Paylocity (NASDAQ:PCTY) Earns “Buy” Rating from Needham & Company LLC

Needham & Company LLC reissued their buy rating on shares of Paylocity (NASDAQ:PCTY) in a research note issued to investors on Thursday, Benzinga reports. They currently have a $200.00 price objective on the software maker’s stock.

Several other equities research analysts also recently issued reports on PCTY. Barclays cut their target price on shares of Paylocity from $160.00 to $156.00 and set an equal weight rating for the company in a research note on Monday, August 5th. JMP Securities reissued a market outperform rating and set a $250.00 target price on shares of Paylocity in a report on Monday, August 5th. BTIG Research cut their price target on Paylocity from $200.00 to $185.00 and set a buy rating for the company in a report on Friday, August 2nd. Stifel Nicolaus decreased their price objective on shares of Paylocity from $205.00 to $185.00 and set a buy rating on the stock in a report on Wednesday, June 5th. Finally, KeyCorp cut their target price on shares of Paylocity from $200.00 to $171.00 and set an overweight rating for the company in a research note on Friday, July 19th. Seven research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. According to MarketBeat.com, Paylocity currently has a consensus rating of Moderate Buy and a consensus target price of $179.13.

Paylocity Stock Down 1.0 %

PCTY stock opened at $153.70 on Thursday. The company has a market cap of $8.54 billion, a price-to-earnings ratio of 44.68, a P/E/G ratio of 3.91 and a beta of 0.94. Paylocity has a twelve month low of $129.94 and a twelve month high of $206.28. The business has a 50 day moving average price of $149.09 and a two-hundred day moving average price of $155.65.

Paylocity (NASDAQ:PCTY) last released its earnings results on Thursday, August 1st. The software maker reported $1.48 earnings per share for the quarter, beating the consensus estimate of $1.29 by $0.19. Paylocity had a net margin of 14.74% and a return on equity of 22.17%. The business had revenue of $357.30 million during the quarter, compared to analysts’ expectations of $350.29 million. During the same period last year, the business earned $0.76 earnings per share. The firm’s revenue was up 15.8% on a year-over-year basis. On average, equities research analysts anticipate that Paylocity will post 4.51 EPS for the current fiscal year.

Insider Transactions at Paylocity

In related news, CEO Steven R. Beauchamp sold 49,442 shares of the business’s stock in a transaction dated Monday, July 22nd. The stock was sold at an average price of $142.68, for a total value of $7,054,384.56. Following the completion of the transaction, the chief executive officer now owns 1,745,022 shares of the company’s stock, valued at $248,979,738.96. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In related news, CEO Steven R. Beauchamp sold 49,442 shares of the stock in a transaction that occurred on Monday, July 22nd. The shares were sold at an average price of $142.68, for a total transaction of $7,054,384.56. Following the sale, the chief executive officer now owns 1,745,022 shares in the company, valued at approximately $248,979,738.96. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CAO Nicholas Rost sold 331 shares of Paylocity stock in a transaction that occurred on Monday, June 17th. The shares were sold at an average price of $138.73, for a total transaction of $45,919.63. Following the completion of the transaction, the chief accounting officer now directly owns 4,751 shares in the company, valued at $659,106.23. The disclosure for this sale can be found here. In the last three months, insiders have sold 51,173 shares of company stock valued at $7,296,388. 22.50% of the stock is owned by corporate insiders.

Institutional Trading of Paylocity

Several institutional investors and hedge funds have recently modified their holdings of the business. American National Bank acquired a new position in Paylocity during the fourth quarter worth about $31,000. J.Safra Asset Management Corp grew its holdings in shares of Paylocity by 80.0% during the 1st quarter. J.Safra Asset Management Corp now owns 243 shares of the software maker’s stock valued at $42,000 after purchasing an additional 108 shares during the last quarter. Principal Securities Inc. acquired a new position in Paylocity during the 4th quarter worth approximately $41,000. Rothschild Investment LLC bought a new position in Paylocity in the 2nd quarter valued at approximately $40,000. Finally, GAMMA Investing LLC grew its stake in shares of Paylocity by 34.7% during the first quarter. GAMMA Investing LLC now owns 303 shares of the software maker’s stock worth $52,000 after buying an additional 78 shares during the last quarter. 94.76% of the stock is currently owned by institutional investors.

Paylocity Company Profile

Paylocity Holding Corporation provides cloud-based human capital management and payroll software solutions for workforce in the United States. The company offers Payroll and Tax Services solution to simplifies payroll, automates processes, and manages compliance requirements within one system; and expense management, on demand payment, and garnishment solutions.