Paylocity (NASDAQ:PCTY) Upgraded by BidaskClub to Strong-Buy

BidaskClub upgraded shares of Paylocity (NASDAQ:PCTY) from a buy rating to a strong-buy rating in a research note released on Thursday morning, BidAskClub reports.

PCTY has been the subject of several other research reports. ValuEngine raised shares of Paylocity from a sell rating to a hold rating in a report on Wednesday, November 6th. KeyCorp boosted their price target on shares of Paylocity from $112.00 to $115.00 and gave the company an overweight rating in a report on Monday, July 29th. Citigroup started coverage on shares of Paylocity in a report on Friday, October 25th. They set a neutral rating and a $105.00 price target for the company. Royal Bank of Canada boosted their price target on shares of Paylocity from $107.00 to $108.00 and gave the company a sector perform rating in a report on Thursday, October 31st. Finally, Jefferies Financial Group boosted their price target on shares of Paylocity to $115.00 in a report on Thursday, August 8th. Eight equities research analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the company. The company currently has a consensus rating of Buy and a consensus target price of $109.62.

Shares of PCTY traded down $0.71 during midday trading on Thursday, hitting $114.67. 402,573 shares of the stock traded hands, compared to its average volume of 334,719. Paylocity has a 1-year low of $53.46 and a 1-year high of $117.00. The firm has a market capitalization of $6.09 billion, a PE ratio of 106.18, a price-to-earnings-growth ratio of 5.36 and a beta of 1.53. The company has a debt-to-equity ratio of 0.25, a quick ratio of 1.09 and a current ratio of 1.09. The business’s 50 day moving average price is $102.26 and its two-hundred day moving average price is $101.16.

Paylocity (NASDAQ:PCTY) last announced its quarterly earnings results on Wednesday, October 30th. The software maker reported $0.36 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.11 by $0.25. Paylocity had a net margin of 11.78% and a return on equity of 19.03%. The company had revenue of $126.72 million during the quarter, compared to the consensus estimate of $124.15 million. During the same quarter in the previous year, the company posted $0.20 earnings per share. The company’s revenue for the quarter was up 26.1% compared to the same quarter last year. As a group, equities research analysts forecast that Paylocity will post 1.06 EPS for the current fiscal year.

In related news, CFO Toby J. Williams sold 3,750 shares of Paylocity stock in a transaction dated Tuesday, November 12th. The shares were sold at an average price of $107.00, for a total transaction of $401,250.00. Following the sale, the chief financial officer now directly owns 114,580 shares in the company, valued at $12,260,060. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Jeffrey T. Diehl sold 149,457 shares of Paylocity stock in a transaction dated Wednesday, November 20th. The shares were sold at an average price of $114.89, for a total transaction of $17,171,114.73. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 370,300 shares of company stock worth $41,707,443. Company insiders own 37.80% of the company’s stock.

A number of institutional investors have recently modified their holdings of PCTY. Archford Capital Strategies LLC raised its position in Paylocity by 14.1% in the second quarter. Archford Capital Strategies LLC now owns 16,238 shares of the software maker’s stock worth $1,523,000 after acquiring an additional 2,010 shares in the last quarter. Broadleaf Partners LLC raised its position in Paylocity by 26.5% in the second quarter. Broadleaf Partners LLC now owns 38,275 shares of the software maker’s stock worth $3,591,000 after acquiring an additional 8,023 shares in the last quarter. Summit Creek Advisors LLC raised its position in Paylocity by 0.3% in the second quarter. Summit Creek Advisors LLC now owns 96,580 shares of the software maker’s stock worth $9,061,000 after acquiring an additional 290 shares in the last quarter. Cim LLC bought a new stake in Paylocity in the second quarter worth about $612,000. Finally, BB&T Corp raised its position in Paylocity by 17.0% in the second quarter. BB&T Corp now owns 2,732 shares of the software maker’s stock worth $256,000 after acquiring an additional 397 shares in the last quarter. Hedge funds and other institutional investors own 65.30% of the company’s stock.

Paylocity Company Profile

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.

See Also: Liquidity

Analyst Recommendations for Paylocity (NASDAQ:PCTY)

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