Mizuho reiterated their hold rating on shares of Paylocity (NASDAQ:PCTY) in a research note released on Tuesday morning. The brokerage currently has a $45.00 target price on the software maker’s stock.

PCTY has been the subject of several other research reports. Royal Bank of Canada lowered shares of Paylocity from an outperform rating to a sector perform rating and set a $56.00 price target for the company. in a research report on Monday, April 23rd. BidaskClub lowered shares of Paylocity from a hold rating to a sell rating in a research report on Wednesday, December 27th. William Blair reaffirmed an outperform rating on shares of Paylocity in a research report on Friday, February 9th. Zacks Investment Research raised shares of Paylocity from a hold rating to a buy rating and set a $53.00 price target for the company in a research report on Tuesday, January 2nd. Finally, ValuEngine upgraded Paylocity from a hold rating to a buy rating in a research note on Monday, April 2nd. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating, twelve have assigned a buy rating and one has given a strong buy rating to the company’s stock. Paylocity currently has an average rating of Buy and an average price target of $54.57.

NASDAQ PCTY opened at $54.53 on Tuesday. Paylocity has a 52 week low of $39.21 and a 52 week high of $57.16. The stock has a market cap of $2,772.22, a PE ratio of 363.53, a price-to-earnings-growth ratio of 7.92 and a beta of 2.00.

Paylocity (NASDAQ:PCTY) last released its quarterly earnings results on Thursday, February 8th. The software maker reported $0.16 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.12 by $0.04. Paylocity had a net margin of 3.57% and a return on equity of 8.93%. The firm had revenue of $86.00 million during the quarter, compared to analyst estimates of $85.03 million. During the same quarter in the prior year, the firm earned $0.10 EPS. The business’s revenue for the quarter was up 25.3% compared to the same quarter last year. sell-side analysts expect that Paylocity will post 0.3 earnings per share for the current fiscal year.

In related news, CEO Steven R. Beauchamp sold 50,000 shares of the business’s stock in a transaction that occurred on Thursday, February 15th. The stock was sold at an average price of $44.91, for a total transaction of $2,245,500.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Steven R. Beauchamp sold 30,000 shares of the company’s stock in a transaction that occurred on Tuesday, March 6th. The stock was sold at an average price of $50.02, for a total value of $1,500,600.00. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 222,285 shares of company stock valued at $10,312,113. 48.80% of the stock is currently owned by corporate insiders.

Hedge funds have recently bought and sold shares of the business. Fox Run Management L.L.C. bought a new position in Paylocity in the 4th quarter worth approximately $520,000. Teacher Retirement System of Texas bought a new position in Paylocity in the 4th quarter worth approximately $462,000. Swiss National Bank boosted its stake in Paylocity by 5.7% in the 4th quarter. Swiss National Bank now owns 49,750 shares of the software maker’s stock worth $2,346,000 after purchasing an additional 2,700 shares during the period. Bank of Montreal Can boosted its stake in Paylocity by 103.0% in the 4th quarter. Bank of Montreal Can now owns 7,293 shares of the software maker’s stock worth $344,000 after purchasing an additional 3,700 shares during the period. Finally, HBK Investments L P boosted its stake in Paylocity by 609.1% in the 4th quarter. HBK Investments L P now owns 36,561 shares of the software maker’s stock worth $1,724,000 after purchasing an additional 31,405 shares during the period. Institutional investors and hedge funds own 62.59% of the company’s stock.

About Paylocity

Paylocity Holding Corporation provides cloud-based payroll and human capital management (HCM) software solutions for medium-sized organizations in the United States. It offers Paylocity Web Pay for enterprise-grade payroll processing and administration; Paylocity Web HR for employee record management and HR compliance and reporting; 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.

Analyst Recommendations for Paylocity (NASDAQ:PCTY)

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