Paylocity (NASDAQ:PCTY) Price Target Raised to $180.00 at Barclays

Paylocity (NASDAQ:PCTY) had its target price increased by analysts at Barclays from $174.00 to $180.00 in a note issued to investors on Thursday, Benzinga reports. The brokerage presently has an “equal weight” rating on the software maker’s stock. Barclays‘s price target would suggest a potential downside of 6.13% from the stock’s current price.

Other equities research analysts have also issued research reports about the company. Piper Sandler lifted their price objective on Paylocity from $172.00 to $212.00 and gave the company an “overweight” rating in a research note on Thursday. 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. Truist Financial decreased their price objective on shares of Paylocity from $200.00 to $195.00 and set a “buy” rating on the stock in a research report on Wednesday, July 31st. Needham & Company LLC lifted their target price on shares of Paylocity from $200.00 to $220.00 and gave the company a “buy” rating in a research report on Thursday. Finally, KeyCorp increased their price target on shares of Paylocity from $182.00 to $187.00 and gave the stock an “overweight” rating in a report on Friday, October 25th. Four research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $193.87.

Paylocity Stock Up 3.9 %

PCTY stock opened at $191.76 on Thursday. Paylocity has a twelve month low of $129.94 and a twelve month high of $192.61. The firm has a market capitalization of $10.69 billion, a PE ratio of 49.04, a PEG ratio of 4.31 and a beta of 0.95. The stock has a 50-day simple moving average of $165.67 and a two-hundred day simple moving average of $155.10.

Paylocity (NASDAQ:PCTY) last posted its earnings results on Thursday, August 1st. The software maker reported $1.48 earnings per share for the quarter, topping analysts’ consensus estimates 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 for the quarter, compared to analyst estimates of $350.29 million. During the same quarter in the prior year, the firm posted $0.76 EPS. Paylocity’s revenue was up 15.8% on a year-over-year basis. On average, equities research analysts anticipate that Paylocity will post 4.51 EPS for the current fiscal year.

Insider Activity

In related news, SVP Rachit Lohani sold 658 shares of the business’s stock in a transaction that occurred 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 completion of the transaction, the senior vice president now directly owns 39,764 shares in the company, 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 Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 21.91% of the company’s stock.

Institutional Trading of Paylocity

Several large investors have recently modified their holdings of the company. FORA Capital LLC bought a new stake in Paylocity during the first quarter valued at approximately $1,540,000. BNP Paribas Financial Markets grew its position in shares of Paylocity by 55.2% during the 1st quarter. BNP Paribas Financial Markets now owns 36,818 shares of the software maker’s stock valued at $6,328,000 after acquiring an additional 13,093 shares during the period. Cetera Advisors LLC purchased a new stake in shares of Paylocity in the 1st quarter worth $729,000. Price T Rowe Associates Inc. MD raised its holdings 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 worth $1,518,176,000 after purchasing an additional 278,607 shares during the period. Finally, Capital Research Global Investors purchased a new position in Paylocity during the first quarter valued at $46,902,000. 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.