Paylocity Holding Corporation (PCTY) Receives Average Recommendation of “Hold” from Brokerages

Paylocity Holding Corporation (NASDAQ:PCTY) has been given an average recommendation of “Hold” by the twenty research firms that are presently covering the stock, Marketbeat reports. Ten research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. The average twelve-month target price among brokers that have issued ratings on the stock in the last year is $52.82.

Several research firms have recently weighed in on PCTY. Stifel Nicolaus restated a “buy” rating and issued a $55.00 price target (up previously from $50.00) on shares of Paylocity Holding Corporation in a research note on Friday, August 11th. Mizuho restated a “hold” rating and issued a $45.00 price target on shares of Paylocity Holding Corporation in a research note on Thursday, August 10th. Bank of America Corporation boosted their price target on Paylocity Holding Corporation from $50.00 to $56.00 and gave the stock a “buy” rating in a research note on Tuesday, October 24th. Raymond James Financial, Inc. set a $55.00 price target on Paylocity Holding Corporation and gave the stock a “buy” rating in a research note on Wednesday, August 9th. Finally, BidaskClub cut Paylocity Holding Corporation from a “buy” rating to a “hold” rating in a research note on Monday, July 31st.

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In related news, CEO Steven R. Beauchamp sold 23,530 shares of the company’s stock in a transaction on Tuesday, October 3rd. The stock was sold at an average price of $50.25, for a total transaction of $1,182,382.50. Following the completion of the sale, the chief executive officer now owns 2,253,978 shares in the company, valued at $113,262,394.50. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Jeffrey T. Diehl sold 1,155,000 shares of the company’s stock in a transaction on Thursday, August 17th. The shares were sold at an average price of $45.00, for a total value of $51,975,000.00. The disclosure for this sale can be found here. In the last quarter, insiders have sold 1,563,715 shares of company stock valued at $70,723,858. 48.80% of the stock is owned by company insiders.

Institutional investors have recently bought and sold shares of the stock. Ameritas Investment Partners Inc. increased its position in Paylocity Holding Corporation by 22.6% during the second quarter. Ameritas Investment Partners Inc. now owns 2,282 shares of the software maker’s stock valued at $103,000 after acquiring an additional 421 shares during the last quarter. BNP Paribas Arbitrage SA increased its position in Paylocity Holding Corporation by 562.6% during the second quarter. BNP Paribas Arbitrage SA now owns 3,293 shares of the software maker’s stock valued at $149,000 after acquiring an additional 2,796 shares during the last quarter. Bank of Montreal Can increased its position in Paylocity Holding Corporation by 1.2% during the second quarter. Bank of Montreal Can now owns 3,419 shares of the software maker’s stock valued at $154,000 after acquiring an additional 42 shares during the last quarter. Turner Investments LLC purchased a new stake in Paylocity Holding Corporation during the second quarter valued at $158,000. Finally, Nomura Holdings Inc. purchased a new stake in Paylocity Holding Corporation during the second quarter valued at $208,000. Institutional investors own 60.86% of the company’s stock.

Paylocity Holding Corporation (NASDAQ:PCTY) last posted its quarterly earnings results on Thursday, August 10th. The software maker reported ($0.06) earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.10) by $0.04. Paylocity Holding Corporation had a return on equity of 6.13% and a net margin of 2.24%. The firm had revenue of $76.10 million during the quarter, compared to analysts’ expectations of $73.79 million. During the same quarter in the previous year, the business earned ($0.01) earnings per share. The company’s revenue was up 27.3% on a year-over-year basis.

Paylocity Holding Corporation 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.

Analyst Recommendations for Paylocity Holding Corporation (NASDAQ:PCTY)

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