Paylocity (NASDAQ:PCTY) Given New $203.00 Price Target at BMO Capital Markets

Paylocity (NASDAQ:PCTY) had its price objective increased by BMO Capital Markets from $175.00 to $203.00 in a report released on Thursday, Benzinga reports. They currently have an outperform rating on the software maker’s stock.

Several other research analysts have also weighed in on PCTY. Truist Financial reduced their target price on Paylocity from $200.00 to $195.00 and set a “buy” rating on the stock in a report on Wednesday, July 31st. JMP Securities reissued a “market outperform” rating and issued a $250.00 target price on shares of Paylocity in a research report on Monday, August 5th. Jefferies Financial Group raised Paylocity from a “hold” rating to a “buy” rating and lifted their target price for the company from $145.00 to $200.00 in a research report on Tuesday, October 22nd. BTIG Research lowered their price target on Paylocity from $200.00 to $185.00 and set a “buy” rating on the stock in a research report on Friday, August 2nd. Finally, Piper Sandler boosted their price target on Paylocity from $172.00 to $212.00 and gave the stock an “overweight” rating in a research report on Thursday. Four investment analysts have rated the stock with a hold rating and twelve have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $193.87.

Paylocity Trading Up 3.9 %

NASDAQ:PCTY opened at $191.76 on Thursday. The company has a current ratio of 1.32, a quick ratio of 1.13 and a debt-to-equity ratio of 0.29. Paylocity has a 1-year low of $129.94 and a 1-year high of $192.61. The firm has a market capitalization of $10.69 billion, a price-to-earnings ratio of 49.04, a PEG ratio of 4.46 and a beta of 0.93. The business’s 50-day moving average price is $165.67 and its two-hundred day moving average price is $155.06.

Paylocity (NASDAQ:PCTY) last announced 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. The business had revenue of $357.30 million for the quarter, compared to the consensus estimate of $350.29 million. Paylocity had a net margin of 15.32% and a return on equity of 22.92%. Paylocity’s revenue for the quarter was up 15.8% on a year-over-year basis. During the same period last year, the company posted $0.76 EPS. On average, equities analysts expect that Paylocity will post 4.51 earnings per share for the current year.

Insider Activity at Paylocity

In related news, SVP Rachit Lohani sold 658 shares of the business’s stock in a transaction 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 completion of the sale, the senior vice president now directly owns 39,764 shares in the company, valued at $6,474,772.12. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. 21.91% of the stock is currently owned by corporate insiders.

Institutional Trading of Paylocity

Institutional investors have recently modified their holdings of the stock. FORA Capital LLC bought a new stake in shares of Paylocity during the 1st quarter valued at $1,540,000. BNP Paribas Financial Markets raised its holdings in shares of Paylocity by 55.2% during the 1st quarter. BNP Paribas Financial Markets now owns 36,818 shares of the software maker’s stock worth $6,328,000 after buying an additional 13,093 shares in the last quarter. Cetera Advisors LLC acquired a new position in shares of Paylocity during the 1st quarter worth $729,000. Price T Rowe Associates Inc. MD raised its holdings in shares of 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 worth $1,518,176,000 after buying an additional 278,607 shares in the last quarter. Finally, Capital Research Global Investors acquired a new position in shares of Paylocity during the 1st quarter worth $46,902,000. 94.76% of the stock is currently owned by institutional investors.

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.