Paylocity Holding Corp (PCTY) Receives “Market Perform” Rating from Wells Fargo & Co

Wells Fargo & Co reiterated their market perform rating on shares of Paylocity Holding Corp (NASDAQ:PCTY) in a report released on Friday.

A number of other research firms have also commented on PCTY. Needham & Company LLC reiterated a buy rating and issued a $46.00 price objective (up from $40.00) on shares of Paylocity Holding Corp in a research note on Friday, May 5th. Deutsche Bank AG lifted their price objective on Paylocity Holding Corp from $55.00 to $60.00 and gave the stock a buy rating in a research note on Friday, May 5th. Zacks Investment Research upgraded Paylocity Holding Corp from a hold rating to a strong-buy rating and set a $50.00 price objective on the stock in a research note on Wednesday, May 10th. Pacific Crest reiterated a hold rating on shares of Paylocity Holding Corp in a research note on Thursday, May 4th. Finally, Royal Bank of Canada upgraded Paylocity Holding Corp from a sector perform rating to an outperform rating and lifted their price objective for the stock from $38.00 to $47.00 in a research note on Tuesday, March 28th. Five research analysts have rated the stock with a hold rating, seven have issued a buy rating and one has given a strong buy rating to the stock. The company currently has a consensus rating of Buy and a consensus target price of $47.00.

Analyst Recommendations for Paylocity Holding Corp (NASDAQ:PCTY)

Shares of Paylocity Holding Corp (NASDAQ:PCTY) opened at 43.99 on Friday. Paylocity Holding Corp has a 52 week low of $29.69 and a 52 week high of $49.65. The firm has a market cap of $2.27 billion, a price-to-earnings ratio of 439.90 and a beta of 2.22. The firm’s 50-day moving average price is $40.47 and its 200-day moving average price is $35.85.

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In related news, insider Steven R. Beauchamp sold 20,000 shares of the business’s stock in a transaction dated Tuesday, March 28th. The stock was sold at an average price of $38.13, for a total transaction of $762,600.00. Following the transaction, the insider now directly owns 2,225,994 shares in the company, valued at $84,877,151.22. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Steven I. Sarowitz sold 25,000 shares of the business’s stock in a transaction dated Wednesday, February 22nd. The shares were sold at an average price of $37.00, for a total value of $925,000.00. Following the transaction, the director now owns 16,428,507 shares in the company, valued at $607,854,759. The disclosure for this sale can be found here. Insiders have sold 409,773 shares of company stock worth $17,562,847 over the last 90 days. Corporate insiders own 53.10% of the company’s stock.

A number of institutional investors have recently modified their holdings of PCTY. Quadrature Capital Ltd raised its position in shares of Paylocity Holding Corp by 4.7% in the fourth quarter. Quadrature Capital Ltd now owns 8,626 shares of the software maker’s stock valued at $259,000 after buying an additional 387 shares in the last quarter. Teachers Advisors LLC raised its position in shares of Paylocity Holding Corp by 2.1% in the first quarter. Teachers Advisors LLC now owns 36,565 shares of the software maker’s stock valued at $1,413,000 after buying an additional 753 shares in the last quarter. Bank of Montreal Can raised its position in shares of Paylocity Holding Corp by 29.2% in the first quarter. Bank of Montreal Can now owns 3,377 shares of the software maker’s stock valued at $130,000 after buying an additional 764 shares in the last quarter. US Bancorp DE raised its position in shares of Paylocity Holding Corp by 9.7% in the first quarter. US Bancorp DE now owns 9,859 shares of the software maker’s stock valued at $381,000 after buying an additional 875 shares in the last quarter. Finally, American International Group Inc. raised its position in shares of Paylocity Holding Corp by 7.1% in the first quarter. American International Group Inc. now owns 13,273 shares of the software maker’s stock valued at $513,000 after buying an additional 878 shares in the last quarter. Hedge funds and other institutional investors own 62.91% of the company’s stock.

Paylocity Holding Corp Company Profile

Paylocity Holding Corporation is a cloud-based provider of payroll and human capital management (HCM), software solutions for medium-sized organizations. The Company’s services are provided in a software-as-a-service delivery model utilizing its cloud-based platform. The cloud-based platform provides a suite of applications using a multi-tenant architecture.

5 Day Chart for NASDAQ:PCTY

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