BidaskClub downgraded shares of Paylocity (NASDAQ:PCTY) from a buy rating to a hold rating in a research note released on Tuesday morning.

Other research analysts have also recently issued reports about the stock. Needham & Company LLC upped their price objective on shares of Paylocity from $65.00 to $80.00 and gave the stock a buy rating in a research report on Friday, August 10th. Royal Bank of Canada restated a hold rating and issued a $68.00 price objective on shares of Paylocity in a research report on Wednesday, August 8th. Guggenheim assumed coverage on shares of Paylocity in a research report on Monday, August 20th. They issued a buy rating and a $80.00 price objective on the stock. Zacks Investment Research upgraded shares of Paylocity from a hold rating to a buy rating and set a $72.00 price objective on the stock in a research report on Tuesday, August 14th. Finally, Bank of America upped their price objective on shares of Paylocity from $73.00 to $91.00 and gave the stock a buy rating in a research report on Wednesday, September 26th. Eight investment analysts have rated the stock with a hold rating and ten have given a buy rating to the company’s stock. The stock currently has an average rating of Buy and an average target price of $69.71.

Shares of PCTY opened at $65.72 on Tuesday. Paylocity has a twelve month low of $41.15 and a twelve month high of $88.47. The stock has a market cap of $4.24 billion, a PE ratio of 212.00, a P/E/G ratio of 4.27 and a beta of 2.11. The company has a current ratio of 1.08, a quick ratio of 1.08 and a debt-to-equity ratio of 0.01.

Paylocity (NASDAQ:PCTY) last announced its quarterly earnings results on Thursday, August 9th. The software maker reported $0.11 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.12 by ($0.01). Paylocity had a net margin of 10.22% and a return on equity of 12.44%. The company had revenue of $96.62 million for the quarter, compared to the consensus estimate of $93.33 million. During the same quarter in the prior year, the company earned $0.09 earnings per share. The company’s quarterly revenue was up 27.0% on a year-over-year basis. As a group, sell-side analysts predict that Paylocity will post 0.75 earnings per share for the current fiscal year.

In other Paylocity news, SVP Mark S. Kinsey sold 386 shares of the stock in a transaction that occurred on Wednesday, August 15th. The shares were sold at an average price of $66.65, for a total transaction of $25,726.90. Following the transaction, the senior vice president now directly owns 86,331 shares in the company, valued at $5,753,961.15. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, SVP Edward W. Gaty sold 7,614 shares of the stock in a transaction that occurred on Tuesday, September 4th. The shares were sold at an average price of $78.90, for a total transaction of $600,744.60. Following the transaction, the senior vice president now owns 126,392 shares in the company, valued at $9,972,328.80. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 1,002,124 shares of company stock worth $65,904,551. 48.80% of the stock is owned by company insiders.

Hedge funds and other institutional investors have recently modified their holdings of the business. Motley Fool Asset Management LLC bought a new position in Paylocity during the second quarter valued at approximately $2,354,000. Ardsley Advisory Partners bought a new position in Paylocity during the second quarter valued at approximately $853,000. AMP Capital Investors Ltd bought a new position in Paylocity during the second quarter valued at approximately $288,000. Clearfield Capital Management LP bought a new position in Paylocity during the second quarter valued at approximately $6,510,000. Finally, Bank of Montreal Can grew its position in Paylocity by 16.4% during the second quarter. Bank of Montreal Can now owns 8,491 shares of the software maker’s stock valued at $500,000 after acquiring an additional 1,198 shares during the last quarter. Institutional investors and hedge funds own 65.40% of the company’s stock.

About Paylocity

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.

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Analyst Recommendations for Paylocity (NASDAQ:PCTY)

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