Paylocity Holding Corporation (PCTY) Price Target Raised to $56.00 at Robert W. Baird

Paylocity Holding Corporation (NASDAQ:PCTY) had its price objective increased by Robert W. Baird from $52.00 to $56.00 in a research report released on Friday, November 3rd. The brokerage currently has an outperform rating on the software maker’s stock.

Other research analysts have also issued reports about the stock. Zacks Investment Research raised shares of Paylocity Holding Corporation from a hold rating to a buy rating and set a $53.00 price objective on the stock in a research note on Tuesday, July 18th. Raymond James Financial, Inc. set a $55.00 price target on shares of Paylocity Holding Corporation and gave the company a buy rating in a research report on Wednesday, August 9th. Stifel Nicolaus reissued a buy rating and set a $55.00 price target (up from $50.00) on shares of Paylocity Holding Corporation in a research report on Friday, August 11th. Bank of America Corporation reaffirmed a buy rating and issued a $47.00 price objective (down previously from $50.00) on shares of Paylocity Holding Corporation in a research report on Friday, August 11th. Finally, Northland Securities reaffirmed a buy rating and issued a $55.00 price objective on shares of Paylocity Holding Corporation in a research report on Sunday, September 10th. Nine investment analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. Paylocity Holding Corporation currently has an average rating of Buy and an average target price of $52.92.

Paylocity Holding Corporation (NASDAQ PCTY) traded up $0.06 on Friday, hitting $47.85. 213,054 shares of the stock traded hands, compared to its average volume of 290,598. Paylocity Holding Corporation has a 52 week low of $29.69 and a 52 week high of $53.96. The firm has a market capitalization of $2,510.00, a PE ratio of 220.14, a PEG ratio of 6.36 and a beta of 2.24.

Paylocity Holding Corporation (NASDAQ:PCTY) last posted its quarterly earnings results on Thursday, November 2nd. The software maker reported $0.15 EPS for the quarter, topping analysts’ consensus estimates of ($0.02) by $0.17. Paylocity Holding Corporation had a net margin of 3.11% and a return on equity of 7.98%. The business had revenue of $81.50 million during the quarter, compared to analysts’ expectations of $80.88 million. During the same period last year, the company posted $0.07 earnings per share. The business’s quarterly revenue was up 25.4% on a year-over-year basis. equities research analysts expect that Paylocity Holding Corporation will post 0.32 EPS for the current fiscal year.

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In related news, CEO Steven R. Beauchamp sold 24,530 shares of the company’s stock in a transaction on Wednesday, October 4th. The shares were sold at an average price of $50.24, for a total transaction of $1,232,387.20. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Steven R. Beauchamp sold 23,530 shares of the business’s stock in a transaction on Tuesday, October 3rd. The shares were sold at an average price of $50.25, for a total transaction of $1,182,382.50. Following the transaction, the chief executive officer now directly owns 2,253,978 shares in the company, valued at $113,262,394.50. The disclosure for this sale can be found here. Insiders have sold a total of 1,429,857 shares of company stock valued at $66,253,404 over the last quarter. 48.80% of the stock is currently owned by company insiders.

Large investors have recently added to or reduced their stakes in the company. State of Wisconsin Investment Board purchased a new stake in shares of Paylocity Holding Corporation in the 2nd quarter worth about $3,660,000. Schwab Charles Investment Management Inc. grew its position in shares of Paylocity Holding Corporation by 10.6% in the 2nd quarter. Schwab Charles Investment Management Inc. now owns 113,529 shares of the software maker’s stock worth $5,130,000 after buying an additional 10,911 shares during the period. Chicago Equity Partners LLC purchased a new stake in shares of Paylocity Holding Corporation in the 2nd quarter worth about $1,129,000. Bank of America Corp DE grew its position in shares of Paylocity Holding Corporation by 13.4% in the 1st quarter. Bank of America Corp DE now owns 131,015 shares of the software maker’s stock worth $5,062,000 after buying an additional 15,504 shares during the period. Finally, Menta Capital LLC purchased a new stake in shares of Paylocity Holding Corporation in the 2nd quarter worth about $1,270,000. 59.88% of the stock is currently owned by hedge funds and other institutional investors.

About Paylocity Holding Corporation

Paylocity Holding Corporation is a cloud-based provider of payroll and human capital management (HCM), software solutions for medium-sized organizations. The Company’s services are provided in a software-as-a-service delivery model utilizing its cloud-based platform. The cloud-based platform provides a suite of applications using a multi-tenant architecture.

Analyst Recommendations for Paylocity Holding Corporation (NASDAQ:PCTY)

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