Paylocity (NASDAQ:PCTY) Price Target Raised to $180.00

Paylocity (NASDAQ:PCTY) had its price objective raised by Barclays from $174.00 to $180.00 in a report released on Thursday, Benzinga reports. Barclays currently has an equal weight rating on the software maker’s stock.

PCTY has been the topic of a number of other reports. JMP Securities reiterated a “market outperform” rating and issued a $250.00 price objective on shares of Paylocity in a report on Monday, August 5th. Jefferies Financial Group lifted their price target on shares of Paylocity from $200.00 to $215.00 and gave the company a “buy” rating in a research note on Thursday. BTIG Research reduced their price objective on shares of Paylocity from $200.00 to $185.00 and set a “buy” rating for the company in a research note on Friday, August 2nd. Piper Sandler raised their price objective on Paylocity from $172.00 to $212.00 and gave the company an “overweight” rating in a report on Thursday. Finally, KeyCorp upped their target price on Paylocity from $182.00 to $187.00 and gave the stock an “overweight” rating in a report on Friday, October 25th. Four investment analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $193.87.

Paylocity Price Performance

Shares of NASDAQ PCTY opened at $191.76 on Thursday. The company has a fifty day moving average price of $165.67 and a 200 day moving average price of $155.07. Paylocity has a 1-year low of $129.94 and a 1-year high of $192.61. The firm has a market cap of $10.69 billion, a PE ratio of 49.04, a PEG ratio of 4.46 and a beta of 0.93. 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 (NASDAQ:PCTY) last posted its quarterly earnings data on Thursday, August 1st. The software maker reported $1.48 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.29 by $0.19. The business had revenue of $357.30 million during the quarter, compared to the consensus estimate of $350.29 million. Paylocity had a return on equity of 22.92% and a net margin of 15.32%. Paylocity’s quarterly revenue was up 15.8% on a year-over-year basis. During the same period last year, the company earned $0.76 earnings per share. Research analysts predict that Paylocity will post 4.51 earnings per share for the current fiscal year.

Insider Buying and Selling at Paylocity

In other news, SVP Rachit Lohani sold 658 shares of the firm’s stock in a transaction dated Wednesday, October 2nd. The shares were sold at an average price of $162.83, for a total transaction of $107,142.14. Following the completion of the sale, the senior vice president now owns 39,764 shares in the company, valued at approximately $6,474,772.12. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Corporate insiders own 21.91% of the company’s stock.

Hedge Funds Weigh In On Paylocity

A number of large investors have recently made changes to their positions in the company. UMB Bank n.a. boosted its stake in Paylocity by 1,650.0% in the 3rd 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 period. Rothschild Investment LLC acquired a new stake in shares of Paylocity during the second quarter worth $40,000. J.Safra Asset Management Corp boosted its position in shares of Paylocity by 80.0% in the first 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. Signaturefd LLC grew its stake in shares of Paylocity by 121.0% in the third quarter. Signaturefd LLC now owns 305 shares of the software maker’s stock valued at $50,000 after acquiring an additional 167 shares in the last quarter. Finally, RiverPark Advisors LLC increased its position in Paylocity by 152.0% during the first quarter. RiverPark Advisors LLC now owns 383 shares of the software maker’s stock worth $66,000 after acquiring an additional 231 shares during the period. Institutional investors own 94.76% of the company’s stock.

Paylocity Company Profile

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.