Paylocity (NASDAQ:PCTY) Price Target Raised to $250.00

Paylocity (NASDAQ:PCTY) had its price target lifted by stock analysts at Needham & Company LLC from $220.00 to $250.00 in a research report issued to clients and investors on Friday,Benzinga reports. The firm presently has a “buy” rating on the software maker’s stock. Needham & Company LLC’s price target indicates a potential upside of 17.92% from the stock’s current price.

A number of other brokerages have also issued reports on PCTY. TD Cowen reduced their price target on Paylocity from $235.00 to $228.00 and set a “buy” rating for the company in a research report on Monday, January 6th. KeyCorp upped their price objective on Paylocity from $210.00 to $220.00 and gave the company an “overweight” rating in a report on Friday, January 31st. Barclays upped their price objective on Paylocity from $174.00 to $180.00 and gave the company an “equal weight” rating in a report on Thursday, October 31st. Truist Financial upped their price objective on Paylocity from $195.00 to $210.00 and gave the company a “buy” rating in a report on Friday, November 1st. Finally, Piper Sandler upped their price objective on Paylocity from $172.00 to $212.00 and gave the company an “overweight” rating in a report on Thursday, October 31st. One investment analyst has rated the stock with a hold rating and fourteen have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $219.00.

Paylocity Trading Up 1.4 %

Shares of PCTY stock opened at $212.01 on Friday. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.32 and a current ratio of 1.32. Paylocity has a 1 year low of $129.94 and a 1 year high of $215.68. The stock has a fifty day moving average of $201.28 and a two-hundred day moving average of $180.54. The firm has a market capitalization of $11.82 billion, a PE ratio of 54.22, a price-to-earnings-growth ratio of 5.03 and a beta of 0.95.

Paylocity (NASDAQ:PCTY) last announced its quarterly earnings results on Thursday, February 6th. The software maker reported $0.82 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.42 by ($0.60). Paylocity had a return on equity of 22.92% and a net margin of 15.32%. As a group, research analysts expect that Paylocity will post 4.46 EPS for the current year.

Insider Activity at Paylocity

In other Paylocity news, Director Steven I. Sarowitz sold 2,600 shares of the company’s stock in a transaction dated Monday, December 30th. The stock was sold at an average price of $200.14, for a total value of $520,364.00. Following the transaction, the director now directly owns 8,332,347 shares of the company’s stock, valued at $1,667,635,928.58. This represents a 0.03 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CAO Nicholas Rost sold 212 shares of the company’s stock in a transaction dated Tuesday, November 19th. The stock was sold at an average price of $193.29, for a total value of $40,977.48. Following the completion of the transaction, the chief accounting officer now directly owns 7,364 shares in the company, valued at approximately $1,423,387.56. The trade was a 2.80 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 127,380 shares of company stock valued at $25,830,669. Company insiders own 21.91% of the company’s stock.

Institutional Trading of Paylocity

Several large investors have recently made changes to their positions in the stock. Geode Capital Management LLC boosted its stake in shares of Paylocity by 3.6% during the 3rd quarter. Geode Capital Management LLC now owns 1,048,806 shares of the software maker’s stock worth $173,053,000 after acquiring an additional 36,590 shares in the last quarter. JPMorgan Chase & Co. boosted its stake in shares of Paylocity by 81.9% during the 3rd quarter. JPMorgan Chase & Co. now owns 856,536 shares of the software maker’s stock worth $141,303,000 after acquiring an additional 385,625 shares in the last quarter. Janus Henderson Group PLC boosted its stake in shares of Paylocity by 3.5% during the 3rd quarter. Janus Henderson Group PLC now owns 517,931 shares of the software maker’s stock worth $85,444,000 after acquiring an additional 17,560 shares in the last quarter. GW&K Investment Management LLC boosted its stake in shares of Paylocity by 0.6% during the 4th quarter. GW&K Investment Management LLC now owns 381,010 shares of the software maker’s stock worth $76,000,000 after acquiring an additional 2,193 shares in the last quarter. Finally, Point72 Asset Management L.P. boosted its stake in shares of Paylocity by 283.8% during the 3rd quarter. Point72 Asset Management L.P. now owns 309,761 shares of the software maker’s stock worth $51,101,000 after acquiring an additional 229,057 shares in the last quarter. 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.