Brokerages Set Paylocity Holding Co. (NASDAQ:PCTY) Price Target at $184.71

Shares of Paylocity Holding Co. (NASDAQ:PCTY) have earned an average rating of “Moderate Buy” from the fourteen brokerages that are presently covering the firm, Marketbeat Ratings reports. Four equities research analysts have rated the stock with a hold rating and ten have issued a buy rating on the company. The average 12 month target price among brokerages that have updated their coverage on the stock in the last year is $184.71.

PCTY has been the subject of several research reports. KeyCorp boosted 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. JMP Securities restated a “market outperform” rating and set a $250.00 price objective on shares of Paylocity in a research report on Monday, August 5th. Piper Sandler dropped their target price on shares of Paylocity from $194.00 to $172.00 and set an “overweight” rating on the stock in a research report on Friday, August 2nd. Needham & Company LLC reissued a “buy” rating and issued a $200.00 price target on shares of Paylocity in a research report on Thursday, October 17th. Finally, Truist Financial decreased their price objective on shares of Paylocity from $200.00 to $195.00 and set a “buy” rating for the company in a research note on Wednesday, July 31st.

Insider Activity at Paylocity

In other Paylocity news, SVP Rachit Lohani sold 658 shares of the firm’s stock in a transaction dated Wednesday, October 2nd. The stock was sold at an average price of $162.83, for a total transaction of $107,142.14. Following the transaction, the senior vice president now owns 39,764 shares in the company, valued at approximately $6,474,772.12. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. 21.91% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Paylocity

A number of institutional investors have recently bought and sold shares of the business. UMB Bank n.a. boosted its stake in Paylocity by 1,650.0% in the 3rd quarter. UMB Bank n.a. now owns 175 shares of the software maker’s stock valued at $29,000 after purchasing an additional 165 shares during the period. J.Safra Asset Management Corp raised its position in shares of Paylocity by 80.0% in the first quarter. J.Safra Asset Management Corp now owns 243 shares of the software maker’s stock valued at $42,000 after buying an additional 108 shares in the last quarter. Rothschild Investment LLC bought a new stake in shares of Paylocity in the second quarter valued at approximately $40,000. Signaturefd LLC grew its position in Paylocity by 121.0% during the third quarter. Signaturefd LLC now owns 305 shares of the software maker’s stock worth $50,000 after buying an additional 167 shares in the last quarter. Finally, RiverPark Advisors LLC grew its position in Paylocity by 152.0% during the first quarter. RiverPark Advisors LLC now owns 383 shares of the software maker’s stock worth $66,000 after buying an additional 231 shares in the last quarter. Institutional investors and hedge funds own 94.76% of the company’s stock.

Paylocity Stock Performance

Shares of PCTY opened at $175.13 on Friday. The business’s 50-day moving average is $162.93 and its two-hundred day moving average is $154.44. The company has a market capitalization of $9.76 billion, a P/E ratio of 48.11, a P/E/G ratio of 4.20 and a beta of 0.95. Paylocity has a fifty-two week low of $129.94 and a fifty-two week high of $184.77.

Paylocity (NASDAQ:PCTY) last released its quarterly earnings results on Thursday, August 1st. The software maker reported $1.48 earnings per share for the quarter, topping the consensus estimate 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 the consensus estimate of $350.29 million. During the same quarter in the prior year, the firm earned $0.76 EPS. The company’s revenue for the quarter was up 15.8% on a year-over-year basis. Analysts forecast that Paylocity will post 4.51 EPS for the current year.

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.