Paylocity (NASDAQ:PCTY) Given New $215.00 Price Target at Jefferies Financial Group

Paylocity (NASDAQ:PCTY) had its price objective raised by Jefferies Financial Group from $200.00 to $215.00 in a research note issued to investors on Thursday, Benzinga reports. The firm currently has a buy rating on the software maker’s stock.

Several other brokerages have also issued reports on PCTY. Mizuho boosted their price target on Paylocity from $155.00 to $175.00 and gave the company a “neutral” rating in a research note on Monday, October 14th. BTIG Research dropped their price target on Paylocity from $200.00 to $185.00 and set a “buy” rating on the stock in a research note on Friday, August 2nd. Needham & Company LLC upped their target price on Paylocity from $200.00 to $220.00 and gave the stock a “buy” rating in a research report on Thursday. JMP Securities reaffirmed a “market outperform” rating and set a $250.00 target price on shares of Paylocity in a research report on Monday, August 5th. Finally, Truist Financial lowered their target price on Paylocity from $200.00 to $195.00 and set a “buy” rating on the stock in a research report on Wednesday, July 31st. Four research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company. According to data from MarketBeat, Paylocity presently has an average rating of “Moderate Buy” and an average price target of $193.87.

Paylocity Price Performance

Shares of PCTY opened at $191.76 on Thursday. Paylocity has a 52-week low of $129.94 and a 52-week high of $192.61. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.13 and a current ratio of 1.32. The business’s 50 day moving average price is $165.67 and its two-hundred day moving average price is $155.06. The firm has a market cap of $10.69 billion, a PE ratio of 49.04, a price-to-earnings-growth ratio of 4.46 and a beta of 0.93.

Paylocity (NASDAQ:PCTY) last issued its quarterly earnings results 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. Paylocity had a return on equity of 22.92% and a net margin of 15.32%. The firm had revenue of $357.30 million for the quarter, compared to analyst estimates of $350.29 million. During the same period in the previous year, the firm earned $0.76 earnings per share. The company’s revenue was up 15.8% compared to the same quarter last year. On average, equities analysts anticipate that Paylocity will post 4.51 EPS for the current year.

Insider Buying and Selling at Paylocity

In other news, SVP Rachit Lohani sold 658 shares of the stock in a transaction that occurred 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 sale, the senior vice president now directly owns 39,764 shares in the company, valued at approximately $6,474,772.12. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Company insiders own 21.91% of the company’s stock.

Institutional Trading of Paylocity

Hedge funds and other institutional investors have recently made changes to their positions in the business. Price T Rowe Associates Inc. MD raised its stake in Paylocity by 3.3% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 8,833,794 shares of the software maker’s stock worth $1,518,176,000 after acquiring an additional 278,607 shares during the last quarter. Liontrust Investment Partners LLP raised its stake in shares of Paylocity by 27.1% during the 2nd quarter. Liontrust Investment Partners LLP now owns 810,314 shares of the software maker’s stock valued at $106,840,000 after buying an additional 172,807 shares during the last quarter. Van Berkom & Associates Inc. grew its position in shares of Paylocity by 20.5% during the 2nd quarter. Van Berkom & Associates Inc. now owns 579,801 shares of the software maker’s stock valued at $76,447,000 after acquiring an additional 98,478 shares during the period. Bank of New York Mellon Corp grew its position in shares of Paylocity by 4.7% during the 2nd quarter. Bank of New York Mellon Corp now owns 472,686 shares of the software maker’s stock valued at $62,324,000 after acquiring an additional 21,127 shares during the period. Finally, Dimensional Fund Advisors LP grew its position in shares of Paylocity by 58.3% during the 2nd quarter. Dimensional Fund Advisors LP now owns 335,946 shares of the software maker’s stock valued at $44,296,000 after acquiring an additional 123,744 shares during the period. Hedge funds and other 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.