Paylocity (NASDAQ:PCTY) Rating Reiterated by Needham & Company LLC

Paylocity (NASDAQ:PCTY)‘s stock had its “buy” rating reissued by equities research analysts at Needham & Company LLC in a report released on Friday, Benzinga reports. They presently have a $200.00 price objective on the software maker’s stock. Needham & Company LLC’s target price suggests a potential upside of 19.31% from the stock’s current price.

PCTY has been the topic of a number of other reports. TD Cowen decreased their price target on Paylocity from $188.00 to $180.00 and set a “buy” rating on the stock in a research note on Friday. KeyCorp lowered their price target on shares of Paylocity from $197.00 to $186.00 and set an “overweight” rating for the company in a report on Friday, February 9th. BTIG Research started coverage on shares of Paylocity in a report on Tuesday, February 6th. They issued a “buy” rating and a $200.00 price target on the stock. Barclays upped their price objective on shares of Paylocity from $166.00 to $178.00 and gave the company an “equal weight” rating in a research note on Friday. Finally, Citigroup increased their target price on shares of Paylocity from $180.00 to $182.00 and gave the stock a “neutral” rating in a report on Wednesday, January 31st. Eight investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $201.88.

Paylocity Stock Up 12.1 %

Shares of Paylocity stock traded up $18.03 during trading on Friday, reaching $167.63. The company’s stock had a trading volume of 2,044,545 shares, compared to its average volume of 443,692. The company has a market cap of $9.44 billion, a price-to-earnings ratio of 48.73, a PEG ratio of 3.63 and a beta of 0.88. The firm’s 50-day moving average is $165.30 and its two-hundred day moving average is $163.23. Paylocity has a 52-week low of $139.40 and a 52-week high of $230.52.

Paylocity (NASDAQ:PCTY) last posted its quarterly earnings results on Thursday, February 8th. The software maker reported $0.71 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.63 by $0.08. The business had revenue of $326.36 million during the quarter, compared to analyst estimates of $324.34 million. Paylocity had a net margin of 14.42% and a return on equity of 23.25%. On average, equities research analysts anticipate that Paylocity will post 3.48 EPS for the current year.

Insiders Place Their Bets

In other news, SVP Katherine Ross sold 491 shares of the company’s stock in a transaction dated Tuesday, March 5th. The shares were sold at an average price of $168.29, for a total value of $82,630.39. Following the sale, the senior vice president now directly owns 15,353 shares of the company’s stock, valued at approximately $2,583,756.37. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In other Paylocity news, Director Jeffrey T. Diehl sold 1,760 shares of the business’s stock in a transaction on Wednesday, March 13th. The stock was sold at an average price of $171.64, for a total value of $302,086.40. Following the sale, the director now directly owns 14,704 shares of the company’s stock, valued at $2,523,794.56. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, SVP Katherine Ross sold 491 shares of the stock in a transaction on Tuesday, March 5th. The stock was sold at an average price of $168.29, for a total value of $82,630.39. Following the completion of the sale, the senior vice president now directly owns 15,353 shares in the company, valued at $2,583,756.37. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 54,547 shares of company stock worth $9,356,359. 22.50% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Paylocity

A number of hedge funds have recently bought and sold shares of PCTY. Mediolanum International Funds Ltd purchased a new position in Paylocity in the first quarter worth about $1,974,000. RiverPark Advisors LLC grew its holdings in shares of Paylocity by 152.0% during the first quarter. RiverPark Advisors LLC now owns 383 shares of the software maker’s stock valued at $66,000 after buying an additional 231 shares during the last quarter. Central Pacific Bank Trust Division purchased a new position in Paylocity in the 1st quarter worth approximately $219,000. FORA Capital LLC bought a new position in Paylocity in the 1st quarter valued at approximately $1,540,000. Finally, Daiwa Securities Group Inc. raised its stake in shares of Paylocity by 3.6% in the first quarter. Daiwa Securities Group Inc. now owns 2,900 shares of the software maker’s stock worth $498,000 after purchasing an additional 100 shares during the last quarter. 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.