Paylocity’s (PCTY) Buy Rating Reiterated at Needham & Company LLC

Needham & Company LLC reissued their buy rating on shares of Paylocity (NASDAQ:PCTY) in a report published on Thursday morning, Benzinga reports. They currently have a $200.00 target price on the software maker’s stock.

A number of other research analysts have also weighed in on PCTY. Barclays raised their price objective on shares of Paylocity from $156.00 to $174.00 and gave the company an “equal weight” rating in a research note on Friday, October 11th. BTIG Research cut their price target on Paylocity from $200.00 to $185.00 and set a “buy” rating for the company in a research note on Friday, August 2nd. JMP Securities reissued a “market outperform” rating and issued a $250.00 price objective on shares of Paylocity in a research note on Monday, August 5th. Mizuho raised their target price on Paylocity from $155.00 to $175.00 and gave the company a “neutral” rating in a report on Monday, October 14th. Finally, Piper Sandler decreased their price target on Paylocity from $194.00 to $172.00 and set an “overweight” rating for the company in a report on Friday, August 2nd. Seven equities research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $182.40.

Paylocity Price Performance

Shares of PCTY opened at $172.09 on Thursday. Paylocity has a one year low of $129.94 and a one year high of $200.29. The company has a market cap of $9.56 billion, a PE ratio of 47.28, a P/E/G ratio of 4.07 and a beta of 0.95. The stock has a 50-day moving average of $160.82 and a 200-day moving average of $154.34.

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

Insider Activity

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 value of $107,142.14. Following the transaction, the senior vice president now owns 39,764 shares in the company, valued at approximately $6,474,772.12. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In related news, CEO Steven R. Beauchamp sold 49,442 shares of Paylocity stock in a transaction dated 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 completion of the sale, 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 position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, SVP Rachit Lohani sold 658 shares of the company’s stock in a transaction dated Wednesday, October 2nd. The shares were sold at an average price of $162.83, for a total transaction of $107,142.14. Following the sale, the senior vice president now directly owns 39,764 shares in the company, valued at approximately $6,474,772.12. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 50,232 shares of company stock valued at $7,183,315 in the last three months. Company insiders own 22.50% of the company’s stock.

Institutional Trading of Paylocity

Several hedge funds and other institutional investors have recently modified their holdings of the business. Price T Rowe Associates Inc. MD grew its stake in Paylocity by 3.3% in 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 buying an additional 278,607 shares in the last quarter. Vanguard Group Inc. grew its position in shares of Paylocity by 0.3% in the fourth quarter. Vanguard Group Inc. now owns 4,158,224 shares of the software maker’s stock valued at $685,483,000 after purchasing an additional 13,962 shares in the last quarter. Wasatch Advisors LP raised its stake in shares of Paylocity by 35.0% during the 1st quarter. Wasatch Advisors LP now owns 2,396,692 shares of the software maker’s stock valued at $411,895,000 after purchasing an additional 621,946 shares during the period. Liontrust Investment Partners LLP lifted its holdings in Paylocity by 27.1% during the 2nd quarter. Liontrust Investment Partners LLP now owns 810,314 shares of the software maker’s stock worth $106,840,000 after purchasing an additional 172,807 shares in the last quarter. Finally, Van Berkom & Associates Inc. boosted its stake in Paylocity by 20.5% in the 2nd quarter. Van Berkom & Associates Inc. now owns 579,801 shares of the software maker’s stock worth $76,447,000 after purchasing an additional 98,478 shares during the period. Institutional investors own 94.76% of the company’s stock.

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.