Needham & Company LLC Reaffirms Buy Rating for Paylocity (NASDAQ:PCTY)

Needham & Company LLC reissued their buy rating on shares of Paylocity (NASDAQ:PCTY) in a research report sent to investors on Friday, Benzinga reports. The brokerage currently has a $200.00 price target on the software maker’s stock.

Several other equities analysts have also commented on PCTY. TD Cowen reduced their price target on Paylocity from $180.00 to $153.00 and set a buy rating on the stock in a research report on Thursday, June 20th. KeyCorp reduced their price objective on Paylocity from $200.00 to $171.00 and set an overweight rating for the company in a research note on Friday, July 19th. Barclays lowered their price objective on Paylocity from $178.00 to $160.00 and set an equal weight rating on the stock in a report on Tuesday, July 16th. Robert W. Baird reduced their price objective on Paylocity from $225.00 to $195.00 and set an outperform rating for the company in a research report on Tuesday, June 18th. Finally, Stifel Nicolaus lowered their target price on Paylocity from $205.00 to $185.00 and set a buy rating for the company in a research note on Wednesday, June 5th. Seven analysts have rated the stock with a hold rating and nine have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of Moderate Buy and an average target price of $179.40.

Paylocity Stock Down 3.2 %

Shares of NASDAQ:PCTY opened at $153.02 on Friday. The firm’s 50 day moving average price is $140.64 and its 200 day moving average price is $156.89. The stock has a market cap of $8.63 billion, a price-to-earnings ratio of 44.58, a price-to-earnings-growth ratio of 2.59 and a beta of 0.92. Paylocity has a fifty-two week low of $129.94 and a fifty-two week high of $210.68.

Paylocity (NASDAQ:PCTY) last released its 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. The company had revenue of $357.30 million during the quarter, compared to the consensus estimate of $350.29 million. Paylocity had a return on equity of 22.40% and a net margin of 14.74%. Paylocity’s quarterly revenue was up 15.8% compared to the same quarter last year. During the same quarter last year, the company earned $0.76 earnings per share. On average, equities analysts anticipate that Paylocity will post 4.14 EPS for the current year.

Insiders Place Their Bets

In other news, CFO Ryan Glenn sold 1,400 shares of the stock in a transaction on Monday, July 15th. The stock was sold at an average price of $140.06, for a total value of $196,084.00. Following the sale, the chief financial officer now directly owns 31,074 shares of the company’s stock, valued at $4,352,224.44. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. In related news, CEO Steven R. Beauchamp sold 49,442 shares of the stock in a transaction 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 directly owns 1,745,022 shares of the company’s stock, valued at $248,979,738.96. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, CFO Ryan Glenn sold 1,400 shares of the firm’s stock in a transaction dated Monday, July 15th. The stock was sold at an average price of $140.06, for a total value of $196,084.00. Following the completion of the transaction, the chief financial officer now directly owns 31,074 shares in the company, valued at $4,352,224.44. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 51,173 shares of company stock worth $7,296,388. 22.50% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the stock. Venturi Wealth Management LLC raised its stake in shares of Paylocity by 144.1% in the first quarter. Venturi Wealth Management LLC now owns 166 shares of the software maker’s stock worth $29,000 after buying an additional 98 shares during the period. American National Bank bought a new stake in Paylocity during the 4th quarter valued at approximately $31,000. GAMMA Investing LLC bought a new stake in Paylocity during the 4th quarter valued at approximately $36,000. Rothschild Investment LLC bought a new stake in Paylocity during the 2nd quarter valued at approximately $40,000. Finally, Principal Securities Inc. bought a new stake in Paylocity during the 4th quarter valued at approximately $41,000. Institutional investors own 94.76% of the company’s stock.

Paylocity Company Profile

Paylocity Holding Corporation provides cloud-based human capital management and payroll software solutions for workforce in the United States. The company offers Payroll and Tax Services solution to simplifies payroll, automates processes, and manages compliance requirements within one system; and expense management, on demand payment, and garnishment solutions.