BidaskClub downgraded shares of Paylocity (NASDAQ:PCTY) from a strong-buy rating to a buy rating in a report published on Thursday, September 20th.

A number of other equities research analysts have also weighed in on the company. Guggenheim assumed coverage on Paylocity in a research report on Monday, August 20th. They set a buy rating and a $80.00 price objective on the stock. Zacks Investment Research upgraded Paylocity from a hold rating to a buy rating and set a $72.00 price target on the stock in a research report on Tuesday, August 14th. Raymond James reiterated a buy rating and issued a $75.00 price target on shares of Paylocity in a research report on Monday, August 13th. Craig Hallum upped their price target on Paylocity from $58.00 to $65.00 and gave the company a hold rating in a research report on Friday, August 10th. Finally, Royal Bank of Canada reduced their price target on Paylocity from $68.00 to $66.00 and set a sector perform rating on the stock in a research report on Friday, August 10th. Eight investment analysts have rated the stock with a hold rating and ten have given a buy rating to the company. Paylocity currently has an average rating of Buy and a consensus price target of $69.71.

PCTY stock traded up $1.74 during midday trading on Thursday, reaching $65.72. 197,213 shares of the stock were exchanged, compared to its average volume of 278,047. The firm has a market capitalization of $4.24 billion, a P/E ratio of 212.00, a P/E/G ratio of 4.27 and a beta of 2.11. Paylocity has a 52 week low of $41.15 and a 52 week high of $88.47. The company has a quick ratio of 1.08, a current ratio of 1.08 and a debt-to-equity ratio of 0.01.

Paylocity (NASDAQ:PCTY) last issued its quarterly earnings data on Thursday, August 9th. The software maker reported $0.11 earnings per share for the quarter, missing analysts’ consensus estimates of $0.12 by ($0.01). The firm had revenue of $96.62 million for the quarter, compared to the consensus estimate of $93.33 million. Paylocity had a return on equity of 12.44% and a net margin of 10.22%. The company’s revenue was up 27.0% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.09 EPS. As a group, equities research analysts expect that Paylocity will post 0.75 EPS for the current fiscal year.

In related news, Director Steven I. Sarowitz sold 144,124 shares of the company’s stock in a transaction that occurred on Tuesday, August 14th. The stock was sold at an average price of $64.75, for a total transaction of $9,332,029.00. Following the transaction, the director now directly owns 14,820,606 shares of the company’s stock, valued at approximately $959,634,238.50. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, insider Michael R. Haske sold 42,500 shares of the company’s stock in a transaction that occurred on Tuesday, August 14th. The stock was sold at an average price of $65.91, for a total value of $2,801,175.00. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 1,002,124 shares of company stock worth $65,904,551. 48.80% of the stock is owned by corporate insiders.

A number of hedge funds have recently bought and sold shares of the stock. Bank of Montreal Can raised its stake in Paylocity by 44.8% during the 3rd quarter. Bank of Montreal Can now owns 12,298 shares of the software maker’s stock worth $987,000 after buying an additional 3,807 shares during the period. We Are One Seven LLC acquired a new position in Paylocity during the 3rd quarter worth approximately $216,000. Atria Investments LLC purchased a new stake in shares of Paylocity in the third quarter worth approximately $230,000. Northern Trust Corp raised its stake in shares of Paylocity by 12.3% in the second quarter. Northern Trust Corp now owns 429,834 shares of the software maker’s stock worth $25,299,000 after purchasing an additional 47,059 shares during the last quarter. Finally, Public Employees Retirement System of Ohio raised its stake in shares of Paylocity by 9.1% in the second quarter. Public Employees Retirement System of Ohio now owns 95,876 shares of the software maker’s stock worth $5,643,000 after purchasing an additional 8,025 shares during the last quarter. 65.40% of the stock is currently owned by institutional investors and hedge funds.

About Paylocity

Paylocity Holding Corporation provides cloud-based payroll and human capital management software solutions for medium-sized organizations in the United States. The company offers Paylocity Web Pay for enterprise-grade payroll processing and administration; Paylocity Web HR for employee record management, HR compliance and reporting, HR insight and analytics, and self-service portals; Talent Management for employee performance appraisal process and performance review; Paylocity Web Time, a time and attendance solution; and Paylocity Web Expense, an expense management tool designed to streamline and automate the expense management process.

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Analyst Recommendations for Paylocity (NASDAQ:PCTY)

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