Paylocity (NASDAQ:PCTY) Reaches New 1-Year High at $275.71

Paylocity Holding Co. (NASDAQ:PCTY)’s share price reached a new 52-week high during mid-day trading on Thursday . The stock traded as high as $275.71 and last traded at $275.39, with a volume of 1965 shares changing hands. The stock had previously closed at $273.21.

PCTY has been the subject of a number of research reports. Wolfe Research upped their target price on shares of Paylocity from $180.00 to $230.00 and gave the stock a “peer perform” rating in a research report on Friday, August 6th. William Blair reissued a “buy” rating on shares of Paylocity in a report on Friday, August 6th. Citigroup reaffirmed a “neutral” rating and issued a $203.71 target price (up from $194.00) on shares of Paylocity in a report on Monday, July 26th. KeyCorp boosted their target price on Paylocity from $220.00 to $255.00 and gave the stock an “overweight” rating in a research report on Monday, August 9th. Finally, Raymond James raised their price target on Paylocity from $205.00 to $270.00 and gave the company an “outperform” rating in a report on Friday, August 6th. Seven analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Hold” and a consensus price target of $220.31.

The business has a 50-day moving average of $238.03 and a 200-day moving average of $200.46. The company has a market capitalization of $15.04 billion, a P/E ratio of 220.36 and a beta of 1.31.

Paylocity (NASDAQ:PCTY) last released its earnings results on Thursday, August 5th. The software maker reported $0.46 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.07 by $0.39. Paylocity had a net margin of 11.14% and a return on equity of 16.19%. On average, research analysts predict that Paylocity Holding Co. will post 1.15 EPS for the current fiscal year.

In related news, Director Bernard Robinson Kenneth sold 330 shares of the stock in a transaction that occurred on Monday, September 13th. The stock was sold at an average price of $258.18, for a total value of $85,199.40. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CEO Steven R. Beauchamp sold 38,234 shares of the company’s stock in a transaction on Thursday, August 12th. The stock was sold at an average price of $252.21, for a total value of $9,642,997.14. Following the completion of the sale, the chief executive officer now owns 1,808,645 shares of the company’s stock, valued at $456,158,355.45. The disclosure for this sale can be found here. Insiders have sold 96,332 shares of company stock valued at $24,665,789 in the last 90 days. Company insiders own 32.90% of the company’s stock.

A number of institutional investors have recently modified their holdings of the business. OLD Mission Capital LLC bought a new stake in shares of Paylocity in the 3rd quarter valued at about $662,000. Envestnet Asset Management Inc. raised its stake in Paylocity by 114.0% in the first quarter. Envestnet Asset Management Inc. now owns 82,684 shares of the software maker’s stock worth $14,869,000 after buying an additional 44,041 shares in the last quarter. Commerce Bank lifted its holdings in Paylocity by 7.2% during the first quarter. Commerce Bank now owns 4,050 shares of the software maker’s stock worth $728,000 after buying an additional 271 shares during the period. Alliancebernstein L.P. boosted its position in Paylocity by 2.0% during the 1st quarter. Alliancebernstein L.P. now owns 61,687 shares of the software maker’s stock valued at $11,093,000 after acquiring an additional 1,219 shares in the last quarter. Finally, Allred Capital Management LLC purchased a new position in shares of Paylocity in the 1st quarter valued at $34,000. Institutional investors own 68.82% of the company’s stock.

Paylocity Company Profile (NASDAQ:PCTY)

Paylocity Holding Corp. engages in the development and provision of cloud-based software solution. It offers cloud-based payroll, human capital management applications, time labor tracking, benefits administration, and talent management. The company was founded by Steve I. Sarowitz in 1997 and is headquartered in Schaumburg, IL.

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