Barclays Raises Paylocity (NASDAQ:PCTY) Price Target to $178.00

Paylocity (NASDAQ:PCTY) had its price objective lifted by Barclays from $166.00 to $178.00 in a research report released on Friday, Benzinga reports. The brokerage currently has an equal weight rating on the software maker’s stock.

Several other brokerages have also recently weighed in on PCTY. Mizuho decreased their price objective on shares of Paylocity from $170.00 to $155.00 and set a neutral rating on the stock in a research note on Friday, February 9th. Truist Financial decreased their price target on shares of Paylocity from $250.00 to $200.00 and set a buy rating on the stock in a research note on Friday, February 9th. Citigroup raised their price objective on shares of Paylocity from $180.00 to $182.00 and gave the company a neutral rating in a research note on Wednesday, January 31st. Needham & Company LLC reaffirmed a buy rating and issued a $200.00 price objective on shares of Paylocity in a research note on Friday, February 9th. Finally, Jefferies Financial Group reaffirmed a hold rating and issued a $180.00 price objective (down from $240.00) on shares of Paylocity in a research note on Friday, January 5th. Eight equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of Moderate Buy and a consensus target price of $196.67.

Paylocity Trading Up 0.9 %

NASDAQ:PCTY traded up $1.57 during mid-day trading on Friday, hitting $169.20. The company’s stock had a trading volume of 28,729 shares, compared to its average volume of 487,638. Paylocity has a fifty-two week low of $139.40 and a fifty-two week high of $230.52. The company has a market capitalization of $9.53 billion, a price-to-earnings ratio of 48.73, a P/E/G ratio of 3.63 and a beta of 0.88. The stock has a fifty day moving average of $165.30 and a 200-day moving average of $162.98.

Paylocity (NASDAQ:PCTY) last issued its quarterly earnings data on Thursday, February 8th. The software maker reported $0.71 earnings per share for the quarter, topping the consensus estimate of $0.63 by $0.08. The firm had revenue of $326.36 million for the quarter, compared to analysts’ expectations of $324.34 million. Paylocity had a net margin of 14.42% and a return on equity of 22.08%. On average, equities analysts anticipate that Paylocity will post 3.48 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Paylocity news, Director Jeffrey T. Diehl sold 20,032 shares of the business’s stock in a transaction dated Monday, March 11th. The shares were sold at an average price of $168.55, for a total transaction of $3,376,393.60. Following the sale, the director now directly owns 16,391 shares of the company’s stock, valued at approximately $2,762,703.05. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In other news, CEO Steven R. Beauchamp sold 7,760 shares of the business’s stock in a transaction dated Friday, March 1st. The shares were sold at an average price of $166.95, for a total transaction of $1,295,532.00. Following the transaction, the chief executive officer now directly owns 1,746,468 shares in the company, valued at approximately $291,572,832.60. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Jeffrey T. Diehl sold 20,032 shares of the company’s stock in a transaction dated Monday, March 11th. The shares were sold at an average price of $168.55, for a total transaction of $3,376,393.60. Following the completion of the transaction, the director now owns 16,391 shares in the company, valued at approximately $2,762,703.05. The disclosure for this sale can be found here. Insiders have sold 54,547 shares of company stock valued at $9,356,359 in the last three months. 22.50% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of PCTY. Venturi Wealth Management LLC grew its stake in Paylocity by 144.1% in the 1st quarter. Venturi Wealth Management LLC now owns 166 shares of the software maker’s stock valued at $29,000 after buying an additional 98 shares during the last quarter. American National Bank bought a new stake in Paylocity in the 4th quarter valued at about $31,000. GAMMA Investing LLC bought a new stake in Paylocity in the 4th quarter valued at about $36,000. Principal Securities Inc. bought a new stake in Paylocity in the 4th quarter valued at about $41,000. Finally, RiverPark Advisors LLC bought a new stake in Paylocity in the 3rd quarter valued at about $43,000. Institutional investors and hedge funds 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.