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 released on Thursday, Benzinga reports. The brokerage currently has a $200.00 price target on the software maker’s stock.

PCTY has been the subject of a number of other reports. Robert W. Baird lowered their price objective on Paylocity from $225.00 to $195.00 and set an outperform rating for the company in a research report on Tuesday, June 18th. Jefferies Financial Group lowered their price target on shares of Paylocity from $180.00 to $145.00 and set a hold rating for the company in a report on Monday, June 24th. JMP Securities reaffirmed a market outperform rating and issued a $250.00 price objective on shares of Paylocity in a research note on Monday, August 5th. Citigroup lowered their target price on shares of Paylocity from $178.00 to $155.00 and set a neutral rating for the company in a research note on Tuesday, June 18th. Finally, BTIG Research dropped their target price on shares of 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 issued a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of Moderate Buy and an average price target of $179.13.

Paylocity Price Performance

NASDAQ:PCTY opened at $153.70 on Thursday. Paylocity has a one year low of $129.94 and a one year high of $206.28. The company has a market cap of $8.54 billion, a PE ratio of 44.68, a P/E/G ratio of 3.91 and a beta of 0.94. The firm’s 50 day simple moving average is $149.09 and its 200 day simple moving average is $155.65.

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

Insiders Place Their Bets

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

Institutional Investors Weigh In On Paylocity

Several institutional investors have recently bought and sold shares of the stock. Sanctuary Advisors LLC purchased a new position in Paylocity during the 2nd quarter worth $194,000. Point72 Asset Management L.P. bought a new stake in Paylocity in the 2nd quarter worth about $10,641,000. Scientech Research LLC purchased a new stake in Paylocity in the 2nd quarter valued at about $1,318,000. Millennium Management LLC lifted its position in shares of Paylocity by 435.2% during the 2nd quarter. Millennium Management LLC now owns 331,253 shares of the software maker’s stock worth $43,676,000 after buying an additional 269,354 shares in the last quarter. Finally, MBB Public Markets I LLC purchased a new position in shares of Paylocity in the 2nd quarter worth approximately $400,000. Institutional investors own 94.76% of the company’s stock.

About Paylocity

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.