Mizuho Increases Paylocity (NASDAQ:PCTY) Price Target to $175.00

Paylocity (NASDAQ:PCTY) had its target price hoisted by research analysts at Mizuho from $155.00 to $175.00 in a report issued on Monday, Benzinga reports. The firm currently has a “neutral” rating on the software maker’s stock. Mizuho’s target price would indicate a potential upside of 3.53% from the company’s current price.

Several other brokerages have also recently commented on PCTY. Robert W. Baird decreased their price target on shares of Paylocity from $225.00 to $195.00 and set an “outperform” rating for the company in a research report on Tuesday, June 18th. KeyCorp upped their price target on Paylocity from $171.00 to $182.00 and gave the stock an “overweight” rating in a report on Wednesday, October 2nd. Needham & Company LLC reiterated a “buy” rating and issued a $200.00 price objective on shares of Paylocity in a research note on Thursday, September 5th. TD Cowen cut their target price on shares of Paylocity from $180.00 to $153.00 and set a “buy” rating on the stock in a research note on Thursday, June 20th. Finally, BTIG Research decreased their price target 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. Seven analysts have rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $182.40.

Paylocity Stock Performance

Shares of PCTY stock opened at $169.04 on Monday. Paylocity has a one year low of $129.94 and a one year high of $205.48. The firm’s 50 day moving average price is $159.83 and its 200-day moving average price is $154.16. The firm has a market cap of $9.54 billion, a P/E ratio of 49.14, a P/E/G ratio of 3.96 and a beta of 0.95.

Paylocity (NASDAQ:PCTY) last issued its quarterly earnings data on Thursday, August 1st. The software maker reported $1.48 earnings per share for the quarter, beating analysts’ consensus estimates of $1.29 by $0.19. The business had revenue of $357.30 million during the quarter, compared to analysts’ expectations of $350.29 million. Paylocity had a return on equity of 22.17% and a net margin of 14.74%. The company’s revenue was up 15.8% on a year-over-year basis. During the same period in the previous year, the firm posted $0.76 earnings per share. As a group, research analysts predict that Paylocity will post 4.51 EPS for the current fiscal year.

Insiders Place Their Bets

In other Paylocity news, SVP Rachit Lohani sold 658 shares of the firm’s stock in a transaction 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 completion of the sale, the senior vice president now owns 39,764 shares of the company’s stock, valued at approximately $6,474,772.12. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, CEO Steven R. Beauchamp sold 49,442 shares of the company’s stock in a transaction that occurred on Monday, July 22nd. The stock was sold at an average price of $142.68, for a total value of $7,054,384.56. Following the sale, the chief executive officer now owns 1,745,022 shares in the company, valued at $248,979,738.96. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, SVP Rachit Lohani sold 658 shares of Paylocity stock in a transaction 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 transaction, the senior vice president now directly owns 39,764 shares of the company’s stock, valued at approximately $6,474,772.12. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 50,232 shares of company stock worth $7,183,315. Company insiders own 22.50% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the company. Price T Rowe Associates Inc. MD lifted 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 valued at $1,518,176,000 after buying an additional 278,607 shares in the last quarter. Vanguard Group Inc. increased its position in Paylocity by 0.3% during the 4th quarter. Vanguard Group Inc. now owns 4,158,224 shares of the software maker’s stock worth $685,483,000 after purchasing an additional 13,962 shares in the last quarter. Wasatch Advisors LP raised its stake in Paylocity by 35.0% in the 1st quarter. Wasatch Advisors LP now owns 2,396,692 shares of the software maker’s stock valued at $411,895,000 after purchasing an additional 621,946 shares during the last quarter. Liontrust Investment Partners LLP lifted its holdings in Paylocity by 27.1% in the 2nd quarter. Liontrust Investment Partners LLP now owns 810,314 shares of the software maker’s stock valued at $106,840,000 after purchasing an additional 172,807 shares in the last quarter. Finally, Van Berkom & Associates Inc. boosted its stake 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 worth $76,447,000 after purchasing an additional 98,478 shares during the last quarter. Hedge funds and other 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.