Paylocity (PCTY) Gets a Hold Rating from Oppenheimer

By Ryan Adsit

In a report released today, Brian Schwartz from Oppenheimer maintained a Hold rating on Paylocity (PCTYResearch Report). The company’s shares closed yesterday at $80.65, close to its 52-week high of $88.47.

Schwartz observed:

“Paylocity’s business had a good quarter in its F2Q with the results and guidance beating consensus. The strong quarter and improved outlook support the valuation, which moved up ahead of the results. On balance, the outlook implies slowing growth in 2H:FY2019. Bottom Line: We believe the company executed well in with its strategy of offering a broad-based payroll and HCM management platform to SMBs. We think the challenge for Paylocity in CY2019 will be whether the recent positive trends that have re-rated PCTY’s valuation higher are sustainable without a cyclical pickup in the US and record unemployment levels. We maintain a Perform rating owing to what we view is a fair valuation and balanced risk/reward profile at current price.”

According to, Schwartz is a top 25 analyst with an average return of 27.3% and a 76.3% success rate. Schwartz covers the Technology sector, focusing on stocks such as, MiX Telematics, and Trade Desk Inc.

The word on The Street in general, suggests a Moderate Buy analyst consensus rating for Paylocity with a $77 average price target.

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The company has a one-year high of $88.47 and a one-year low of $41.15. Currently, Paylocity has an average volume of 242K.

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Paylocity Holding Corp. engages in the development and provision of cloud-based software solution. It offers cloud-based payroll, human capital management applications, time labor tracking, benefits administration, and talent management. The company was founded on November 6, 2013 and is headquartered in Arlington Heights, IL.