Paylocity (NASDAQ:PCTY) Upgraded to Buy by SunTrust Banks

Paylocity (NASDAQ:PCTY) was upgraded by equities researchers at SunTrust Banks from a “hold” rating to a “buy” rating in a research note issued to investors on Monday, March 12th, Marketbeat Ratings reports. The firm currently has a $45.00 price objective on the software maker’s stock, down from their previous price objective of $52.72. SunTrust Banks’ target price would suggest a potential downside of 11.87% from the company’s current price. SunTrust Banks also issued estimates for Paylocity’s FY2020 earnings at $0.85 EPS.

Several other equities research analysts have also weighed in on the stock. Dougherty & Co started coverage on shares of Paylocity in a report on Tuesday, December 19th. They issued a “neutral” rating on the stock. Zacks Investment Research raised shares of Paylocity from a “hold” rating to a “buy” rating and set a $53.00 price objective on the stock in a report on Tuesday, January 2nd. TheStreet lowered shares of Paylocity from a “b-” rating to a “c+” rating in a report on Tuesday, December 5th. BidaskClub raised shares of Paylocity from a “sell” rating to a “hold” rating in a report on Tuesday, December 19th. Finally, William Blair restated an “outperform” rating on shares of Paylocity in a research report on Friday, February 9th. Five equities research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the stock. The company presently has a consensus rating of “Buy” and a consensus price target of $54.57.

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Paylocity stock traded down $1.13 on Monday, hitting $51.06. The company’s stock had a trading volume of 221,140 shares, compared to its average volume of 266,928. The firm has a market capitalization of $2,681.74, a PE ratio of 340.40, a price-to-earnings-growth ratio of 7.66 and a beta of 2.00. Paylocity has a one year low of $37.66 and a one year high of $57.16.

Paylocity (NASDAQ:PCTY) last posted its earnings results on Thursday, February 8th. The software maker reported $0.16 earnings per share for the quarter, topping 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 business had revenue of $86.00 million for 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 firm’s quarterly revenue was up 25.3% compared to the same quarter last year. sell-side analysts forecast that Paylocity will post 0.3 EPS for the current year.

In related news, Director Steven I. Sarowitz sold 63,540 shares of the stock in a transaction that occurred on Wednesday, February 21st. The stock was sold at an average price of $45.17, for a total transaction of $2,870,101.80. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, SVP Edward W. Gaty sold 6,747 shares of the stock in a transaction that occurred on Thursday, March 1st. The stock was sold at an average price of $46.33, for a total value of $312,588.51. The disclosure for this sale can be found here. Insiders sold a total of 290,927 shares of company stock worth $13,750,422 over the last quarter. 48.80% of the stock is currently owned by corporate insiders.

Institutional investors and hedge funds have recently modified their holdings of the company. GSA Capital Partners LLP bought a new position in shares of Paylocity during the 3rd quarter worth approximately $211,000. Jane Street Group LLC bought a new position in shares of Paylocity during the 3rd quarter worth approximately $260,000. Fortaleza Asset Management Inc. bought a new position in shares of Paylocity during the 4th quarter worth approximately $255,000. Prudential Financial Inc. bought a new position in shares of Paylocity during the 3rd quarter worth approximately $267,000. Finally, Cubist Systematic Strategies LLC bought a new position in shares of Paylocity during the 3rd quarter worth approximately $289,000. 62.59% of the stock is owned by institutional investors.

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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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