Paylocity (NASDAQ:PCTY) Stock Rating Reaffirmed by JMP Securities

JMP Securities reissued their market outperform rating on shares of Paylocity (NASDAQ:PCTY) in a research note issued to investors on Monday, Benzinga reports. JMP Securities currently has a $250.00 target price on the software maker’s stock.

Other equities analysts have also recently issued research reports about the stock. BTIG Research lowered their price objective on shares of Paylocity from $200.00 to $185.00 and set a buy rating on the stock in a research note on Friday, August 2nd. Truist Financial decreased their price target on shares of Paylocity from $200.00 to $195.00 and set a buy rating on the stock in a research report on Wednesday, July 31st. Jefferies Financial Group cut their price objective on Paylocity from $180.00 to $145.00 and set a hold rating for the company in a research report on Monday, June 24th. Citigroup decreased their target price on Paylocity from $178.00 to $155.00 and set a neutral rating on the stock in a report on Tuesday, June 18th. Finally, Stifel Nicolaus reduced their target price on Paylocity from $205.00 to $185.00 and set a buy rating for the company in a report on Wednesday, June 5th. Seven analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of Moderate Buy and a consensus price target of $179.13.

Paylocity Price Performance

Paylocity stock opened at $156.88 on Monday. Paylocity has a 12-month low of $129.94 and a 12-month high of $206.28. The stock has a market capitalization of $8.85 billion, a PE ratio of 45.66, a price-to-earnings-growth ratio of 2.59 and a beta of 0.92. The firm has a 50 day simple moving average of $140.71 and a 200-day simple moving average of $156.85.

Paylocity (NASDAQ:PCTY) last released its earnings results on Thursday, August 1st. The software maker reported $1.48 earnings per share for the quarter, topping analysts’ consensus estimates of $1.29 by $0.19. Paylocity had a return on equity of 22.40% and a net margin of 14.74%. The firm had revenue of $357.30 million during the quarter, compared to the consensus estimate of $350.29 million. During the same period in the prior year, the firm posted $0.76 earnings per share. The firm’s revenue for the quarter was up 15.8% compared to the same quarter last year. On average, analysts forecast that Paylocity will post 4.14 earnings per share for the current fiscal year.

Insider Buying and Selling at Paylocity

In other Paylocity news, CFO Ryan Glenn sold 1,400 shares of Paylocity stock in a transaction on Monday, July 15th. The shares were sold at an average price of $140.06, for a total transaction of $196,084.00. Following the completion of the sale, the chief financial officer now owns 31,074 shares of the company’s stock, valued at approximately $4,352,224.44. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other news, CFO Ryan Glenn sold 1,400 shares of the firm’s stock in a transaction dated Monday, July 15th. The stock was sold at an average price of $140.06, for a total transaction of $196,084.00. Following the completion of the sale, the chief financial officer now directly owns 31,074 shares of the company’s stock, valued at approximately $4,352,224.44. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CAO Nicholas Rost sold 331 shares of Paylocity stock in a transaction dated Monday, June 17th. The shares were sold at an average price of $138.73, for a total value of $45,919.63. Following the sale, the chief accounting officer now owns 4,751 shares of the company’s stock, valued at $659,106.23. The disclosure for this sale can be found here. In the last quarter, insiders have sold 51,173 shares of company stock worth $7,296,388. 22.50% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the stock. Price T Rowe Associates Inc. MD grew its position in shares of Paylocity by 3.3% in the first 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 purchasing an additional 278,607 shares during the last quarter. Vanguard Group Inc. grew its holdings in Paylocity by 0.3% in the 4th quarter. Vanguard Group Inc. now owns 4,158,224 shares of the software maker’s stock valued at $685,483,000 after buying an additional 13,962 shares during the last quarter. Wasatch Advisors LP increased its position in 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 buying an additional 621,946 shares during the period. Capital International Investors lifted its holdings in shares of Paylocity by 119.0% during the fourth quarter. Capital International Investors now owns 1,211,021 shares of the software maker’s stock worth $199,637,000 after buying an additional 658,057 shares during the last quarter. Finally, Liontrust Investment Partners LLP boosted its position in shares of Paylocity by 27.1% in the second quarter. Liontrust Investment Partners LLP now owns 810,314 shares of the software maker’s stock valued at $106,840,000 after acquiring an additional 172,807 shares during the period. 94.76% of the stock is owned by institutional investors.

Paylocity Company Profile

Paylocity Holding Corporation provides cloud-based human capital management and payroll software solutions for workforce in the United States. The company offers Payroll and Tax Services solution to simplifies payroll, automates processes, and manages compliance requirements within one system; and expense management, on demand payment, and garnishment solutions.