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

Paylocity (NASDAQ:PCTY) had its price objective lifted by BMO Capital Markets from $175.00 to $203.00 in a report issued on Thursday, Benzinga reports. The brokerage presently has an “outperform” rating on the software maker’s stock. BMO Capital Markets’ target price indicates a potential upside of 9.93% from the stock’s current price.

Other research analysts have also issued research reports about the stock. Mizuho raised their price objective on shares of Paylocity from $155.00 to $175.00 and gave the company a “neutral” rating in a research note on Monday, October 14th. JMP Securities reiterated a “market outperform” rating and set a $250.00 price target on shares of Paylocity in a research report on Monday, August 5th. Truist Financial cut their price objective on Paylocity from $200.00 to $195.00 and set a “buy” rating for the company in a report on Wednesday, July 31st. Barclays lifted their target price on Paylocity from $156.00 to $174.00 and gave the stock an “equal weight” rating in a report on Friday, October 11th. Finally, Jefferies Financial Group raised shares of Paylocity from a “hold” rating to a “buy” rating and upped their price target for the company from $145.00 to $200.00 in a report on Tuesday, October 22nd. Five research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $189.93.

Paylocity Stock Performance

Shares of PCTY stock opened at $184.67 on Thursday. The firm has a market capitalization of $10.30 billion, a PE ratio of 49.18, a price-to-earnings-growth ratio of 4.20 and a beta of 0.95. Paylocity has a 1 year low of $129.94 and a 1 year high of $184.77. The stock has a fifty day moving average of $164.34 and a two-hundred day moving average of $154.70.

Paylocity (NASDAQ:PCTY) last announced its earnings results on Thursday, August 1st. The software maker reported $1.48 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.29 by $0.19. Paylocity had a net margin of 14.74% and a return on equity of 22.17%. The firm had revenue of $357.30 million during the quarter, compared to analyst estimates of $350.29 million. During the same quarter in the prior year, the firm posted $0.76 EPS. Paylocity’s revenue was up 15.8% compared to the same quarter last year. Equities research analysts predict that Paylocity will post 4.51 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Paylocity 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 sale, the senior vice president now directly owns 39,764 shares of the company’s stock, valued at $6,474,772.12. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Company insiders own 21.91% of the company’s stock.

Institutional Trading of Paylocity

Hedge funds have recently made changes to their positions in the stock. Price T Rowe Associates Inc. MD boosted 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. Capital Research Global Investors purchased a new stake in shares of Paylocity during the first quarter worth $46,902,000. Millennium Management LLC boosted its position in 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 purchasing an additional 269,354 shares during the last quarter. Liontrust Investment Partners LLP grew its stake in Paylocity by 27.1% in the second quarter. Liontrust Investment Partners LLP now owns 810,314 shares of the software maker’s stock valued at $106,840,000 after purchasing an additional 172,807 shares in the last quarter. Finally, Skandinaviska Enskilda Banken AB publ increased its position in Paylocity by 1,662.3% in the 2nd quarter. Skandinaviska Enskilda Banken AB publ now owns 181,920 shares of the software maker’s stock worth $23,986,000 after purchasing an additional 171,597 shares during the last quarter. 94.76% of the stock is owned by hedge funds and other 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.