Paylocity (NASDAQ:PCTY) Sets New 52-Week High on Analyst Upgrade

Paylocity Holding Co. (NASDAQ:PCTY)’s share price reached a new 52-week high during trading on Thursday after BMO Capital Markets raised their price target on the stock from $175.00 to $203.00. BMO Capital Markets currently has an outperform rating on the stock. Paylocity traded as high as $192.61 and last traded at $191.04, with a volume of 169598 shares. The stock had previously closed at $178.16.

A number of other research analysts have also recently weighed in on the stock. Piper Sandler lifted their price objective on shares of Paylocity from $172.00 to $212.00 and gave the company an “overweight” rating in a report on Thursday. Needham & Company LLC increased their target price on Paylocity from $200.00 to $220.00 and gave the company a “buy” rating in a research report on Thursday. JMP Securities reissued a “market outperform” rating and issued a $250.00 price target on shares of Paylocity in a report on Monday, August 5th. KeyCorp increased their price objective on shares of Paylocity from $182.00 to $187.00 and gave the company an “overweight” rating in a report on Friday, October 25th. Finally, Barclays boosted their target price on shares of Paylocity from $156.00 to $174.00 and gave the stock an “equal weight” rating in a research note on Friday, October 11th. Five research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $189.93.

Insider Activity at Paylocity

In other Paylocity news, SVP Rachit Lohani sold 658 shares of the company’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. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 21.91% of the company’s stock.

Institutional Investors Weigh In On Paylocity

A number of institutional investors have recently made changes to their positions in the stock. Chicago Partners Investment Group LLC lifted its stake 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 in the last quarter. Daiwa Securities Group Inc. lifted its stake in Paylocity by 3.6% during the 1st quarter. Daiwa Securities Group Inc. now owns 2,900 shares of the software maker’s stock worth $498,000 after acquiring an additional 100 shares in the last quarter. King Luther Capital Management Corp lifted its stake in Paylocity by 1.0% during the 2nd 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 in the last quarter. J.Safra Asset Management Corp boosted its holdings in Paylocity by 80.0% during the 1st quarter. J.Safra Asset Management Corp now owns 243 shares of the software maker’s stock valued at $42,000 after acquiring an additional 108 shares during the period. Finally, SkyOak Wealth LLC increased its stake in Paylocity by 7.1% during the 2nd quarter. SkyOak Wealth LLC now owns 1,837 shares of the software maker’s stock worth $242,000 after buying an additional 122 shares during the period. 94.76% of the stock is currently owned by institutional investors and hedge funds.

Paylocity Stock Up 6.3 %

The firm has a market cap of $10.56 billion, a PE ratio of 52.48, a price-to-earnings-growth ratio of 4.20 and a beta of 0.95. The business has a 50-day moving average price of $164.34 and a two-hundred day moving average price of $154.70.

Paylocity (NASDAQ:PCTY) last released its quarterly earnings data on Thursday, August 1st. The software maker reported $1.48 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.29 by $0.19. The company had revenue of $357.30 million during the quarter, compared to the consensus estimate 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 prior year, the firm posted $0.76 earnings per share. On average, equities research analysts predict that Paylocity Holding Co. will post 4.51 earnings per share for the current fiscal year.

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.