Mizuho Raises Paylocity (NASDAQ:PCTY) Price Target to $175.00

Paylocity (NASDAQ:PCTY) had its price target boosted by Mizuho from $155.00 to $175.00 in a research report released on Monday, Benzinga reports. Mizuho currently has a neutral rating on the software maker’s stock.

Other analysts have also recently issued reports about the stock. Needham & Company LLC reissued a “buy” rating and issued a $200.00 price objective on shares of Paylocity in a research note on Thursday, September 5th. Truist Financial cut their target price on Paylocity from $200.00 to $195.00 and set a “buy” rating on the stock in a research note on Wednesday, July 31st. Citigroup reduced their price objective on Paylocity from $178.00 to $155.00 and set a “neutral” rating on the stock in a report on Tuesday, June 18th. Barclays lifted their target price on shares of Paylocity from $156.00 to $174.00 and gave the stock an “equal weight” rating in a research note on Friday, October 11th. Finally, BTIG Research lowered their price target on Paylocity from $200.00 to $185.00 and set a “buy” rating for the company in a research report on Friday, August 2nd. Seven research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $182.40.

Paylocity Stock Up 1.4 %

Shares of NASDAQ PCTY opened at $171.42 on Monday. Paylocity has a twelve month low of $129.94 and a twelve month high of $205.48. The company has a 50 day moving average of $160.21 and a 200 day moving average of $154.28. The firm has a market cap of $9.67 billion, a P/E ratio of 49.83, a PEG ratio of 3.96 and a beta of 0.95.

Paylocity (NASDAQ:PCTY) last issued its quarterly earnings data on Thursday, August 1st. The software maker reported $1.48 EPS for the quarter, topping the consensus estimate of $1.29 by $0.19. The company had revenue of $357.30 million during the quarter, compared to analyst estimates of $350.29 million. Paylocity had a return on equity of 22.17% and a net margin of 14.74%. Paylocity’s revenue was up 15.8% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.76 earnings per share. As a group, equities analysts expect that Paylocity will post 4.51 earnings per share for the current fiscal year.

Insider Buying and Selling at Paylocity

In other Paylocity news, CEO Steven R. Beauchamp sold 49,442 shares of Paylocity stock in a transaction dated Monday, July 22nd. The shares were sold at an average price of $142.68, for a total transaction 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 $248,979,738.96. The trade was 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 accessible through the SEC website. In other Paylocity news, SVP Rachit Lohani sold 658 shares of Paylocity stock in a transaction dated Wednesday, October 2nd. The stock was sold at an average price of $162.83, for a total value of $107,142.14. Following the completion of the transaction, the senior vice president now directly owns 39,764 shares of the company’s stock, valued at $6,474,772.12. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Steven R. Beauchamp sold 49,442 shares of Paylocity stock in a transaction 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 transaction, the chief executive officer now owns 1,745,022 shares of the company’s stock, valued at approximately $248,979,738.96. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 50,232 shares of company stock worth $7,183,315 in the last three months. 22.50% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the business. UMB Bank n.a. grew its position in shares of Paylocity by 1,650.0% during the third quarter. UMB Bank n.a. now owns 175 shares of the software maker’s stock worth $29,000 after acquiring an additional 165 shares during the last quarter. Rothschild Investment LLC acquired a new position in Paylocity in the 2nd quarter valued at about $40,000. J.Safra Asset Management Corp raised its stake in shares of Paylocity by 80.0% during the first quarter. J.Safra Asset Management Corp now owns 243 shares of the software maker’s stock worth $42,000 after purchasing an additional 108 shares during the last quarter. GAMMA Investing LLC lifted its stake in shares of Paylocity by 34.7% in the 1st quarter. GAMMA Investing LLC now owns 303 shares of the software maker’s stock worth $52,000 after acquiring an additional 78 shares during the period. Finally, RiverPark Advisors LLC boosted its holdings in Paylocity by 152.0% in the 1st quarter. RiverPark Advisors LLC now owns 383 shares of the software maker’s stock valued at $66,000 after purchasing an additional 231 shares in the last quarter. 94.76% of the stock is owned by institutional investors and hedge funds.

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.