Paylocity (NASDAQ:PCTY) Price Target Raised to $188.00

by · The Markets Daily

Paylocity (NASDAQ:PCTY – Free Report) had its price objective increased by TD Cowen from $184.00 to $188.00 in a research report released on Thursday,Benzinga reports. The brokerage currently has a buy rating on the software maker’s stock.

Several other analysts have also recently weighed in on the company. BMO Capital Markets reduced their price target on Paylocity from $200.00 to $185.00 and set an “outperform” rating on the stock in a report on Wednesday, November 5th. Citizens Jmp cut their target price on shares of Paylocity from $270.00 to $245.00 and set a “market outperform” rating on the stock in a research report on Wednesday, November 5th. Stephens decreased their price target on shares of Paylocity from $200.00 to $170.00 and set an “equal weight” rating for the company in a research report on Wednesday, November 5th. BTIG Research started coverage on shares of Paylocity in a research note on Tuesday, December 16th. They set a “buy” rating and a $180.00 price target for the company. Finally, Weiss Ratings reissued a “hold (c-)” rating on shares of Paylocity in a research note on Monday, December 29th. One investment analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating and six have issued a Hold rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $205.16.

Get Our Latest Research Report on PCTY

Paylocity Stock Performance

NASDAQ PCTY opened at $150.39 on Thursday. The firm’s fifty day moving average price is $148.19 and its two-hundred day moving average price is $162.87. The stock has a market cap of $8.18 billion, a PE ratio of 37.69, a PEG ratio of 4.43 and a beta of 0.56. Paylocity has a fifty-two week low of $135.46 and a fifty-two week high of $223.80.

Paylocity (NASDAQ:PCTY – Get Free Report) last announced its quarterly earnings results on Tuesday, November 4th. The software maker reported $1.75 EPS for the quarter, beating analysts’ consensus estimates of $1.52 by $0.23. The company had revenue of $408.17 million during the quarter, compared to analysts’ expectations of $399.53 million. Paylocity had a return on equity of 22.07% and a net margin of 13.75%.Paylocity’s revenue was up 12.5% compared to the same quarter last year. During the same period in the prior year, the company earned $1.66 EPS. As a group, sell-side analysts predict that Paylocity will post 4.36 earnings per share for the current fiscal year.

Insider Buying and Selling at Paylocity

In other news, CFO Ryan Glenn sold 1,737 shares of the stock in a transaction on Wednesday, November 19th. The shares were sold at an average price of $143.65, for a total transaction of $249,520.05. Following the completion of the sale, the chief financial officer directly owned 77,229 shares in the company, valued at $11,093,945.85. This represents a 2.20% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. 19.40% of the stock is currently owned by company insiders.

Institutional Trading of Paylocity

A number of institutional investors have recently bought and sold shares of PCTY. SG Americas Securities LLC bought a new position in shares of Paylocity in the 4th quarter worth about $2,852,000. Assenagon Asset Management S.A. increased its holdings in Paylocity by 311.5% in the fourth quarter. Assenagon Asset Management S.A. now owns 432,070 shares of the software maker’s stock worth $65,891,000 after purchasing an additional 327,082 shares in the last quarter. True Wealth Design LLC increased its holdings in Paylocity by 43.4% in the fourth quarter. True Wealth Design LLC now owns 410 shares of the software maker’s stock worth $63,000 after purchasing an additional 124 shares in the last quarter. Wealth Enhancement Advisory Services LLC lifted its stake in Paylocity by 204.8% in the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 17,307 shares of the software maker’s stock valued at $2,648,000 after buying an additional 11,628 shares during the period. Finally, NorthCrest Asset Manangement LLC boosted its holdings in shares of Paylocity by 54.0% during the 4th quarter. NorthCrest Asset Manangement LLC now owns 2,939 shares of the software maker’s stock worth $441,000 after buying an additional 1,030 shares in the last quarter. Institutional investors own 94.76% of the company’s stock.

Paylocity Company Profile

(Get Free Report)

Paylocity (NASDAQ: PCTY) is a leading provider of cloud-based payroll and human capital management (HCM) software designed to streamline workforce administration for mid-sized organizations. The company’s integrated platform automates core functions such as payroll processing, benefits administration, time and labor tracking, and compliance management, enabling employers to manage employee data more efficiently and reduce administrative burdens.

In addition to payroll and HR capabilities, Paylocity offers talent management solutions including recruiting, onboarding, performance tracking, and learning management.

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