Paylocity (NASDAQ:PCTY) PT Raised to $125.00 at SunTrust Banks

Paylocity (NASDAQ:PCTY) had its price target raised by equities researchers at SunTrust Banks from $108.00 to $125.00 in a report issued on Friday, The Fly reports. The brokerage currently has a “buy” rating on the software maker’s stock. SunTrust Banks’ target price points to a potential upside of 12.96% from the company’s previous close.

PCTY has been the subject of several other research reports. Jefferies Financial Group upped their price target on shares of Paylocity to $115.00 in a report on Thursday. KeyCorp upped their price target on shares of Paylocity from $112.00 to $115.00 and gave the company an “overweight” rating in a report on Monday, July 29th. Craig Hallum reiterated a “hold” rating and issued a $97.00 price target (up previously from $78.00) on shares of Paylocity in a report on Friday, May 3rd. Cantor Fitzgerald started coverage on shares of Paylocity in a report on Tuesday, June 18th. They issued an “overweight” rating for the company. Finally, Raymond James upped their price target on shares of Paylocity from $105.00 to $115.00 and gave the company an “outperform” rating in a report on Friday, May 17th. Six research analysts have rated the stock with a hold rating, ten have given a buy rating and one has issued a strong buy rating to the company’s stock. The company currently has an average rating of “Buy” and a consensus price target of $97.64.

Paylocity stock opened at $110.66 on Friday. The firm has a market capitalization of $5.10 billion, a PE ratio of 141.47, a PEG ratio of 5.34 and a beta of 1.69. Paylocity has a twelve month low of $53.46 and a twelve month high of $111.61. The firm has a 50 day moving average of $101.21.

Paylocity (NASDAQ:PCTY) last released its quarterly earnings results on Thursday, August 8th. The software maker reported $0.34 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.07 by $0.27. The company had revenue of $120.37 million during the quarter, compared to analysts’ expectations of $117.51 million. Paylocity had a net margin of 9.52% and a return on equity of 15.29%. The business’s quarterly revenue was up 24.6% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.11 earnings per share. On average, equities research analysts predict that Paylocity will post 0.9 earnings per share for the current fiscal year.

In related news, COO Michael R. Haske sold 50,000 shares of the stock in a transaction on Monday, June 3rd. The shares were sold at an average price of $91.64, for a total transaction of $4,582,000.00. Following the completion of the transaction, the chief operating officer now owns 868,334 shares in the company, valued at $79,574,127.76. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, SVP Mark S. Kinsey sold 935 shares of the stock in a transaction on Monday, May 13th. The stock was sold at an average price of $95.37, for a total transaction of $89,170.95. Following the transaction, the senior vice president now owns 85,312 shares of the company’s stock, valued at approximately $8,136,205.44. The disclosure for this sale can be found here. Insiders have sold 118,703 shares of company stock valued at $11,215,912 in the last 90 days. 41.20% of the stock is currently owned by corporate insiders.

Institutional investors and hedge funds have recently made changes to their positions in the stock. Nordea Investment Management AB boosted its holdings in Paylocity by 1.6% during the first quarter. Nordea Investment Management AB now owns 61,542 shares of the software maker’s stock worth $5,489,000 after purchasing an additional 954 shares during the last quarter. O Shaughnessy Asset Management LLC acquired a new stake in Paylocity in the first quarter valued at $61,000. Marshall Wace North America L.P. lifted its stake in Paylocity by 35.6% in the first quarter. Marshall Wace North America L.P. now owns 64,456 shares of the software maker’s stock valued at $5,749,000 after acquiring an additional 16,908 shares during the last quarter. Broadleaf Partners LLC lifted its stake in Paylocity by 26.5% in the second quarter. Broadleaf Partners LLC now owns 38,275 shares of the software maker’s stock valued at $3,591,000 after acquiring an additional 8,023 shares during the last quarter. Finally, Conestoga Capital Advisors LLC lifted its stake in Paylocity by 1.1% in the first quarter. Conestoga Capital Advisors LLC now owns 588,637 shares of the software maker’s stock valued at $52,501,000 after acquiring an additional 6,305 shares during the last quarter. Institutional investors and hedge funds own 64.22% of the company’s stock.

Paylocity Company Profile

Paylocity Holding Corporation provides cloud-based payroll and human capital management software solutions for medium-sized organizations in the United States. The company offers Paylocity Web Pay for enterprise-grade payroll processing and administration; Paylocity Web HR for employee record management, HR compliance and reporting, HR insight and analytics, and self-service portals; 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.

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The Fly

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