Paylocity (NASDAQ:PCTY) Price Target Raised to $175.00

Paylocity (NASDAQ:PCTY) had its price target raised by Mizuho from $155.00 to $175.00 in a report published on Monday, Benzinga reports. The firm currently has a neutral rating on the software maker’s stock.

Other analysts have also issued reports about the company. Jefferies Financial Group dropped their price objective on Paylocity from $180.00 to $145.00 and set a “hold” rating on the stock in a report on Monday, June 24th. KeyCorp boosted their target price on shares of Paylocity from $171.00 to $182.00 and gave the stock an “overweight” rating in a research note on Wednesday, October 2nd. Robert W. Baird decreased their price target on shares of Paylocity from $225.00 to $195.00 and set an “outperform” rating on the stock in a research note on Tuesday, June 18th. JMP Securities restated a “market outperform” rating and issued a $250.00 target price on shares of Paylocity in a research report on Monday, August 5th. Finally, BTIG Research dropped their price target on Paylocity from $200.00 to $185.00 and set a “buy” rating for the company in a research report on Friday, August 2nd. Seven equities research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. According to MarketBeat, Paylocity currently has an average rating of “Moderate Buy” and an average target price of $182.40.

Paylocity Price Performance

NASDAQ:PCTY opened at $170.28 on Monday. The firm has a market capitalization of $9.61 billion, a P/E ratio of 49.50, a PEG ratio of 3.96 and a beta of 0.95. The company’s fifty day moving average price is $160.48 and its 200-day moving average price is $154.39. Paylocity has a 1-year low of $129.94 and a 1-year high of $203.62.

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

Insider Transactions at Paylocity

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

Institutional Trading of Paylocity

Large investors have recently made changes to their positions in the company. FORA Capital LLC acquired a new stake in Paylocity during the first quarter worth approximately $1,540,000. Royal London Asset Management Ltd. acquired a new position in shares of Paylocity during the fourth quarter worth about $1,938,000. BNP Paribas Financial Markets raised its holdings in Paylocity by 55.2% during the first quarter. BNP Paribas Financial Markets now owns 36,818 shares of the software maker’s stock worth $6,328,000 after purchasing an additional 13,093 shares in the last quarter. Cetera Advisors LLC acquired a new stake in Paylocity in the first quarter valued at about $729,000. Finally, Price T Rowe Associates Inc. MD increased its position in Paylocity by 3.3% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 8,833,794 shares of the software maker’s stock worth $1,518,176,000 after purchasing an additional 278,607 shares during the period. 94.76% of the stock is currently owned by hedge funds and other institutional investors.

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.