Analysts Set Paylocity Holding Co. (NASDAQ:PCTY) Price Target at $184.71

Shares of Paylocity Holding Co. (NASDAQ:PCTY) have been assigned a consensus recommendation of “Moderate Buy” from the fourteen analysts that are presently covering the company, Marketbeat.com reports. Four investment analysts have rated the stock with a hold recommendation and ten have issued a buy recommendation on the company. The average twelve-month target price among brokerages that have updated their coverage on the stock in the last year is $184.71.

Several brokerages have weighed in on PCTY. KeyCorp upped their target price on Paylocity from $182.00 to $187.00 and gave the stock an “overweight” rating in a research report on Friday. Needham & Company LLC reaffirmed a “buy” rating and set a $200.00 price objective on shares of Paylocity in a research report on Thursday, October 17th. BTIG Research decreased their target price on shares of Paylocity from $200.00 to $185.00 and set a “buy” rating for the company in a research report on Friday, August 2nd. Jefferies Financial Group upgraded shares of Paylocity from a “hold” rating to a “buy” rating and increased their price target for the stock from $145.00 to $200.00 in a research note on Tuesday, October 22nd. Finally, Piper Sandler reduced their price objective on shares of Paylocity from $194.00 to $172.00 and set an “overweight” rating for the company in a research note on Friday, August 2nd.

Paylocity Stock Up 0.8 %

PCTY stock opened at $175.13 on Friday. The company has a 50-day simple moving average of $162.93 and a 200 day simple moving average of $154.44. The company has a market capitalization of $9.76 billion, a P/E ratio of 48.11, a PEG ratio of 4.20 and a beta of 0.95. Paylocity has a fifty-two week low of $129.94 and a fifty-two week high of $184.77.

Paylocity (NASDAQ:PCTY) last released its earnings results on Thursday, August 1st. The software maker reported $1.48 EPS for the quarter, beating the consensus estimate of $1.29 by $0.19. The business had revenue of $357.30 million during the quarter, compared to analyst estimates of $350.29 million. Paylocity had a net margin of 14.74% and a return on equity of 22.17%. The business’s quarterly revenue was up 15.8% on a year-over-year basis. During the same period in the prior year, the business earned $0.76 earnings per share. Equities analysts anticipate that Paylocity will post 4.51 EPS for the current year.

Insider Activity

In related news, SVP Rachit Lohani sold 658 shares of the stock in a transaction that occurred on Wednesday, October 2nd. The shares were sold at an average price of $162.83, for a total transaction of $107,142.14. Following the transaction, the senior vice president now owns 39,764 shares in the company, valued at $6,474,772.12. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 21.91% of the company’s stock.

Institutional Trading of Paylocity

Several hedge funds have recently bought and sold shares of the stock. Price T Rowe Associates Inc. MD boosted its holdings in Paylocity by 3.3% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 8,833,794 shares of the software maker’s stock valued at $1,518,176,000 after acquiring an additional 278,607 shares during the period. Wasatch Advisors LP lifted its position in shares of Paylocity by 35.0% in the 1st quarter. Wasatch Advisors LP now owns 2,396,692 shares of the software maker’s stock worth $411,895,000 after purchasing an additional 621,946 shares during the period. Liontrust Investment Partners LLP boosted its stake in shares of Paylocity by 27.1% during the second quarter. Liontrust Investment Partners LLP now owns 810,314 shares of the software maker’s stock valued at $106,840,000 after purchasing an additional 172,807 shares in the last quarter. Van Berkom & Associates Inc. increased its holdings in Paylocity by 20.5% during the second quarter. Van Berkom & Associates Inc. now owns 579,801 shares of the software maker’s stock valued at $76,447,000 after buying an additional 98,478 shares during the period. Finally, Bank of New York Mellon Corp raised its stake in Paylocity by 4.7% in the second quarter. Bank of New York Mellon Corp now owns 472,686 shares of the software maker’s stock worth $62,324,000 after buying an additional 21,127 shares in the last quarter. Hedge funds and other institutional investors own 94.76% of the company’s stock.

About Paylocity

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.