Paylocity Holding Co. (NASDAQ:PCTY) Given Consensus Recommendation of “Moderate Buy” by Brokerages

Paylocity Holding Co. (NASDAQ:PCTY) has been assigned a consensus rating of “Moderate Buy” from the fifteen analysts that are currently covering the firm, MarketBeat.com reports. Six research analysts have rated the stock with a hold recommendation and nine have assigned a buy recommendation to the company. The average twelve-month target price among brokers that have updated their coverage on the stock in the last year is $179.13.

Several equities research analysts recently commented on the stock. BTIG Research cut their price target on shares of Paylocity from $200.00 to $185.00 and set a “buy” rating on the stock in a research note on Friday, August 2nd. Truist Financial decreased their target price on Paylocity from $200.00 to $195.00 and set a “buy” rating for the company in a research report on Wednesday, July 31st. Piper Sandler cut their price target on Paylocity from $194.00 to $172.00 and set an “overweight” rating on the stock in a research report on Friday, August 2nd. JMP Securities reissued a “market outperform” rating and issued a $250.00 price objective on shares of Paylocity in a report on Monday, August 5th. Finally, Stifel Nicolaus cut their target price on shares of Paylocity from $205.00 to $185.00 and set a “buy” rating on the stock in a report on Wednesday, June 5th.

Paylocity Price Performance

Paylocity stock opened at $153.77 on Monday. The stock’s fifty day moving average is $142.51 and its two-hundred day moving average is $156.63. The stock has a market cap of $8.54 billion, a PE ratio of 44.70, a P/E/G ratio of 3.67 and a beta of 0.92. Paylocity has a 1-year low of $129.94 and a 1-year high of $206.28.

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 the consensus estimate of $1.29 by $0.19. Paylocity had a return on equity of 22.17% and a net margin of 14.74%. The firm had revenue of $357.30 million during the quarter, compared to analysts’ expectations of $350.29 million. During the same quarter in the previous year, the business earned $0.76 earnings per share. The firm’s revenue was up 15.8% compared to the same quarter last year. On average, research analysts expect that Paylocity will post 4.5 earnings per share for the current fiscal year.

Insider Activity at Paylocity

In other Paylocity news, CEO Steven R. Beauchamp sold 49,442 shares of Paylocity stock in a transaction on Monday, July 22nd. The shares were sold at an average price of $142.68, for a total value of $7,054,384.56. Following the transaction, the chief executive officer now owns 1,745,022 shares in the company, valued at approximately $248,979,738.96. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In other news, CFO Ryan Glenn sold 1,400 shares of the business’s stock in a transaction dated Monday, July 15th. The stock was sold at an average price of $140.06, for a total transaction of $196,084.00. Following the completion of the sale, 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 document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Steven R. Beauchamp sold 49,442 shares of the firm’s stock in a transaction that occurred on Monday, July 22nd. The shares were sold at an average price of $142.68, for a total transaction of $7,054,384.56. Following the completion of the transaction, the chief executive officer now owns 1,745,022 shares in the company, valued at approximately $248,979,738.96. The disclosure for this sale can be found here. Over the last three months, insiders sold 51,173 shares of company stock worth $7,296,388. 22.50% of the stock is owned by company insiders.

Institutional Investors Weigh In On Paylocity

Large investors have recently made changes to their positions in the business. Sei Investments Co. boosted its position in Paylocity by 25.2% during the 4th quarter. Sei Investments Co. now owns 192,028 shares of the software maker’s stock worth $31,654,000 after purchasing an additional 38,613 shares during the period. Evoke Wealth LLC purchased a new stake in shares of Paylocity during the 4th quarter valued at about $2,507,000. Wells Fargo & Company MN lifted its position in Paylocity by 274.8% during the 4th quarter. Wells Fargo & Company MN now owns 65,010 shares of the software maker’s stock worth $10,717,000 after acquiring an additional 47,663 shares in the last quarter. FORA Capital LLC purchased a new position in Paylocity in the 1st quarter worth approximately $1,540,000. Finally, Royal London Asset Management Ltd. acquired a new stake in Paylocity in the fourth quarter valued at approximately $1,938,000. Institutional investors and hedge funds own 94.76% of the company’s stock.

Paylocity Company Profile

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.