Paylocity Holding Corp (PCTY) is Initiated by RBC Capital Mkts to Sector Perform, Price Target at $50

Paylocity Holding Corp (PCTY) was Initiated by RBC Capital Mkts to “Sector Perform” and the brokerage firm has set the Price Target at $50. RBC Capital Mkts advised their investors in a research report released on Sep 30, 2016.

Many Wall Street Analysts have commented on Paylocity Holding Corp. Paylocity Holding Corp was Initiated by Pacific Crest to “Sector Weight” on Sep 20, 2016. Company shares were Reiterated by Deutsche Bank on Aug 10, 2016 to “Buy”, Firm has raised the Price Target to $ 55 from a previous price target of $52 .Company shares were Reiterated by Stifel on Aug 10, 2016 to “Buy”, Firm has raised the Price Target to $ 50 from a previous price target of $43 .

On the company’s financial health, Paylocity Holding Corp reported $-0.01 EPS for the quarter, beating the analyst consensus estimate by $ 0.03 according to the earnings call on Aug 9, 2016. Analyst had a consensus of $-0.04. The company had revenue of $59.80 million for the quarter, compared to analysts expectations of $57.64 million. The company’s revenue was up 49.5% compared to the same quarter last year. During the same quarter in the previous year, the company posted $-0.03 EPS.

Paylocity Holding Corp opened for trading at $43.32 and hit $45.03 on the upside on Tuesday, eventually ending the session at $44.72, with a gain of 2.90% or 1.26 points. The heightened volatility saw the trading volume jump to 1,81,279 shares. Company has a market cap of $2,288 M.

In a different news, on Sep 13, 2016, Peter J Mcgrail (Chief Financial Officer) sold 5,000 shares at $43.17 per share price. According to the SEC, on Aug 16, 2016, Michael R Haske (Senior VP of Sales & Marketing) sold 100,000 shares at $45.60 per share price. On Aug 16, 2016, Jeffrey T Diehl (director) sold 1,200,000 shares at $44.40 per share price, according to the Form-4 filing with the securities and exchange commission.

Paylocity Holding Corporation is a cloud-based provider of payroll and human capital management (HCM) software solutions for medium-sized organizations. The Company’s solutions enable its clients to manage their workforce. Its multi-tenant software platform is configurable and includes a suite of payroll and HCM applications such as time and labor tracking benefits and talent management. Its payroll and HCM applications use a unified database and provide on-demand reporting and analytics. The Company’s platform provides intuitive self-service functionality for employees and managers combined with seamless integration across all its solutions. The Company markets and sells its products primarily through its direct sales force. Its products include Paylocity Web Pay Paylocity Affordable Care Act Enhanced Paylocity Impressions Performance Management Paylocity Web Onboarding Paylocity Web Time and Paylocity Web Benefits and Paylocity Enterprise Benefits powered by bswift.

Paylocity Holding Corp

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