a cloud-based provider of payroll and human capital management (HCM), software solutions for medium-sized organizations. The Company’s services are provided in a software-as-a-service delivery model utilizing its cloud-based platform. The cloud-based platform provides a suite of applications using a multi-tenant architecture.

Analyst Recommendations for Paylocity (NASDAQ:PCTY)

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