Paylocity (NASDAQ:PCTY) Given New $212.00 Price Target at Piper Sandler

Paylocity (NASDAQ:PCTY) had its price objective increased by Piper Sandler from $172.00 to $212.00 in a research note published on Thursday morning, Benzinga reports. Piper Sandler currently has an overweight rating on the software maker’s stock.

Other equities analysts have also recently issued research reports about the company. Truist Financial reduced their target price on Paylocity from $200.00 to $195.00 and set a “buy” rating for the company in a report on Wednesday, July 31st. BTIG Research reduced their price target on shares of Paylocity from $200.00 to $185.00 and set a “buy” rating for the company in a research report on Friday, August 2nd. Mizuho lifted their price target on shares of Paylocity from $155.00 to $175.00 and gave the company a “neutral” rating in a report on Monday, October 14th. Barclays lifted their price target on shares of Paylocity from $156.00 to $174.00 and gave the stock an “equal weight” rating in a research note on Friday, October 11th. Finally, Jefferies Financial Group upgraded Paylocity from a “hold” rating to a “buy” rating and upped their price objective for the company from $145.00 to $200.00 in a report on Tuesday, October 22nd. Five investment analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $193.87.

Paylocity Trading Up 3.3 %

Shares of PCTY traded up $6.03 during trading hours on Thursday, reaching $190.60. 244,594 shares of the company’s stock traded hands, compared to its average volume of 498,593. The stock has a market cap of $10.63 billion, a PE ratio of 47.20, a price-to-earnings-growth ratio of 4.31 and a beta of 0.95. The firm’s 50 day simple moving average is $164.97 and its 200-day simple moving average is $154.91. Paylocity has a 12 month low of $129.94 and a 12 month high of $192.61.

Paylocity (NASDAQ:PCTY) last released 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 firm had revenue of $357.30 million for the quarter, compared to analysts’ expectations of $350.29 million. Paylocity had a net margin of 15.32% and a return on equity of 23.29%. The company’s revenue for the quarter was up 15.8% compared to the same quarter last year. During the same quarter last year, the business posted $0.76 earnings per share. As a group, analysts expect that Paylocity will post 4.51 earnings per share for the current fiscal year.

Insider Transactions at Paylocity

In other Paylocity news, SVP Rachit Lohani sold 658 shares of the 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 transaction, the senior vice president now directly owns 39,764 shares in the company, valued at $6,474,772.12. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Corporate insiders own 21.91% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of PCTY. Chicago Partners Investment Group LLC raised its stake in Paylocity by 3.7% during the 3rd quarter. Chicago Partners Investment Group LLC now owns 2,282 shares of the software maker’s stock valued at $395,000 after acquiring an additional 82 shares during the last quarter. Insight Folios Inc acquired a new position in shares of Paylocity in the third quarter valued at approximately $203,000. State of Alaska Department of Revenue lifted its holdings in shares of Paylocity by 7.2% during the third quarter. State of Alaska Department of Revenue now owns 5,046 shares of the software maker’s stock worth $832,000 after purchasing an additional 340 shares during the period. Masso Torrence Wealth Management Inc. purchased a new stake in shares of Paylocity in the third quarter valued at about $251,000. Finally, Assenagon Asset Management S.A. raised its stake in shares of Paylocity by 1,896.9% during the 3rd quarter. Assenagon Asset Management S.A. now owns 47,966 shares of the software maker’s stock worth $7,913,000 after buying an additional 45,564 shares in the last quarter. 94.76% of the stock is currently owned by institutional investors and hedge funds.

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.