Paylocity (NASDAQ:PCTY) Price Target Raised to $250.00

Paylocity (NASDAQ:PCTY) had its target price raised by Needham & Company LLC from $220.00 to $250.00 in a report released on Friday,Benzinga reports. They currently have a buy rating on the software maker’s stock.

Several other equities analysts also recently issued reports on PCTY. Barclays boosted their price objective on Paylocity from $174.00 to $180.00 and gave the stock an “equal weight” rating in a research report on Thursday, October 31st. Truist Financial boosted their price objective on Paylocity from $195.00 to $210.00 and gave the stock a “buy” rating in a research report on Friday, November 1st. Citigroup upgraded Paylocity from a “neutral” rating to a “buy” rating and boosted their price objective for the stock from $214.00 to $231.00 in a research report on Thursday, January 16th. Piper Sandler boosted their target price on Paylocity from $172.00 to $212.00 and gave the stock an “overweight” rating in a report on Thursday, October 31st. Finally, StockNews.com raised Paylocity from a “hold” rating to a “buy” rating in a report on Saturday, December 7th. Two investment analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $233.25.

Paylocity Stock Down 2.9 %

Shares of Paylocity stock opened at $205.84 on Friday. The company has a quick ratio of 1.32, a current ratio of 1.32 and a debt-to-equity ratio of 0.29. The business has a 50-day moving average price of $201.28 and a 200 day moving average price of $181.43. Paylocity has a fifty-two week low of $129.94 and a fifty-two week high of $223.80. The firm has a market cap of $11.48 billion, a P/E ratio of 52.78, a P/E/G ratio of 5.19 and a beta of 0.95.

Paylocity (NASDAQ:PCTY) last issued its earnings results on Thursday, February 6th. The software maker reported $0.82 EPS for the quarter, missing analysts’ consensus estimates of $1.42 by ($0.60). Paylocity had a net margin of 14.76% and a return on equity of 22.93%. On average, sell-side analysts forecast that Paylocity will post 4.46 earnings per share for the current fiscal year.

Insider Activity

In related news, SVP Andrew Cappotelli sold 247 shares of the stock in a transaction dated Tuesday, November 19th. The shares were sold at an average price of $193.29, for a total value of $47,742.63. Following the completion of the sale, the senior vice president now owns 14,634 shares in the company, valued at approximately $2,828,605.86. This trade represents a 1.66 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Jeffrey T. Diehl sold 946 shares of the stock in a transaction dated Friday, November 15th. The shares were sold at an average price of $204.74, for a total transaction of $193,684.04. Following the completion of the sale, the director now owns 1,767 shares of the company’s stock, valued at approximately $361,775.58. The trade was a 34.87 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 127,380 shares of company stock valued at $25,830,669. 21.91% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Geode Capital Management LLC raised its stake in shares of Paylocity by 3.6% in the third quarter. Geode Capital Management LLC now owns 1,048,806 shares of the software maker’s stock valued at $173,053,000 after acquiring an additional 36,590 shares during the last quarter. JPMorgan Chase & Co. raised its stake in shares of Paylocity by 81.9% in the third quarter. JPMorgan Chase & Co. now owns 856,536 shares of the software maker’s stock valued at $141,303,000 after acquiring an additional 385,625 shares during the last quarter. Janus Henderson Group PLC raised its stake in shares of Paylocity by 3.5% in the third quarter. Janus Henderson Group PLC now owns 517,931 shares of the software maker’s stock valued at $85,444,000 after acquiring an additional 17,560 shares during the last quarter. GW&K Investment Management LLC raised its stake in shares of Paylocity by 0.6% in the fourth quarter. GW&K Investment Management LLC now owns 381,010 shares of the software maker’s stock valued at $76,000,000 after acquiring an additional 2,193 shares during the last quarter. Finally, Point72 Asset Management L.P. raised its stake in shares of Paylocity by 283.8% in the third quarter. Point72 Asset Management L.P. now owns 309,761 shares of the software maker’s stock valued at $51,101,000 after acquiring an additional 229,057 shares during the last quarter. Institutional investors own 94.76% of the company’s stock.

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.