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

Paylocity Holding Co. (NASDAQ:PCTY) has been given an average recommendation of “Moderate Buy” by the fifteen research firms that are currently covering the stock, Marketbeat reports. Seven equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. The average 12 month price target among analysts that have issued ratings on the stock in the last year is $201.88.

A number of equities analysts recently weighed in on the stock. Mizuho lowered their price objective on shares of Paylocity from $170.00 to $155.00 and set a “neutral” rating for the company in a research report on Friday, February 9th. Needham & Company LLC reaffirmed a “buy” rating and issued a $200.00 price objective on shares of Paylocity in a research note on Friday. Truist Financial cut their price objective on Paylocity from $250.00 to $200.00 and set a “buy” rating on the stock in a report on Friday, February 9th. Piper Sandler lowered their target price on Paylocity from $210.00 to $194.00 and set an “overweight” rating for the company in a report on Friday. Finally, KeyCorp boosted their price target on shares of Paylocity from $186.00 to $200.00 and gave the stock an “overweight” rating in a research note on Friday.

Insider Activity

In related news, CEO Steven R. Beauchamp sold 7,760 shares of the business’s stock in a transaction 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 directly owns 1,746,468 shares of the company’s stock, valued at $291,572,832.60. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. In related news, Director Jeffrey T. Diehl sold 20,032 shares of the stock in a transaction on Monday, March 11th. The stock was sold at an average price of $168.55, for a total transaction of $3,376,393.60. Following the completion of the sale, the director now directly owns 16,391 shares of the company’s stock, valued at $2,762,703.05. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO Steven R. Beauchamp sold 7,760 shares of the business’s stock in a transaction on Friday, March 1st. The shares were sold at an average price of $166.95, for a total transaction of $1,295,532.00. Following the completion of the transaction, the chief executive officer now directly owns 1,746,468 shares in the company, valued at $291,572,832.60. The disclosure for this sale can be found here. In the last quarter, insiders sold 54,547 shares of company stock worth $9,356,359. Corporate insiders own 22.50% of the company’s stock.

Institutional Trading of Paylocity

Several hedge funds and other institutional investors have recently made changes to their positions in PCTY. Nordea Investment Management AB raised its holdings in Paylocity by 195.8% during the third quarter. Nordea Investment Management AB now owns 6,280 shares of the software maker’s stock worth $1,156,000 after purchasing an additional 4,157 shares in the last quarter. Vanguard Group Inc. increased its position in Paylocity by 0.6% during the 3rd quarter. Vanguard Group Inc. now owns 4,144,262 shares of the software maker’s stock worth $753,012,000 after purchasing an additional 25,562 shares during the period. Walleye Capital LLC increased its position in Paylocity by 132.0% during the 3rd quarter. Walleye Capital LLC now owns 14,623 shares of the software maker’s stock worth $2,657,000 after purchasing an additional 8,319 shares during the period. Trust Point Inc. acquired a new stake in shares of Paylocity in the 4th quarter valued at approximately $1,023,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank boosted its stake in shares of Paylocity by 98.6% in the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 15,771 shares of the software maker’s stock valued at $2,600,000 after buying an additional 7,828 shares in the last quarter. Hedge funds and other institutional investors own 94.76% of the company’s stock.

Paylocity Stock Up 12.1 %

NASDAQ:PCTY opened at $167.63 on Friday. The company has a market capitalization of $9.44 billion, a P/E ratio of 56.63, a P/E/G ratio of 3.24 and a beta of 0.88. Paylocity has a 52 week low of $139.40 and a 52 week high of $230.52. The stock’s fifty day moving average is $165.30 and its two-hundred day moving average is $163.52.

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

Paylocity Company Profile

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.