Paylocity (NASDAQ:PCTY) Price Target Raised to $180.00 at Barclays

Paylocity (NASDAQ:PCTY) had its price target hoisted by Barclays from $174.00 to $180.00 in a report issued on Thursday, Benzinga reports. They currently have an equal weight rating on the software maker’s stock.

Several other brokerages have also issued reports on PCTY. Piper Sandler upped their target price on shares of Paylocity from $172.00 to $212.00 and gave the stock an “overweight” rating in a research report on Thursday. KeyCorp upped their price objective on shares of Paylocity from $182.00 to $187.00 and gave the stock an “overweight” rating in a report on Friday, October 25th. Mizuho increased their price target on shares of Paylocity from $155.00 to $175.00 and gave the company a “neutral” rating in a report on Monday, October 14th. Truist Financial cut their price target on shares of Paylocity from $200.00 to $195.00 and set a “buy” rating on the stock in a report on Wednesday, July 31st. Finally, Needham & Company LLC raised their target price on shares of Paylocity from $200.00 to $220.00 and gave the stock a “buy” rating in a report on Thursday. Five investment analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company. Based on data from MarketBeat, Paylocity has a consensus rating of “Moderate Buy” and a consensus target price of $193.87.

Paylocity Trading Up 3.3 %

Shares of NASDAQ:PCTY traded up $6.03 during mid-day trading on Thursday, reaching $190.60. The company had a trading volume of 244,594 shares, compared to its average volume of 498,593. The company’s 50-day moving average price is $164.97 and its 200-day moving average price is $154.91. Paylocity has a one year low of $129.94 and a one year high of $192.61. The firm has a market cap of $10.63 billion, a price-to-earnings ratio of 47.20, a PEG ratio of 4.31 and a beta of 0.95.

Paylocity (NASDAQ:PCTY) last released its quarterly earnings results on Thursday, August 1st. The software maker reported $1.48 EPS for the quarter, beating analysts’ consensus estimates of $1.29 by $0.19. Paylocity had a net margin of 15.32% and a return on equity of 23.29%. The firm had revenue of $357.30 million during the quarter, compared to analyst estimates of $350.29 million. During the same period in the previous year, the business earned $0.76 EPS. The business’s revenue for the quarter was up 15.8% on a year-over-year basis. On average, research analysts anticipate that Paylocity will post 4.51 EPS for the current fiscal year.

Insider Buying and Selling at Paylocity

In other news, SVP Rachit Lohani sold 658 shares of the stock in a transaction on Wednesday, October 2nd. The shares were sold at an average price of $162.83, for a total value of $107,142.14. Following the sale, the senior vice president now 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 21.91% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Paylocity

Several hedge funds and other institutional investors have recently modified their holdings of PCTY. Chicago Partners Investment Group LLC raised its stake in Paylocity by 3.7% during the third quarter. Chicago Partners Investment Group LLC now owns 2,282 shares of the software maker’s stock worth $395,000 after purchasing an additional 82 shares during the period. Daiwa Securities Group Inc. raised its position in Paylocity by 3.6% in the 1st quarter. Daiwa Securities Group Inc. now owns 2,900 shares of the software maker’s stock valued at $498,000 after purchasing an additional 100 shares during the last quarter. King Luther Capital Management Corp increased its stake in Paylocity by 1.0% in the 2nd quarter. King Luther Capital Management Corp now owns 9,981 shares of the software maker’s stock valued at $1,316,000 after buying an additional 103 shares during the period. J.Safra Asset Management Corp grew its stake in shares of Paylocity by 80.0% during the 1st quarter. J.Safra Asset Management Corp now owns 243 shares of the software maker’s stock worth $42,000 after purchasing an additional 108 shares during the period. Finally, SkyOak Wealth LLC grew its stake in Paylocity by 7.1% in the 2nd quarter. SkyOak Wealth LLC now owns 1,837 shares of the software maker’s stock valued at $242,000 after acquiring an additional 122 shares during the last quarter. 94.76% of the stock is 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.