Paylocity (PCTY) Stock Rating Lowered by Zacks Investment Research

Paylocity (NASDAQ:PCTY) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a note issued to investors on Friday, November 10th.

According to Zacks, “Estimates of payroll processing and human capital management solution provider, Paylocity has moved north off late. Shares of the ompany have also outperformed the industry over the past one year. The upside can be attributed to the company’s encouraging Q2 and FY18 outlook. We remain positive about Paylocity’s regular investments in SaaS technology. For the last few quarters, clients moving from traditional payroll service providers to the company’s SaaS-based services contributed significantly to its revenues. Hence, regular investments in technological upgrades, along with product innovation, will continue to boost the company’s top line. Also, higher adoption of Paylocity’s ACA dashboard application, specializing in tracking employee count, employee status and health care plan affordability, will act as a tailwind. However, competition from peers remains a major headwind.”

Other equities research analysts also recently issued research reports about the stock. Mizuho reissued a “hold” rating and issued a $45.00 target price on shares of Paylocity in a research report on Thursday, August 10th. Raymond James Financial set a $55.00 target price on shares of Paylocity and gave the stock a “buy” rating in a research report on Wednesday, August 9th. BidaskClub downgraded shares of Paylocity from a “buy” rating to a “hold” rating in a research report on Monday, July 31st. JMP Securities reaffirmed an “outperform” rating and set a $54.00 price objective on shares of Paylocity in a research report on Tuesday, July 18th. Finally, SunTrust Banks reaffirmed a “hold” rating and set a $47.00 price objective on shares of Paylocity in a research report on Friday, November 3rd. Nine research analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. The company presently has an average rating of “Buy” and a consensus price target of $52.92.

Paylocity (NASDAQ PCTY) traded down $1.97 during trading hours on Friday, hitting $45.28. 301,500 shares of the company traded hands, compared to its average volume of 291,397. Paylocity has a 1-year low of $29.69 and a 1-year high of $53.96. The firm has a market cap of $2,490.00, a price-to-earnings ratio of 219.18, a price-to-earnings-growth ratio of 6.33 and a beta of 2.24.

Paylocity (NASDAQ:PCTY) last released its quarterly earnings results on Thursday, November 2nd. The software maker reported $0.15 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.02) by $0.17. Paylocity had a net margin of 0.67% and a return on equity of 1.47%. The firm had revenue of $81.50 million for the quarter, compared to the consensus estimate of $80.88 million. During the same quarter in the previous year, the firm posted $0.07 EPS. The firm’s quarterly revenue was up 25.4% on a year-over-year basis. analysts forecast that Paylocity will post 0.32 earnings per share for the current fiscal year.

In other news, Director Steven I. Sarowitz sold 1,296,142 shares of the business’s stock in a transaction that occurred on Tuesday, November 21st. The shares were sold at an average price of $46.14, for a total transaction of $59,803,991.88. Following the sale, the director now owns 15,343,130 shares in the company, valued at $707,932,018.20. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, SVP Edward W. Gaty sold 5,185 shares of the business’s stock in a transaction that occurred on Friday, September 1st. The shares were sold at an average price of $48.92, for a total transaction of $253,650.20. Following the sale, the senior vice president now owns 116,135 shares in the company, valued at approximately $5,681,324.20. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 1,429,857 shares of company stock valued at $66,253,404. Company insiders own 48.80% of the company’s stock.

Institutional investors have recently added to or reduced their stakes in the business. State of Wisconsin Investment Board acquired a new position in Paylocity in the 2nd quarter valued at approximately $3,660,000. Schwab Charles Investment Management Inc. increased its stake in Paylocity by 10.6% in the 2nd quarter. Schwab Charles Investment Management Inc. now owns 113,529 shares of the software maker’s stock valued at $5,130,000 after buying an additional 10,911 shares during the period. Chicago Equity Partners LLC acquired a new position in Paylocity in the 2nd quarter valued at approximately $1,129,000. Bank of America Corp DE increased its stake in Paylocity by 13.4% in the 1st quarter. Bank of America Corp DE now owns 131,015 shares of the software maker’s stock valued at $5,062,000 after buying an additional 15,504 shares during the period. Finally, Menta Capital LLC acquired a new position in Paylocity in the 2nd quarter valued at approximately $1,270,000. Hedge funds and other institutional investors own 59.83% of the company’s stock.

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Paylocity Company Profile

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.

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