Needham & Company LLC Increases Paylocity (NASDAQ:PCTY) Price Target to $220.00

Paylocity (NASDAQ:PCTY) had its target price boosted by Needham & Company LLC from $200.00 to $220.00 in a research note issued to investors on Thursday, Benzinga reports. The brokerage currently has a “buy” rating on the software maker’s stock. Needham & Company LLC’s price objective points to a potential upside of 14.73% from the company’s previous close.

Other research analysts also recently issued research reports about the stock. JMP Securities reiterated a “market outperform” rating and issued a $250.00 price target on shares of Paylocity in a research note on Monday, August 5th. Piper Sandler decreased their price target on shares of Paylocity from $194.00 to $172.00 and set an “overweight” rating for the company in a research note on Friday, August 2nd. Mizuho lifted their price target on shares of Paylocity from $155.00 to $175.00 and gave the stock a “neutral” rating in a research note on Monday, October 14th. Jefferies Financial Group upgraded shares of Paylocity from a “hold” rating to a “buy” rating and lifted their price target for the stock from $145.00 to $200.00 in a research note on Tuesday, October 22nd. Finally, Barclays lifted their price target 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. Four equities research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company. Based on data from MarketBeat.com, Paylocity currently has an average rating of “Moderate Buy” and a consensus price target of $193.87.

Paylocity Stock Performance

NASDAQ PCTY opened at $191.76 on Thursday. The firm has a 50 day simple moving average of $165.67 and a 200-day simple moving average of $155.10. Paylocity has a one year low of $129.94 and a one year high of $192.61. The firm has a market cap of $10.69 billion, a price-to-earnings ratio of 49.04, a PEG ratio of 4.31 and a beta of 0.95.

Paylocity (NASDAQ:PCTY) last posted its quarterly earnings data on Thursday, August 1st. The software maker reported $1.48 EPS for the quarter, beating the consensus estimate of $1.29 by $0.19. Paylocity had a net margin of 15.32% and a return on equity of 23.29%. The business had revenue of $357.30 million during the quarter, compared to analyst estimates of $350.29 million. During the same quarter last year, the firm posted $0.76 earnings per share. The business’s revenue for the quarter was up 15.8% compared to the same quarter last year. Equities analysts predict that Paylocity will post 4.51 EPS for the current fiscal year.

Insider Activity

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

Hedge Funds Weigh In On Paylocity

Several institutional investors have recently bought and sold shares of the company. Tompkins Financial Corp acquired a new position in Paylocity in the 3rd quarter valued at $82,000. Chicago Partners Investment Group LLC increased its stake in Paylocity by 3.7% in the 3rd quarter. Chicago Partners Investment Group LLC now owns 2,282 shares of the software maker’s stock valued at $395,000 after buying an additional 82 shares during the period. Insight Folios Inc acquired a new position in Paylocity in the 3rd quarter valued at $203,000. State of Alaska Department of Revenue increased its stake in Paylocity by 7.2% in the 3rd quarter. State of Alaska Department of Revenue now owns 5,046 shares of the software maker’s stock valued at $832,000 after buying an additional 340 shares during the period. Finally, Masso Torrence Wealth Management Inc. acquired a new position in Paylocity in the 3rd quarter valued at $251,000. 94.76% of the stock is owned by institutional investors and hedge funds.

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.