Paylocity (NASDAQ:PCTY) Price Target Increased to $175.00 by Analysts at Mizuho

Paylocity (NASDAQ:PCTY) had its target price hoisted by Mizuho from $155.00 to $175.00 in a research note issued to investors on Monday morning, Benzinga reports. They currently have a neutral rating on the software maker’s stock.

Several other brokerages have also commented on PCTY. Barclays boosted their price target on shares of Paylocity from $156.00 to $174.00 and gave the stock an equal weight rating in a report on Friday. Jefferies Financial Group lowered their target price on shares of Paylocity from $180.00 to $145.00 and set a hold rating on the stock in a research note on Monday, June 24th. BTIG Research lowered their target price 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. TD Cowen lowered their target price on shares of Paylocity from $180.00 to $153.00 and set a buy rating on the stock in a research note on Thursday, June 20th. Finally, Truist Financial lowered their target price on shares of Paylocity from $200.00 to $195.00 and set a buy rating on the stock in a research note on Wednesday, July 31st. Seven investment analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. According to data from MarketBeat.com, Paylocity has a consensus rating of Moderate Buy and an average target price of $182.40.

Paylocity Price Performance

NASDAQ:PCTY opened at $168.22 on Monday. The firm has a market cap of $9.49 billion, a price-to-earnings ratio of 48.90, a price-to-earnings-growth ratio of 3.96 and a beta of 0.95. The company has a 50 day moving average price of $159.49 and a 200-day moving average price of $154.18. Paylocity has a 1-year low of $129.94 and a 1-year high of $205.48.

Paylocity (NASDAQ:PCTY) last posted its earnings results on Thursday, August 1st. The software maker reported $1.48 earnings per share for the quarter, beating the consensus estimate of $1.29 by $0.19. The firm had revenue of $357.30 million during the quarter, compared to analyst estimates of $350.29 million. Paylocity had a net margin of 14.74% and a return on equity of 22.17%. The business’s quarterly revenue was up 15.8% on a year-over-year basis. During the same period in the previous year, the firm earned $0.76 EPS. On average, sell-side analysts anticipate that Paylocity will post 4.51 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Paylocity news, SVP Rachit Lohani sold 658 shares of the business’s stock in a transaction dated 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 in the company, valued at $6,474,772.12. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In related news, SVP Rachit Lohani sold 658 shares of the company’s stock in a transaction that occurred 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 in the company, valued at approximately $6,474,772.12. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Steven R. Beauchamp sold 49,442 shares of the company’s stock in a transaction that occurred on 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 sale, the chief executive officer now owns 1,745,022 shares in the company, valued at $248,979,738.96. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 50,232 shares of company stock worth $7,183,315 over the last three months. Company insiders own 22.50% of the company’s stock.

Institutional Trading of Paylocity

Large investors have recently made changes to their positions in the company. FORA Capital LLC purchased a new stake in shares of Paylocity during the first quarter worth approximately $1,540,000. Royal London Asset Management Ltd. acquired a new position in Paylocity in the fourth quarter valued at approximately $1,938,000. BNP Paribas Financial Markets boosted its holdings in Paylocity by 55.2% in the first quarter. BNP Paribas Financial Markets now owns 36,818 shares of the software maker’s stock valued at $6,328,000 after purchasing an additional 13,093 shares in the last quarter. Cetera Advisors LLC acquired a new position in Paylocity in the first quarter valued at approximately $729,000. Finally, Price T Rowe Associates Inc. MD boosted its holdings in Paylocity by 3.3% in the first 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 purchasing an additional 278,607 shares in the last quarter. 94.76% of the stock is currently owned by hedge funds and other institutional investors.

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.