Paylocity (NASDAQ:PCTY) Stock Price Expected to Rise, Piper Sandler Analyst Says

Paylocity (NASDAQ:PCTY) had its price target raised by investment analysts at Piper Sandler from $172.00 to $212.00 in a report issued on Thursday, Benzinga reports. The firm currently has an “overweight” rating on the software maker’s stock. Piper Sandler’s target price would suggest a potential upside of 10.55% from the company’s current price.

Several other equities research analysts have also issued reports on the company. Needham & Company LLC raised their price objective on Paylocity from $200.00 to $220.00 and gave the company a “buy” rating in a research note on Thursday. Truist Financial lowered their price objective on Paylocity from $200.00 to $195.00 and set a “buy” rating for the company in a research note on Wednesday, July 31st. Mizuho raised their price objective on Paylocity from $155.00 to $175.00 and gave the company a “neutral” rating in a research note on Monday, October 14th. Jefferies Financial Group raised Paylocity from a “hold” rating to a “buy” rating and raised their price target for the stock from $145.00 to $200.00 in a research note on Tuesday, October 22nd. Finally, Barclays raised their price target on Paylocity from $156.00 to $174.00 and gave the stock an “equal weight” rating in a research note on Friday, October 11th. Four research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the stock. According to MarketBeat.com, Paylocity presently has an average rating of “Moderate Buy” and a consensus target price of $193.87.

Paylocity Price Performance

NASDAQ PCTY opened at $191.76 on Thursday. The stock has a market capitalization of $10.69 billion, a PE ratio of 49.04, a P/E/G ratio of 4.31 and a beta of 0.95. The business has a 50 day simple moving average of $165.67 and a two-hundred day simple moving average of $155.10. Paylocity has a 1-year low of $129.94 and a 1-year high of $192.61.

Paylocity (NASDAQ:PCTY) last posted its quarterly earnings data 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. The business had revenue of $357.30 million during the quarter, compared to analyst estimates of $350.29 million. Paylocity had a return on equity of 23.29% and a net margin of 15.32%. The company’s revenue for the quarter was up 15.8% on a year-over-year basis. During the same period last year, the company earned $0.76 EPS. On average, analysts anticipate that Paylocity will post 4.51 EPS for the current fiscal year.

Insider Buying and Selling at Paylocity

In other Paylocity news, 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 transaction of $107,142.14. Following the completion of the sale, 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 document filed with the SEC, which is available at this hyperlink. 21.91% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in PCTY. UMB Bank n.a. increased its holdings in shares of Paylocity by 1,650.0% in the 3rd quarter. UMB Bank n.a. now owns 175 shares of the software maker’s stock valued at $29,000 after acquiring an additional 165 shares during the period. Rothschild Investment LLC purchased a new position in shares of Paylocity in the 2nd quarter valued at $40,000. J.Safra Asset Management Corp grew its stake in Paylocity by 80.0% during the 1st quarter. J.Safra Asset Management Corp now owns 243 shares of the software maker’s stock worth $42,000 after buying an additional 108 shares during the last quarter. Signaturefd LLC grew its stake in Paylocity by 121.0% during the 3rd quarter. Signaturefd LLC now owns 305 shares of the software maker’s stock worth $50,000 after buying an additional 167 shares during the last quarter. Finally, RiverPark Advisors LLC grew its stake in Paylocity by 152.0% during the 1st quarter. RiverPark Advisors LLC now owns 383 shares of the software maker’s stock worth $66,000 after buying an additional 231 shares during the last quarter. 94.76% of the stock is currently owned by hedge funds and other institutional investors.

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.