Paylocity (NASDAQ:PCTY) Rating Reiterated by JMP Securities

Paylocity (NASDAQ:PCTY)‘s stock had its “market outperform” rating reiterated by investment analysts at JMP Securities in a note issued to investors on Monday, Benzinga reports. They presently have a $250.00 target price on the software maker’s stock. JMP Securities’ target price would suggest a potential upside of 63.03% from the stock’s previous close.

A number of other research firms have also commented on PCTY. KeyCorp lowered their price target on Paylocity from $200.00 to $171.00 and set an “overweight” rating for the company in a research report on Friday, July 19th. BTIG Research dropped their target price on shares of Paylocity from $200.00 to $185.00 and set a “buy” rating on the stock in a research note on Friday. Robert W. Baird lowered their price objective on shares of Paylocity from $225.00 to $195.00 and set an “outperform” rating on the stock in a research report on Tuesday, June 18th. Piper Sandler decreased their target price on Paylocity from $194.00 to $172.00 and set an “overweight” rating on the stock in a report on Friday. Finally, Needham & Company LLC reaffirmed a “buy” rating and issued a $200.00 price objective on shares of Paylocity in a research note on Friday. Seven investment analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $179.40.

Paylocity Trading Down 3.0 %

PCTY stock traded down $4.74 during mid-day trading on Monday, hitting $153.35. The stock had a trading volume of 356,396 shares, compared to its average volume of 527,241. The firm has a market capitalization of $8.65 billion, a P/E ratio of 45.20, a P/E/G ratio of 2.59 and a beta of 0.92. The firm has a fifty day simple moving average of $140.64 and a 200 day simple moving average of $156.89. Paylocity has a 52 week low of $129.94 and a 52 week high of $210.68.

Paylocity (NASDAQ:PCTY) last posted its quarterly earnings results on Thursday, August 1st. The software maker reported $1.48 earnings per share for the quarter, beating the consensus estimate of $1.29 by $0.19. The company had revenue of $357.30 million during the quarter, compared to analyst estimates of $350.29 million. Paylocity had a net margin of 14.74% and a return on equity of 22.40%. The firm’s revenue for the quarter was up 15.8% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.76 earnings per share. As a group, equities analysts expect that Paylocity will post 4.14 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, CAO Nicholas Rost sold 331 shares of Paylocity stock in a transaction dated Monday, June 17th. The stock was sold at an average price of $138.73, for a total value of $45,919.63. Following the completion of the sale, the chief accounting officer now directly owns 4,751 shares in the company, valued at $659,106.23. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, CFO Ryan Glenn sold 1,400 shares of the stock in a transaction that occurred on Monday, July 15th. The shares were sold at an average price of $140.06, for a total value of $196,084.00. Following the transaction, the chief financial officer now owns 31,074 shares in the company, valued at approximately $4,352,224.44. The sale was disclosed in a filing with the SEC, which is available through this link. Also, CAO Nicholas Rost sold 331 shares of the stock in a transaction on Monday, June 17th. The stock was sold at an average price of $138.73, for a total transaction of $45,919.63. Following the completion of the sale, the chief accounting officer now owns 4,751 shares in the company, valued at approximately $659,106.23. The disclosure for this sale can be found here. In the last ninety days, insiders sold 51,173 shares of company stock worth $7,296,388. 22.50% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the business. Capital International Investors increased its stake in shares of Paylocity by 119.0% during the fourth quarter. Capital International Investors now owns 1,211,021 shares of the software maker’s stock worth $199,637,000 after purchasing an additional 658,057 shares in the last quarter. Wasatch Advisors LP lifted its position in shares of Paylocity by 35.0% in the first quarter. Wasatch Advisors LP now owns 2,396,692 shares of the software maker’s stock valued at $411,895,000 after acquiring an additional 621,946 shares in the last quarter. Allspring Global Investments Holdings LLC acquired a new stake in shares of Paylocity in the fourth quarter worth approximately $82,172,000. Clearbridge Investments LLC increased its position in shares of Paylocity by 2,212.5% during the fourth quarter. Clearbridge Investments LLC now owns 381,952 shares of the software maker’s stock worth $62,965,000 after purchasing an additional 365,435 shares in the last quarter. Finally, Price T Rowe Associates Inc. MD raised its stake 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 valued at $1,518,176,000 after purchasing an additional 278,607 shares during the last quarter. Hedge funds and other institutional investors own 94.76% of the company’s stock.

About Paylocity

Paylocity Holding Corporation provides cloud-based human capital management and payroll software solutions for workforce in the United States. The company offers Payroll and Tax Services solution to simplifies payroll, automates processes, and manages compliance requirements within one system; and expense management, on demand payment, and garnishment solutions.