Paylocity Holding Corporation (NASDAQ:PCTY) Receives Consensus Recommendation of “Moderate Buy” from Brokerages

Paylocity Holding Corporation (NASDAQ:PCTY) has been given a consensus recommendation of “Moderate Buy” by the twenty-two research firms that are covering the firm, MarketBeat Ratings reports. One equities research analyst has rated the stock with a sell recommendation, five have issued a hold recommendation and sixteen have given a buy recommendation to the company. The average twelve-month price target among brokers that have issued a report on the stock in the last year is $183.1429.

Several research firms have recently weighed in on PCTY. Mizuho lowered their price objective on shares of Paylocity from $180.00 to $150.00 and set an “outperform” rating on the stock in a research report on Friday, February 6th. Truist Financial reduced their price target on Paylocity from $240.00 to $180.00 and set a “buy” rating on the stock in a report on Friday, February 6th. KeyCorp cut their price objective on Paylocity from $225.00 to $190.00 and set an “overweight” rating on the stock in a research report on Friday, February 6th. Stephens set a $160.00 price target on Paylocity in a research note on Friday, January 16th. Finally, Robert W. Baird set a $220.00 price objective on shares of Paylocity in a research note on Friday, February 6th.

Paylocity Trading Down 3.2%

NASDAQ:PCTY opened at $104.20 on Friday. The firm has a 50-day moving average of $142.34 and a 200-day moving average of $154.74. Paylocity has a one year low of $101.39 and a one year high of $218.74. The company has a market cap of $5.61 billion, a PE ratio of 24.52, a PEG ratio of 3.14 and a beta of 0.54. The company has a debt-to-equity ratio of 0.07, a current ratio of 1.04 and a quick ratio of 1.07.

Paylocity (NASDAQ:PCTY) last posted its earnings results on Thursday, February 5th. The software maker reported $1.85 EPS for the quarter, topping the consensus estimate of $1.57 by $0.28. The firm had revenue of $416.13 million for the quarter, compared to analysts’ expectations of $408.37 million. Paylocity had a net margin of 14.19% and a return on equity of 23.44%. The company’s quarterly revenue was up 10.4% compared to the same quarter last year. During the same quarter last year, the firm earned $1.52 EPS. As a group, equities research analysts expect that Paylocity will post 4.36 EPS for the current fiscal year.

Insider Buying and Selling at Paylocity

In other news, CFO Ryan Glenn sold 1,737 shares of the company’s stock in a transaction on Wednesday, November 19th. The stock was sold at an average price of $143.65, for a total transaction of $249,520.05. Following the transaction, the chief financial officer directly owned 77,229 shares of the company’s stock, valued at $11,093,945.85. This represents a 2.20% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. 19.40% of the stock is owned by corporate insiders.

Institutional Trading of Paylocity

A number of large investors have recently made changes to their positions in PCTY. Millennium Management LLC lifted its position in Paylocity by 97.7% during the third quarter. Millennium Management LLC now owns 748,803 shares of the software maker’s stock valued at $119,262,000 after purchasing an additional 369,975 shares in the last quarter. Dimensional Fund Advisors LP raised its position in shares of Paylocity by 6.9% during the 4th quarter. Dimensional Fund Advisors LP now owns 659,472 shares of the software maker’s stock valued at $100,570,000 after purchasing an additional 42,725 shares during the period. Alyeska Investment Group L.P. purchased a new position in shares of Paylocity during the 3rd quarter valued at $104,657,000. Norges Bank purchased a new position in shares of Paylocity in the fourth quarter valued at about $88,428,000. Finally, JPMorgan Chase & Co. boosted its stake in shares of Paylocity by 22.1% in the third quarter. JPMorgan Chase & Co. now owns 555,393 shares of the software maker’s stock worth $88,459,000 after acquiring an additional 100,400 shares during the period. 94.76% of the stock is currently owned by institutional investors.

Paylocity Company Profile

Paylocity (NASDAQ: PCTY) is a leading provider of cloud-based payroll and human capital management (HCM) software designed to streamline workforce administration for mid-sized organizations. The company’s integrated platform automates core functions such as payroll processing, benefits administration, time and labor tracking, and compliance management, enabling employers to manage employee data more efficiently and reduce administrative burdens.

In addition to payroll and HR capabilities, Paylocity offers talent management solutions including recruiting, onboarding, performance tracking, and learning management.