Paylocity Holding Co. (NASDAQ:PCTY) Expected to Post Quarterly Sales of $174.06 Million

Analysts forecast that Paylocity Holding Co. (NASDAQ:PCTY) will announce $174.06 million in sales for the current quarter, Zacks reports. Seven analysts have made estimates for Paylocity’s earnings, with estimates ranging from $173.28 million to $175.00 million. Paylocity reported sales of $135.79 million in the same quarter last year, which indicates a positive year-over-year growth rate of 28.2%. The company is expected to announce its next earnings report on Thursday, November 4th.

According to Zacks, analysts expect that Paylocity will report full-year sales of $793.30 million for the current fiscal year, with estimates ranging from $792.50 million to $794.30 million. For the next fiscal year, analysts anticipate that the business will report sales of $953.32 million, with estimates ranging from $923.53 million to $969.16 million. Zacks’ sales averages are a mean average based on a survey of research firms that that provide coverage for Paylocity.

Paylocity (NASDAQ:PCTY) last issued its earnings results on Thursday, August 5th. The software maker reported $0.46 earnings per share for the quarter, topping the consensus estimate of $0.07 by $0.39. Paylocity had a net margin of 11.14% and a return on equity of 16.19%.

Several research analysts have weighed in on the stock. Piper Sandler upped their target price on shares of Paylocity from $184.00 to $230.00 and gave the stock a “neutral” rating in a research report on Friday, August 6th. KeyCorp increased their price target on shares of Paylocity from $220.00 to $255.00 and gave the company an “overweight” rating in a research report on Monday, August 9th. Mizuho increased their price target on shares of Paylocity from $175.00 to $220.00 and gave the company a “neutral” rating in a research report on Monday, August 9th. Wolfe Research increased their price target on shares of Paylocity from $180.00 to $230.00 and gave the company a “peer perform” rating in a research report on Friday, August 6th. Finally, JMP Securities increased their price target on shares of Paylocity from $220.00 to $272.00 and gave the company an “outperform” rating in a research report on Friday, August 6th. Seven analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Buy” and a consensus price target of $216.86.

In other Paylocity news, Director Jeffrey T. Diehl sold 5,878 shares of the stock in a transaction that occurred on Thursday, September 9th. The shares were sold at an average price of $268.78, for a total transaction of $1,579,888.84. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, CEO Steven R. Beauchamp sold 38,234 shares of the firm’s stock in a transaction on Thursday, August 12th. The shares were sold at an average price of $252.21, for a total transaction of $9,642,997.14. Following the completion of the transaction, the chief executive officer now directly owns 1,808,645 shares in the company, valued at approximately $456,158,355.45. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 95,802 shares of company stock worth $24,525,628. 32.90% of the stock is owned by company insiders.

Hedge funds have recently modified their holdings of the company. Oppenheimer Asset Management Inc. raised its stake in shares of Paylocity by 27.3% in the 2nd quarter. Oppenheimer Asset Management Inc. now owns 51,000 shares of the software maker’s stock valued at $9,730,000 after acquiring an additional 10,931 shares during the period. Sei Investments Co. increased its stake in Paylocity by 18.3% during the 1st quarter. Sei Investments Co. now owns 49,188 shares of the software maker’s stock worth $8,845,000 after buying an additional 7,598 shares during the period. Paradiem LLC increased its stake in Paylocity by 24.1% during the 1st quarter. Paradiem LLC now owns 15,054 shares of the software maker’s stock worth $2,668,000 after buying an additional 2,924 shares during the period. Oregon Public Employees Retirement Fund increased its stake in Paylocity by 3.3% during the 2nd quarter. Oregon Public Employees Retirement Fund now owns 12,840 shares of the software maker’s stock worth $2,450,000 after buying an additional 416 shares during the period. Finally, Alpha DNA Investment Management LLC purchased a new stake in Paylocity during the 2nd quarter worth $1,448,000. 68.82% of the stock is currently owned by institutional investors and hedge funds.

PCTY traded up $9.80 on Tuesday, hitting $267.00. 289,207 shares of the company were exchanged, compared to its average volume of 229,097. The business’s fifty day moving average is $233.23 and its 200 day moving average is $198.83. Paylocity has a fifty-two week low of $139.31 and a fifty-two week high of $275.45. The firm has a market capitalization of $14.58 billion, a P/E ratio of 213.60 and a beta of 1.31.

Paylocity Company Profile

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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Earnings History and Estimates for Paylocity (NASDAQ:PCTY)

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