Paylocity Holding Corp (PCTY) Expected to Post Quarterly Sales of $110.64 Million

Wall Street analysts expect Paylocity Holding Corp (NASDAQ:PCTY) to announce sales of $110.64 million for the current quarter, Zacks reports. Eight analysts have issued estimates for Paylocity’s earnings, with the highest sales estimate coming in at $110.94 million and the lowest estimate coming in at $110.49 million. Paylocity reported sales of $90.27 million during the same quarter last year, which would suggest a positive year over year growth rate of 22.6%. The company is expected to announce its next earnings results on Thursday, May 3rd.

According to Zacks, analysts expect that Paylocity will report full-year sales of $110.64 million for the current financial year, with estimates ranging from $369.60 million to $370.80 million. For the next financial year, analysts expect that the business will report sales of $451.09 million per share, with estimates ranging from $442.30 million to $457.35 million. Zacks’ sales calculations are a mean average based on a survey of sell-side research firms that cover Paylocity.

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Paylocity (NASDAQ:PCTY) last announced its earnings results on Thursday, February 8th. The software maker reported $0.16 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.12 by $0.04. The business had revenue of $86.00 million for the quarter, compared to analysts’ expectations of $85.03 million. Paylocity had a return on equity of 8.93% and a net margin of 3.57%. The business’s revenue for the quarter was up 25.3% on a year-over-year basis. During the same quarter last year, the firm earned $0.10 EPS.

A number of research firms have recently weighed in on PCTY. Needham & Company LLC reissued a “buy” rating and issued a $65.00 price objective (up previously from $60.00) on shares of Paylocity in a research report on Thursday, March 15th. BidaskClub upgraded shares of Paylocity from a “buy” rating to a “strong-buy” rating in a research note on Friday, March 23rd. First Analysis upped their price objective on shares of Paylocity from $63.00 to $65.00 and gave the company an “overweight” rating in a research note on Monday, March 19th. SunTrust Banks upgraded shares of Paylocity from a “hold” rating to a “buy” rating and decreased their price objective for the company from $52.72 to $45.00 in a research note on Monday, March 12th. Finally, Zacks Investment Research downgraded shares of Paylocity from a “buy” rating to a “hold” rating in a research note on Tuesday, January 9th. Six investment analysts have rated the stock with a hold rating, twelve have given a buy rating and one has assigned a strong buy rating to the company’s stock. Paylocity has an average rating of “Buy” and an average price target of $54.57.

Shares of Paylocity stock traded up $0.57 during trading on Tuesday, reaching $51.23. The company’s stock had a trading volume of 263,600 shares, compared to its average volume of 305,981. The stock has a market capitalization of $2,694.90, a price-to-earnings ratio of 197.04, a PEG ratio of 7.70 and a beta of 2.13. Paylocity has a 1-year low of $37.60 and a 1-year high of $57.16.

In other news, Director Ellen Carnahan acquired 1,380 shares of Paylocity stock in a transaction that occurred on Friday, March 16th. The stock was purchased at an average price of $53.91 per share, for a total transaction of $74,395.80. Following the completion of the transaction, the director now directly owns 7,908 shares in the company, valued at $426,320.28. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Mark S. Kinsey sold 3,200 shares of the firm’s stock in a transaction dated Monday, March 12th. The shares were sold at an average price of $54.44, for a total transaction of $174,208.00. The disclosure for this sale can be found here. In the last 90 days, insiders sold 290,927 shares of company stock valued at $13,750,422. 48.80% of the stock is owned by insiders.

Large investors have recently made changes to their positions in the stock. J. Goldman & Co LP bought a new stake in Paylocity in the 4th quarter valued at $3,436,000. Her Majesty the Queen in Right of the Province of Alberta as represented by Alberta Investment Management Corp bought a new position in shares of Paylocity during the fourth quarter valued at $297,000. MetLife Investment Advisors LLC bought a new position in shares of Paylocity during the fourth quarter valued at $581,000. Macquarie Group Ltd. lifted its holdings in shares of Paylocity by 916.7% during the fourth quarter. Macquarie Group Ltd. now owns 6,100 shares of the software maker’s stock valued at $288,000 after purchasing an additional 5,500 shares in the last quarter. Finally, TIAA CREF Investment Management LLC lifted its holdings in shares of Paylocity by 113.6% during the fourth quarter. TIAA CREF Investment Management LLC now owns 146,433 shares of the software maker’s stock valued at $6,906,000 after purchasing an additional 77,891 shares in the last quarter. Hedge funds and other institutional investors own 62.59% 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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