Paylocity (NASDAQ:PCTY) Earns “Buy” Rating from Needham & Company LLC

Paylocity (NASDAQ:PCTY)‘s stock had its “buy” rating restated by equities researchers at Needham & Company LLC in a report issued on Thursday, Benzinga reports. They currently have a $200.00 price target on the software maker’s stock. Needham & Company LLC’s price target would indicate a potential upside of 16.67% from the company’s current price.

Other research analysts have also issued research reports about the stock. Barclays raised their price objective on shares of Paylocity from $156.00 to $174.00 and gave the company an “equal weight” rating in a research note on Friday, October 11th. JMP Securities restated a “market outperform” rating and issued a $250.00 price objective on shares of Paylocity in a report on Monday, August 5th. Truist Financial lowered their target price on Paylocity from $200.00 to $195.00 and set a “buy” rating on the stock in a report on Wednesday, July 31st. KeyCorp upped their price target on shares of Paylocity from $171.00 to $182.00 and gave the company an “overweight” rating in a report on Wednesday, October 2nd. Finally, BTIG Research lowered their price objective 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. Seven analysts have rated the stock with a hold rating and nine have given a buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $182.40.

Paylocity Stock Up 1.4 %

Shares of PCTY stock opened at $171.42 on Thursday. Paylocity has a 52 week low of $129.94 and a 52 week high of $205.48. The company has a market cap of $9.67 billion, a P/E ratio of 49.83, a PEG ratio of 3.96 and a beta of 0.95. The business has a 50 day moving average of $160.21 and a two-hundred day moving average of $154.28.

Paylocity (NASDAQ:PCTY) last posted 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. The firm had revenue of $357.30 million during the quarter, compared to analysts’ expectations of $350.29 million. Paylocity had a net margin of 14.74% and a return on equity of 22.17%. Paylocity’s quarterly revenue was up 15.8% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.76 EPS. Analysts expect that Paylocity will post 4.51 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, CEO Steven R. Beauchamp sold 49,442 shares of Paylocity stock in a transaction dated Monday, July 22nd. The stock was sold at an average price of $142.68, for a total transaction of $7,054,384.56. Following the completion of the sale, the chief executive officer now directly owns 1,745,022 shares in the company, valued at $248,979,738.96. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In related news, 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 transaction, the chief executive officer now owns 1,745,022 shares of the company’s stock, valued at approximately $248,979,738.96. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, SVP Rachit Lohani sold 658 shares of the business’s stock in a transaction that occurred 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 completion of the sale, the senior vice president now directly owns 39,764 shares of the company’s stock, valued at $6,474,772.12. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 50,232 shares of company stock valued at $7,183,315 in the last three months. Insiders own 22.50% of the company’s stock.

Hedge Funds Weigh In On Paylocity

Several institutional investors have recently bought and sold shares of PCTY. UMB Bank n.a. increased its holdings in shares of Paylocity by 1,650.0% during the 3rd quarter. UMB Bank n.a. now owns 175 shares of the software maker’s stock valued at $29,000 after acquiring an additional 165 shares during the last quarter. J.Safra Asset Management Corp grew its holdings in Paylocity by 80.0% during the first quarter. J.Safra Asset Management Corp now owns 243 shares of the software maker’s stock valued at $42,000 after purchasing an additional 108 shares during the last quarter. Rothschild Investment LLC bought a new position in shares of Paylocity in the second quarter valued at approximately $40,000. GAMMA Investing LLC increased its position in shares of Paylocity by 34.7% during the 1st quarter. GAMMA Investing LLC now owns 303 shares of the software maker’s stock worth $52,000 after purchasing an additional 78 shares in the last quarter. Finally, RiverPark Advisors LLC increased 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 worth $66,000 after buying an additional 231 shares in the last quarter. 94.76% of the stock is currently owned by institutional investors.

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.