Paylocity (NASDAQ:PCTY) Given “Market Outperform” Rating at JMP Securities

JMP Securities reiterated their market outperform rating on shares of Paylocity (NASDAQ:PCTY) in a report published on Monday morning, Benzinga reports. The brokerage currently has a $250.00 target price on the software maker’s stock.

A number of other equities research analysts also recently issued reports on the stock. KeyCorp cut their price objective on shares of Paylocity from $200.00 to $171.00 and set an overweight rating for the company in a research report on Friday, July 19th. BTIG Research reduced their price target on Paylocity from $200.00 to $185.00 and set a buy rating for the company in a research report on Friday. Truist Financial lowered their price objective on Paylocity from $200.00 to $195.00 and set a buy rating on the stock in a research report on Wednesday, July 31st. Citigroup reduced their target price on shares of Paylocity from $178.00 to $155.00 and set a neutral rating for the company in a report on Tuesday, June 18th. Finally, Stifel Nicolaus lowered their price target 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. Seven investment analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. According to MarketBeat.com, Paylocity currently has an average rating of Moderate Buy and a consensus price target of $179.13.

Paylocity Price Performance

Shares of PCTY traded down $0.93 during trading hours on Monday, hitting $152.09. The stock had a trading volume of 531,546 shares, compared to its average volume of 530,341. The firm has a market capitalization of $8.58 billion, a PE ratio of 44.21, a PEG ratio of 2.59 and a beta of 0.92. Paylocity has a 12 month low of $129.94 and a 12 month high of $210.68. The stock has a fifty day moving average price of $140.63 and a 200 day moving average price of $156.89.

Paylocity (NASDAQ:PCTY) last released its quarterly earnings results on Thursday, August 1st. The software maker reported $1.48 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.29 by $0.19. Paylocity had a return on equity of 22.40% and a net margin of 14.74%. The business had revenue of $357.30 million during the quarter, compared to the consensus estimate of $350.29 million. During the same period in the previous year, the company posted $0.76 EPS. The business’s quarterly revenue was up 15.8% compared to the same quarter last year. As a group, analysts anticipate that Paylocity will post 4.14 EPS for the current fiscal year.

Insider Activity at Paylocity

In other Paylocity news, CAO Nicholas Rost sold 331 shares of Paylocity stock in a transaction that occurred on Monday, June 17th. The stock was sold at an average price of $138.73, for a total value of $45,919.63. Following the sale, the chief accounting officer now owns 4,751 shares of the company’s stock, valued at approximately $659,106.23. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. In other Paylocity news, CAO Nicholas Rost sold 331 shares of the stock in a transaction 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 owns 4,751 shares in the company, valued at $659,106.23. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, 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 transaction of $7,054,384.56. Following the completion of the sale, the chief executive officer now owns 1,745,022 shares in the company, valued at $248,979,738.96. The disclosure for this sale can be found here. Over the last three months, insiders sold 51,173 shares of company stock valued at $7,296,388. Insiders own 22.50% of the company’s stock.

Institutional Investors Weigh In On Paylocity

Institutional investors have recently modified their holdings of the stock. WCM Investment Management LLC boosted its position in shares of Paylocity by 2.3% during the first quarter. WCM Investment Management LLC now owns 3,053 shares of the software maker’s stock valued at $525,000 after buying an additional 69 shares during the period. Avior Wealth Management LLC boosted its holdings in Paylocity by 2.4% during the 4th quarter. Avior Wealth Management LLC now owns 3,223 shares of the software maker’s stock valued at $531,000 after acquiring an additional 76 shares during the period. Shaker Investments LLC OH grew its position in Paylocity by 0.3% in the 4th quarter. Shaker Investments LLC OH now owns 23,672 shares of the software maker’s stock valued at $3,902,000 after acquiring an additional 77 shares during the last quarter. GAMMA Investing LLC increased its stake in Paylocity by 34.7% in the first quarter. GAMMA Investing LLC now owns 303 shares of the software maker’s stock worth $52,000 after purchasing an additional 78 shares during the period. Finally, Parkside Financial Bank & Trust lifted its position in shares of Paylocity by 8.3% during the fourth quarter. Parkside Financial Bank & Trust now owns 1,246 shares of the software maker’s stock worth $205,000 after purchasing an additional 96 shares during the last quarter. 94.76% of the stock is 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.