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

Shares of Paylocity Holding Co. (NASDAQ:PCTYGet Rating) have received a consensus recommendation of “Buy” from the eighteen ratings firms that are covering the stock, Marketbeat Ratings reports. Three analysts have rated the stock with a hold rating and twelve have given a buy rating to the company. The average 12-month price target among brokerages that have covered the stock in the last year is $259.25.

A number of research analysts recently commented on PCTY shares. Citigroup started coverage on Paylocity in a research report on Tuesday, February 1st. They issued a “buy” rating and a $230.00 price target on the stock. Piper Sandler upgraded Paylocity from a “neutral” rating to an “overweight” rating and raised their price target for the stock from $244.00 to $249.00 in a research report on Friday, February 4th. Mizuho decreased their price target on Paylocity from $250.00 to $185.00 in a research report on Friday, January 28th. KeyCorp decreased their price target on Paylocity from $325.00 to $225.00 and set an “overweight” rating on the stock in a research report on Tuesday, January 25th. Finally, StockNews.com assumed coverage on Paylocity in a research report on Thursday, March 31st. They issued a “hold” rating on the stock.

PCTY stock opened at $200.35 on Friday. The stock has a market capitalization of $11.04 billion, a price-to-earnings ratio of 126.80 and a beta of 1.31. The business’s fifty day moving average price is $203.17 and its two-hundred day moving average price is $232.86. Paylocity has a fifty-two week low of $154.26 and a fifty-two week high of $314.49.

Paylocity (NASDAQ:PCTYGet Rating) last posted its quarterly earnings data on Wednesday, February 2nd. The software maker reported $0.64 earnings per share for the quarter, topping the consensus estimate of $0.06 by $0.58. The firm had revenue of $196.04 million for the quarter, compared to analysts’ expectations of $187.87 million. Paylocity had a return on equity of 16.99% and a net margin of 12.24%. During the same quarter last year, the business earned $0.19 EPS. Equities research analysts expect that Paylocity will post 1.2 earnings per share for the current fiscal year.

In other news, Director Steven I. Sarowitz sold 22,091 shares of Paylocity stock in a transaction dated Thursday, March 3rd. The stock was sold at an average price of $198.99, for a total transaction of $4,395,888.09. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Steven I. Sarowitz sold 47,120 shares of Paylocity stock in a transaction dated Friday, February 25th. The shares were sold at an average price of $203.10, for a total value of $9,570,072.00. The disclosure for this sale can be found here. Company insiders own 28.80% of the company’s stock.

Several institutional investors have recently bought and sold shares of the stock. Norges Bank acquired a new position in shares of Paylocity in the fourth quarter worth approximately $89,299,000. Compass Financial Advisors LLC acquired a new position in Paylocity in the fourth quarter valued at approximately $639,000. JustInvest LLC lifted its stake in Paylocity by 37.7% in the fourth quarter. JustInvest LLC now owns 3,637 shares of the software maker’s stock valued at $859,000 after buying an additional 995 shares during the period. BlackRock Inc. lifted its stake in Paylocity by 3.6% in the fourth quarter. BlackRock Inc. now owns 4,053,700 shares of the software maker’s stock valued at $957,322,000 after buying an additional 139,502 shares during the period. Finally, NewEdge Advisors LLC acquired a new position in Paylocity in the fourth quarter valued at approximately $368,000. 68.42% of the stock is currently owned by institutional investors.

About Paylocity (Get Rating)

Paylocity Holding Corporation provides cloud-based payroll and human capital management software solutions for medium-sized organizations in the United States. The company offers Payroll and Tax Services solution to simplify payroll, automate processes and manage compliance requirements within one system; expense management, on demand payment, and garnishment solutions; human capital management and employee self-service solutions, document library, compliance dashboard, and HR edge; time and attendance solution, which tracks time and attendance data, eliminating the need for manual tracking of accruals and reducing administrative tasks; schedule tracking services; and time collection devices, including kiosks, time clocks, and mobile and web applications.

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Analyst Recommendations for Paylocity (NASDAQ:PCTY)

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