Paylocity (NASDAQ:PCTY) Given New $212.00 Price Target at Piper Sandler

Paylocity (NASDAQ:PCTY) had its price objective increased by Piper Sandler from $172.00 to $212.00 in a note issued to investors on Thursday, Benzinga reports. The firm currently has an “overweight” rating on the software maker’s stock. Piper Sandler’s target price points to a potential upside of 18.99% from the stock’s previous close.

A number of other analysts have also issued reports on the stock. KeyCorp lifted their price target on shares of Paylocity from $182.00 to $187.00 and gave the stock an “overweight” rating in a research note on Friday, October 25th. Jefferies Financial Group raised shares of Paylocity from a “hold” rating to a “buy” rating and boosted their target price for the stock from $145.00 to $200.00 in a research report on Tuesday, October 22nd. BTIG Research reduced their price target 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. Barclays boosted their price objective on Paylocity from $156.00 to $174.00 and gave the company an “equal weight” rating in a report on Friday, October 11th. Finally, Truist Financial cut their price objective on Paylocity from $200.00 to $195.00 and set a “buy” rating on the stock in a research note on Wednesday, July 31st. Five equities research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Paylocity presently has a consensus rating of “Moderate Buy” and a consensus target price of $189.00.

Paylocity Stock Performance

PCTY stock opened at $178.16 on Thursday. Paylocity has a 1 year low of $129.94 and a 1 year high of $184.77. The firm has a market cap of $9.93 billion, a P/E ratio of 48.95, a price-to-earnings-growth ratio of 4.20 and a beta of 0.95. The stock has a 50-day simple moving average of $164.34 and a 200-day simple moving average of $154.70.

Paylocity (NASDAQ:PCTY) last posted its quarterly earnings data on Thursday, August 1st. The software maker reported $1.48 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.29 by $0.19. The company had revenue of $357.30 million for the quarter, compared to the consensus estimate of $350.29 million. Paylocity had a return on equity of 22.17% and a net margin of 14.74%. Paylocity’s revenue for the quarter was up 15.8% compared to the same quarter last year. During the same period in the previous year, the business earned $0.76 EPS. On average, equities research analysts predict that Paylocity will post 4.51 EPS for the current year.

Insiders Place Their Bets

In other news, SVP Rachit Lohani sold 658 shares of the business’s stock in a transaction on Wednesday, October 2nd. The shares were sold at an average price of $162.83, for a total transaction of $107,142.14. Following the completion of the transaction, the senior vice president now owns 39,764 shares of the company’s stock, valued at approximately $6,474,772.12. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 21.91% of the stock is owned by corporate insiders.

Institutional Trading of Paylocity

A number of large investors have recently modified their holdings of the company. Price T Rowe Associates Inc. MD increased its position in Paylocity by 3.3% in 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 acquiring an additional 278,607 shares during the period. Capital Research Global Investors bought a new stake in Paylocity during the 1st quarter valued at $46,902,000. Millennium Management LLC grew its holdings in shares of Paylocity by 435.2% during the second quarter. Millennium Management LLC now owns 331,253 shares of the software maker’s stock valued at $43,676,000 after buying an additional 269,354 shares in the last quarter. Liontrust Investment Partners LLP grew its holdings in shares of Paylocity by 27.1% during the second quarter. Liontrust Investment Partners LLP now owns 810,314 shares of the software maker’s stock valued at $106,840,000 after buying an additional 172,807 shares in the last quarter. Finally, Skandinaviska Enskilda Banken AB publ grew its holdings in shares of Paylocity by 1,662.3% during the second quarter. Skandinaviska Enskilda Banken AB publ now owns 181,920 shares of the software maker’s stock valued at $23,986,000 after buying an additional 171,597 shares in the last quarter. Institutional investors and hedge funds own 94.76% of the company’s stock.

Paylocity Company Profile

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.