Barclays Boosts Paylocity (NASDAQ:PCTY) Price Target to $174.00

Paylocity (NASDAQ:PCTY) had its price target lifted by Barclays from $156.00 to $174.00 in a report published on Friday, Benzinga reports. Barclays currently has an equal weight rating on the software maker’s stock.

Several other analysts have also weighed in on the company. TD Cowen reduced their price objective on Paylocity from $180.00 to $153.00 and set a buy rating on the stock in a research note on Thursday, June 20th. KeyCorp raised their price target on shares of Paylocity from $171.00 to $182.00 and gave the company an overweight rating in a research note on Wednesday, October 2nd. Piper Sandler lowered their price objective on shares of Paylocity from $194.00 to $172.00 and set an overweight rating for the company in a research report on Friday, August 2nd. Robert W. Baird cut their target price on shares of Paylocity from $225.00 to $195.00 and set an outperform rating on the stock in a research report on Tuesday, June 18th. Finally, Jefferies Financial Group decreased their target price on shares of Paylocity from $180.00 to $145.00 and set a hold rating on the stock in a research note on Monday, June 24th. Seven investment analysts have rated the stock with a hold rating and nine have given a buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of Moderate Buy and a consensus price target of $181.07.

Paylocity Stock Up 1.1 %

Shares of Paylocity stock opened at $164.51 on Friday. The firm’s 50-day moving average price is $159.18 and its two-hundred day moving average price is $154.34. The company has a market capitalization of $9.28 billion, a price-to-earnings ratio of 47.82, a PEG ratio of 3.96 and a beta of 0.95. Paylocity has a 12-month low of $129.94 and a 12-month high of $205.66.

Paylocity (NASDAQ:PCTY) last announced its quarterly earnings data on Thursday, August 1st. The software maker reported $1.48 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.29 by $0.19. Paylocity had a net margin of 14.74% and a return on equity of 22.17%. The business had revenue of $357.30 million for the quarter, compared to analysts’ expectations of $350.29 million. During the same period last year, the firm posted $0.76 earnings per share. The firm’s quarterly revenue was up 15.8% compared to the same quarter last year. On average, sell-side analysts expect that Paylocity will post 4.51 earnings per share for the current year.

Insider Activity at Paylocity

In other Paylocity news, CEO Steven R. Beauchamp sold 49,442 shares of the business’s stock in a transaction that occurred on Monday, July 22nd. The stock was sold at an average price of $142.68, for a total value of $7,054,384.56. Following the transaction, the chief executive officer now directly owns 1,745,022 shares of the company’s stock, valued at approximately $248,979,738.96. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, SVP Rachit Lohani sold 658 shares of the company’s stock in a transaction that occurred on Wednesday, October 2nd. The stock was sold at an average price of $162.83, for a total transaction of $107,142.14. Following the transaction, the senior vice president now directly owns 39,764 shares of the company’s stock, valued at approximately $6,474,772.12. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Steven R. Beauchamp sold 49,442 shares of the firm’s stock in a transaction that occurred on Monday, July 22nd. The shares were sold at an average price of $142.68, for a total value of $7,054,384.56. Following the completion of the sale, the chief executive officer now directly owns 1,745,022 shares of the company’s stock, valued at $248,979,738.96. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 50,232 shares of company stock worth $7,183,315 in the last 90 days. Corporate insiders own 22.50% of the company’s stock.

Hedge Funds Weigh In On Paylocity

A number of large investors have recently modified their holdings of PCTY. GAMMA Investing LLC raised its holdings in Paylocity by 34.7% during the first quarter. GAMMA Investing LLC now owns 303 shares of the software maker’s stock worth $52,000 after buying an additional 78 shares during the last quarter. Daiwa Securities Group Inc. raised its holdings in shares of Paylocity by 3.6% in the 1st quarter. Daiwa Securities Group Inc. now owns 2,900 shares of the software maker’s stock worth $498,000 after acquiring an additional 100 shares during the last quarter. King Luther Capital Management Corp lifted its position in Paylocity by 1.0% in the 2nd quarter. King Luther Capital Management Corp now owns 9,981 shares of the software maker’s stock valued at $1,316,000 after acquiring an additional 103 shares in the last quarter. J.Safra Asset Management Corp boosted its stake in Paylocity by 80.0% during the 1st quarter. J.Safra Asset Management Corp now owns 243 shares of the software maker’s stock valued at $42,000 after purchasing an additional 108 shares during the last quarter. Finally, SkyOak Wealth LLC increased its holdings in Paylocity by 7.1% during the 2nd quarter. SkyOak Wealth LLC now owns 1,837 shares of the software maker’s stock worth $242,000 after purchasing an additional 122 shares in the last quarter. 94.76% of the stock is currently owned by institutional investors.

Paylocity Company Profile

Paylocity Holding Corporation engages in the provision of cloud-based human capital management and payroll software solutions for workforce in the United States. The company offers payroll software solution for global payroll, expense management, tax services, on demand payment, and garnishment managed services; and time and labor management software for time and attendance, scheduling, and time collection.