Paylocity (NASDAQ:PCTY) Earns Buy Rating from Needham & Company LLC

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

Several other research firms have also recently issued reports on PCTY. Piper Sandler dropped their target price on Paylocity from $194.00 to $172.00 and set an “overweight” rating on the stock in a research report on Friday, August 2nd. TD Cowen lowered their price target on Paylocity from $180.00 to $153.00 and set a “buy” rating on the stock in a report on Thursday, June 20th. KeyCorp upped their price target on Paylocity from $171.00 to $182.00 and gave the stock an “overweight” rating in a report on Wednesday, October 2nd. Barclays upped their price target on Paylocity from $156.00 to $174.00 and gave the stock an “equal weight” rating in a report on Friday, October 11th. Finally, BTIG Research lowered their price target on Paylocity from $200.00 to $185.00 and set a “buy” rating on the stock in a report on Friday, August 2nd. Seven investment analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $182.40.

Paylocity Stock Down 0.7 %

PCTY opened at $170.28 on Thursday. Paylocity has a 52 week low of $129.94 and a 52 week high of $203.62. The business has a fifty day simple moving average of $160.48 and a 200-day simple moving average of $154.39. The firm has a market cap of $9.61 billion, a P/E ratio of 49.50, a P/E/G ratio of 3.96 and a beta of 0.95.

Paylocity (NASDAQ:PCTY) last posted its quarterly earnings results on Thursday, August 1st. The software maker reported $1.48 earnings per share 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 company 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 earned $0.76 earnings per share. Paylocity’s quarterly revenue was up 15.8% on a year-over-year basis. Sell-side analysts expect that Paylocity will post 4.51 earnings per share for the current year.

Insider Buying and Selling at Paylocity

In other news, CEO Steven R. Beauchamp sold 49,442 shares of the stock in a transaction on 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 completion of the sale, the chief executive officer now owns 1,745,022 shares of the company’s stock, valued at $248,979,738.96. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In related news, SVP Rachit Lohani sold 658 shares of the firm’s stock in a transaction dated Wednesday, October 2nd. The shares were sold at an average price of $162.83, for a total value of $107,142.14. Following the completion of 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 position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, 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 in the company, valued at approximately $248,979,738.96. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 50,232 shares of company stock valued at $7,183,315. Corporate insiders own 22.50% of the company’s stock.

Institutional Inflows and Outflows

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