Paylocity Holding Corporation (PCTY) Coverage Initiated at Wells Fargo & Company

Equities research analysts at Wells Fargo & Company began coverage on shares of Paylocity Holding Corporation (NASDAQ:PCTY) in a report issued on Thursday, May 11th, Marketbeat.com reports. The firm set a “market perform” rating and a $44.00 price target on the software maker’s stock. Wells Fargo & Company’s price target points to a potential downside of 6.88% from the stock’s previous close.

A number of other research analysts have also recently issued reports on the stock. JMP Securities cut their target price on shares of Paylocity Holding Corporation from $55.00 to $50.00 and set an “outperform” rating for the company in a research note on Friday, February 3rd. TheStreet upgraded shares of Paylocity Holding Corporation from a “d+” rating to a “c” rating in a research note on Monday, March 20th. Zacks Investment Research upgraded shares of Paylocity Holding Corporation from a “hold” rating to a “strong-buy” rating and set a $50.00 price objective for the company in a research report on Wednesday, May 10th. Mizuho assumed coverage on shares of Paylocity Holding Corporation in a research report on Friday, March 3rd. They issued a “neutral” rating and a $35.00 price objective for the company. Finally, Pacific Crest restated a “hold” rating on shares of Paylocity Holding Corporation in a research report on Thursday, May 4th. Six analysts have rated the stock with a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the company. The company currently has an average rating of “Buy” and a consensus price target of $48.50.

Analyst Recommendations for Paylocity Holding Corporation (NASDAQ:PCTY)

Shares of Paylocity Holding Corporation (NASDAQ PCTY) opened at 47.25 on Thursday. Paylocity Holding Corporation has a 12 month low of $29.69 and a 12 month high of $49.65. The stock’s 50 day moving average price is $45.13 and its 200-day moving average price is $37.39. The firm has a market capitalization of $2.43 billion, a PE ratio of 472.50 and a beta of 2.27.

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In related news, SVP Edward W. Gaty sold 4,257 shares of the business’s stock in a transaction on Monday, May 15th. The shares were sold at an average price of $44.78, for a total value of $190,628.46. Following the sale, the senior vice president now directly owns 85,934 shares of the company’s stock, valued at approximately $3,848,124.52. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Steven R. Beauchamp sold 20,000 shares of the business’s stock in a transaction on Tuesday, March 28th. The shares were sold at an average price of $38.13, for a total transaction of $762,600.00. Following the completion of the sale, the insider now directly owns 2,225,994 shares in the company, valued at $84,877,151.22. The disclosure for this sale can be found here. Insiders sold a total of 434,537 shares of company stock valued at $18,990,191 in the last three months. 53.10% of the stock is owned by company insiders.

A number of large investors have recently bought and sold shares of the stock. Bank of Montreal Can boosted its stake in Paylocity Holding Corporation 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. Invictus RG bought a new stake in Paylocity Holding Corporation during the first quarter valued at approximately $198,000. Independent Portfolio Consultants Inc. boosted its stake in shares of Paylocity Holding Corporation by 38.0% in the first quarter. Independent Portfolio Consultants Inc. now owns 6,005 shares of the software maker’s stock valued at $232,000 after buying an additional 1,655 shares during the period. Pacad Investment Ltd. boosted its stake in shares of Paylocity Holding Corporation by 73.1% in the fourth quarter. Pacad Investment Ltd. now owns 7,616 shares of the software maker’s stock valued at $229,000 after buying an additional 3,216 shares during the period. Finally, Oppenheimer Asset Management Inc. acquired a new stake in shares of Paylocity Holding Corporation during the first quarter valued at approximately $300,000. 63.72% of the stock is currently owned by institutional investors and hedge funds.

About Paylocity Holding Corporation

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.

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