Paylocity Holding Co. (NASDAQ:PCTY) Receives Average Rating of “Moderate Buy” from Analysts

Shares of Paylocity Holding Co. (NASDAQ:PCTY) have received a consensus recommendation of “Moderate Buy” from the fifteen analysts that are currently covering the company, MarketBeat.com reports. Seven research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. The average twelve-month price target among brokers that have issued ratings on the stock in the last year is $205.13.

PCTY has been the subject of a number of analyst reports. Mizuho lowered their price target on Paylocity from $170.00 to $155.00 and set a “neutral” rating for the company in a research report on Friday, February 9th. Citigroup increased their target price on Paylocity from $180.00 to $182.00 and gave the stock a “neutral” rating in a research note on Wednesday, January 31st. Jefferies Financial Group reiterated a “hold” rating and issued a $180.00 target price (down previously from $240.00) on shares of Paylocity in a research note on Friday, January 5th. Truist Financial reduced their target price on Paylocity from $250.00 to $200.00 and set a “buy” rating on the stock in a research note on Friday, February 9th. Finally, JMP Securities reiterated a “market outperform” rating and issued a $250.00 target price on shares of Paylocity in a research note on Monday, January 22nd.

Paylocity Stock Down 2.4 %

Shares of PCTY opened at $163.96 on Tuesday. The company has a market cap of $9.24 billion, a PE ratio of 55.39, a P/E/G ratio of 3.64 and a beta of 0.87. The business has a fifty day moving average of $169.54 and a 200 day moving average of $166.82. Paylocity has a 52-week low of $139.40 and a 52-week high of $230.52.

Paylocity (NASDAQ:PCTY) last issued its quarterly earnings results on Thursday, February 8th. The software maker reported $0.71 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.63 by $0.08. The company had revenue of $326.36 million during the quarter, compared to the consensus estimate of $324.34 million. Paylocity had a return on equity of 21.37% and a net margin of 12.96%. As a group, research analysts anticipate that Paylocity will post 3.48 earnings per share for the current fiscal year.

Insider Activity at Paylocity

In related news, Director Steven I. Sarowitz sold 24,504 shares of Paylocity stock in a transaction that occurred on Monday, February 12th. The stock was sold at an average price of $175.47, for a total transaction of $4,299,716.88. Following the completion of the transaction, the director now directly owns 9,587,872 shares in the company, valued at $1,682,383,899.84. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other news, Director Steven I. Sarowitz sold 24,504 shares of the business’s stock in a transaction that occurred on Monday, February 12th. The stock was sold at an average price of $175.47, for a total value of $4,299,716.88. Following the completion of the sale, the director now directly owns 9,587,872 shares in the company, valued at $1,682,383,899.84. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Steven R. Beauchamp sold 7,760 shares of the business’s stock in a transaction that occurred on Friday, March 1st. The shares were sold at an average price of $166.95, for a total value of $1,295,532.00. Following the completion of the sale, the chief executive officer now owns 1,746,468 shares of the company’s stock, valued at $291,572,832.60. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 54,547 shares of company stock worth $9,356,359. 22.50% of the stock is owned by corporate insiders.

Institutional Trading of Paylocity

Several large investors have recently made changes to their positions in the company. Thrivent Financial for Lutherans increased its position in shares of Paylocity by 0.4% during the second quarter. Thrivent Financial for Lutherans now owns 10,413 shares of the software maker’s stock worth $1,816,000 after purchasing an additional 45 shares in the last quarter. Parkside Financial Bank & Trust increased its position in shares of Paylocity by 5.5% during the second quarter. Parkside Financial Bank & Trust now owns 1,059 shares of the software maker’s stock worth $195,000 after purchasing an additional 55 shares in the last quarter. CWM LLC increased its position in shares of Paylocity by 18.1% during the third quarter. CWM LLC now owns 412 shares of the software maker’s stock worth $75,000 after purchasing an additional 63 shares in the last quarter. Toroso Investments LLC increased its position in shares of Paylocity by 6.0% during the third quarter. Toroso Investments LLC now owns 1,245 shares of the software maker’s stock worth $226,000 after purchasing an additional 71 shares in the last quarter. Finally, Avior Wealth Management LLC increased its position in shares of Paylocity by 2.4% during the fourth quarter. Avior Wealth Management LLC now owns 3,223 shares of the software maker’s stock worth $531,000 after purchasing an additional 76 shares in the last quarter. 94.76% of the stock is currently owned by hedge funds and other institutional investors.

About Paylocity

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.