Paylocity (NASDAQ:PCTY) Price Target Raised to $203.00

Paylocity (NASDAQ:PCTY) had its price objective increased by equities research analysts at BMO Capital Markets from $175.00 to $203.00 in a research report issued on Thursday, Benzinga reports. The firm presently has an “outperform” rating on the software maker’s stock. BMO Capital Markets’ price target suggests a potential upside of 5.86% from the company’s previous close.

A number of other equities research analysts have also weighed in on the company. JMP Securities reaffirmed a “market outperform” rating and issued a $250.00 price objective on shares of Paylocity in a report on Monday, August 5th. Mizuho lifted their price target on Paylocity from $155.00 to $175.00 and gave the company a “neutral” rating in a research note on Monday, October 14th. Barclays increased their price objective on Paylocity from $156.00 to $174.00 and gave the stock an “equal weight” rating in a research report on Friday, October 11th. BTIG Research decreased their target price on shares of Paylocity from $200.00 to $185.00 and set a “buy” rating on the stock in a research report on Friday, August 2nd. Finally, Truist Financial cut their price target on shares of Paylocity from $200.00 to $195.00 and set a “buy” rating for the company in a report on Wednesday, July 31st. Four equities research analysts have rated the stock with a hold rating and twelve have given a buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $193.87.

Paylocity Price Performance

Paylocity stock opened at $191.76 on Thursday. The business has a 50 day simple moving average of $165.67 and a 200-day simple moving average of $155.10. Paylocity has a 12 month low of $129.94 and a 12 month high of $192.61. The stock has a market capitalization of $10.69 billion, a PE ratio of 49.04, a price-to-earnings-growth ratio of 4.31 and a beta of 0.95.

Paylocity (NASDAQ:PCTY) last released its earnings results on Thursday, August 1st. The software maker reported $1.48 EPS for the quarter, topping the consensus estimate of $1.29 by $0.19. Paylocity had a net margin of 15.32% and a return on equity of 23.29%. The company had revenue of $357.30 million during the quarter, compared to analysts’ expectations of $350.29 million. During the same quarter last year, the business earned $0.76 EPS. The business’s revenue was up 15.8% on a year-over-year basis. As a group, equities research analysts anticipate that Paylocity will post 4.51 EPS for the current year.

Insiders Place Their Bets

In related news, SVP Rachit Lohani sold 658 shares of the stock in a transaction on Wednesday, October 2nd. The stock was sold at an average price of $162.83, for a total transaction of $107,142.14. Following the sale, the senior vice president now owns 39,764 shares of the company’s stock, valued at $6,474,772.12. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 21.91% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Paylocity

Hedge funds have recently made changes to their positions in the business. FORA Capital LLC purchased a new stake in Paylocity in the 1st quarter valued at about $1,540,000. BNP Paribas Financial Markets raised its stake in Paylocity by 55.2% during the first quarter. BNP Paribas Financial Markets now owns 36,818 shares of the software maker’s stock worth $6,328,000 after purchasing an additional 13,093 shares during the period. Cetera Advisors LLC acquired a new position in shares of Paylocity in the 1st quarter valued at $729,000. Price T Rowe Associates Inc. MD grew its stake in shares of Paylocity by 3.3% during 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 buying an additional 278,607 shares during the period. Finally, Capital Research Global Investors acquired a new stake in shares of Paylocity during the 1st quarter worth $46,902,000. Institutional investors and hedge funds 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.