Paylocity (NASDAQ:PCTY) Price Target Raised to $250.00

Paylocity (NASDAQ:PCTY) had its target price lifted by Needham & Company LLC from $220.00 to $250.00 in a report issued on Friday morning,Benzinga reports. The brokerage currently has a buy rating on the software maker’s stock.

Several other equities analysts have also weighed in on PCTY. Piper Sandler increased their price objective on shares of Paylocity from $172.00 to $212.00 and gave the company an “overweight” rating in a research report on Thursday, October 31st. Barclays raised their price objective on shares of Paylocity from $174.00 to $180.00 and gave the stock an “equal weight” rating in a research report on Thursday, October 31st. Mizuho upgraded Paylocity from a “neutral” rating to an “outperform” rating and increased their target price for the stock from $200.00 to $235.00 in a research note on Friday, January 31st. Citigroup upgraded Paylocity from a “neutral” rating to a “buy” rating and boosted their price target for the company from $214.00 to $231.00 in a research note on Thursday, January 16th. Finally, BMO Capital Markets increased their price objective on Paylocity from $175.00 to $203.00 and gave the stock an “outperform” rating in a research report on Thursday, October 31st. Two equities research analysts have rated the stock with a hold rating and fifteen have given a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $233.25.

Paylocity Trading Down 2.9 %

Shares of Paylocity stock opened at $205.84 on Friday. The stock has a market cap of $11.48 billion, a P/E ratio of 52.78, a P/E/G ratio of 5.19 and a beta of 0.95. Paylocity has a 12-month low of $129.94 and a 12-month high of $223.80. The business’s 50 day moving average is $201.32 and its 200-day moving average is $180.76. The company has a quick ratio of 1.32, a current ratio of 1.32 and a debt-to-equity ratio of 0.29.

Paylocity (NASDAQ:PCTY) last released its quarterly earnings data on Thursday, February 6th. The software maker reported $0.82 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.42 by ($0.60). Paylocity had a net margin of 14.76% and a return on equity of 22.93%. Equities research analysts predict that Paylocity will post 4.46 earnings per share for the current fiscal year.

Insider Activity at Paylocity

In other news, Director Steven I. Sarowitz sold 15,444 shares of the company’s stock in a transaction that occurred on Wednesday, November 20th. The stock was sold at an average price of $195.43, for a total value of $3,018,220.92. Following the completion of the transaction, the director now owns 9,272,906 shares of the company’s stock, valued at $1,812,204,019.58. This represents a 0.17 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CAO Nicholas Rost sold 212 shares of Paylocity stock in a transaction on Tuesday, November 19th. The stock was sold at an average price of $193.29, for a total transaction of $40,977.48. Following the transaction, the chief accounting officer now owns 7,364 shares in the company, valued at approximately $1,423,387.56. This trade represents a 2.80 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 127,380 shares of company stock valued at $25,830,669 in the last 90 days. 21.91% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Paylocity

Several large investors have recently modified their holdings of PCTY. CIBC Asset Management Inc raised its position in shares of Paylocity by 3.6% in the 3rd quarter. CIBC Asset Management Inc now owns 1,652 shares of the software maker’s stock worth $273,000 after acquiring an additional 58 shares in the last quarter. Steward Partners Investment Advisory LLC grew its holdings in shares of Paylocity by 29.9% during the fourth quarter. Steward Partners Investment Advisory LLC now owns 274 shares of the software maker’s stock valued at $55,000 after buying an additional 63 shares during the last quarter. UMB Bank n.a. increased its holdings in Paylocity by 41.1% during the 4th quarter. UMB Bank n.a. now owns 247 shares of the software maker’s stock worth $49,000 after purchasing an additional 72 shares in the last quarter. PNC Financial Services Group Inc. raised its position in Paylocity by 2.5% in the 4th quarter. PNC Financial Services Group Inc. now owns 3,156 shares of the software maker’s stock valued at $630,000 after buying an additional 77 shares during the last quarter. Finally, Chicago Partners Investment Group LLC boosted its holdings in Paylocity by 3.7% during the third quarter. Chicago Partners Investment Group LLC now owns 2,282 shares of the software maker’s stock worth $395,000 after purchasing an additional 82 shares during the last quarter. 94.76% of the stock is currently owned by institutional investors and hedge funds.

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.