Barclays Boosts Paylocity (NASDAQ:PCTY) Price Target to $174.00

Paylocity (NASDAQ:PCTY) had its price objective upped by equities researchers at Barclays from $156.00 to $174.00 in a report issued on Friday, Benzinga reports. The firm presently has an “equal weight” rating on the software maker’s stock. Barclays‘s target price would suggest a potential upside of 5.48% from the company’s current price.

A number of other brokerages have also recently issued reports on PCTY. KeyCorp upped their target price on Paylocity from $171.00 to $182.00 and gave the company an “overweight” rating in a research report on Wednesday, October 2nd. Piper Sandler lowered their target price on shares of Paylocity from $194.00 to $172.00 and set an “overweight” rating on the stock in a research report on Friday, August 2nd. Jefferies Financial Group cut their target price on shares of Paylocity from $180.00 to $145.00 and set a “hold” rating on the stock in a report on Monday, June 24th. Truist Financial decreased their price target on shares of Paylocity from $200.00 to $195.00 and set a “buy” rating for the company in a research note on Wednesday, July 31st. Finally, BTIG Research dropped 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. Seven investment analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $181.07.

Paylocity Stock Up 1.4 %

Paylocity stock traded up $2.22 during mid-day trading on Friday, hitting $164.96. The company had a trading volume of 58,906 shares, compared to its average volume of 508,142. Paylocity has a 1 year low of $129.94 and a 1 year high of $205.66. The business has a fifty day moving average of $159.06 and a 200 day moving average of $154.50. The stock has a market cap of $9.17 billion, a price-to-earnings ratio of 45.32, a PEG ratio of 3.96 and a beta of 0.95.

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

Insider Transactions at Paylocity

In related news, CFO Ryan Glenn sold 1,400 shares of Paylocity stock in a transaction that occurred on Monday, July 15th. The stock was sold at an average price of $140.06, for a total value of $196,084.00. Following the sale, the chief financial officer now directly owns 31,074 shares in the company, valued at $4,352,224.44. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In other news, CFO Ryan Glenn sold 1,400 shares of the stock in a transaction dated Monday, July 15th. The shares were sold at an average price of $140.06, for a total value of $196,084.00. Following the completion of the transaction, the chief financial officer now owns 31,074 shares in the company, valued at $4,352,224.44. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Steven R. Beauchamp sold 49,442 shares of the business’s stock in a transaction dated Monday, July 22nd. The stock was sold at an average price of $142.68, for a total transaction of $7,054,384.56. Following the sale, the chief executive officer now directly owns 1,745,022 shares in the company, valued at approximately $248,979,738.96. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 51,632 shares of company stock valued at $7,379,399. Corporate insiders own 22.50% of the company’s stock.

Hedge Funds Weigh In On Paylocity

Several hedge funds have recently bought and sold shares of the company. UMB Bank n.a. grew its holdings in Paylocity by 1,650.0% in the third quarter. UMB Bank n.a. now owns 175 shares of the software maker’s stock valued at $29,000 after purchasing an additional 165 shares during the last quarter. RK Asset Management LLC purchased a new stake in shares of Paylocity in the 3rd quarter worth about $5,344,000. Handelsbanken Fonder AB grew its stake in Paylocity by 24.9% in the 3rd quarter. Handelsbanken Fonder AB now owns 12,551 shares of the software maker’s stock valued at $2,071,000 after acquiring an additional 2,500 shares during the last quarter. SG Americas Securities LLC increased its holdings in Paylocity by 20.7% during the 3rd quarter. SG Americas Securities LLC now owns 7,053 shares of the software maker’s stock valued at $1,164,000 after acquiring an additional 1,210 shares in the last quarter. Finally, Sanctuary Advisors LLC purchased a new position in Paylocity during the 2nd quarter valued at about $194,000. 94.76% of the stock is owned by hedge funds and other institutional investors.

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.