Paylocity (NASDAQ:PCTY) Price Target Raised to $231.00

Paylocity (NASDAQ:PCTY) had its price objective lifted by Barclays from $214.00 to $231.00 in a research note issued on Friday,Benzinga reports. The firm currently has an “equal weight” rating on the software maker’s stock. Barclays‘s price objective would indicate a potential upside of 12.22% from the company’s current price.

Several other equities analysts also recently weighed in on the company. Truist Financial raised their price target on Paylocity from $195.00 to $210.00 and gave the company a “buy” rating in a report on Friday, November 1st. JMP Securities raised their price target on Paylocity from $250.00 to $270.00 and gave the company a “market outperform” rating in a report on Friday. Piper Sandler restated an “overweight” rating and set a $254.00 price target (up from $212.00) on shares of Paylocity in a report on Thursday. StockNews.com upgraded Paylocity from a “hold” rating to a “buy” rating in a report on Saturday, December 7th. Finally, TD Cowen dropped their price objective on Paylocity from $235.00 to $228.00 and set a “buy” rating on the stock in a research report on Monday, January 6th. Two investment analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $233.25.

Paylocity Trading Down 2.9 %

Shares of PCTY traded down $6.17 during mid-day trading on Friday, hitting $205.84. 1,180,215 shares of the company’s stock traded hands, compared to its average volume of 537,537. The firm has a market capitalization of $11.48 billion, a P/E ratio of 52.64, a PEG ratio of 5.03 and a beta of 0.95. The business’s 50-day moving average price is $201.32 and its 200-day moving average price is $180.76. Paylocity has a 1 year low of $129.94 and a 1 year high of $223.80. The company has a quick ratio of 1.32, a current ratio of 1.32 and a debt-to-equity ratio of 0.29.

Paylocity (NASDAQ:PCTY) last posted its quarterly earnings data on Thursday, February 6th. The software maker reported $0.82 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.42 by ($0.60). Paylocity had a return on equity of 22.92% and a net margin of 15.32%. As a group, sell-side analysts forecast that Paylocity will post 4.46 EPS for the current fiscal year.

Insider Activity at Paylocity

In other news, Director Jeffrey T. Diehl sold 946 shares of Paylocity stock in a transaction that occurred on Friday, November 15th. The stock was sold at an average price of $204.74, for a total value of $193,684.04. Following the completion of the transaction, the director now owns 1,767 shares in the company, valued at approximately $361,775.58. The trade was a 34.87 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Steven I. Sarowitz sold 12,226 shares of Paylocity stock in a transaction that occurred on Monday, November 18th. The stock was sold at an average price of $196.29, for a total value of $2,399,841.54. Following the completion of the transaction, the director now owns 9,300,847 shares of the company’s stock, valued at approximately $1,825,663,257.63. This trade represents a 0.13 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 127,380 shares of company stock valued at $25,830,669. 21.91% of the stock is owned by company insiders.

Hedge Funds Weigh In On Paylocity

A number of institutional investors and hedge funds have recently modified their holdings of the stock. SBI Securities Co. Ltd. purchased a new stake in shares of Paylocity in the 4th quarter worth $29,000. UMB Bank n.a. grew its stake in Paylocity by 1,650.0% during 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 last quarter. Prospera Private Wealth LLC purchased a new stake in Paylocity during the 3rd quarter valued at about $39,000. Steward Partners Investment Advisory LLC grew its stake in Paylocity by 29.9% during the 4th quarter. Steward Partners Investment Advisory LLC now owns 274 shares of the software maker’s stock valued at $55,000 after purchasing an additional 63 shares during the last quarter. Finally, Signaturefd LLC grew its stake in Paylocity by 121.0% during the 3rd quarter. Signaturefd LLC now owns 305 shares of the software maker’s stock valued at $50,000 after purchasing an additional 167 shares during the last quarter. Hedge funds and other institutional investors own 94.76% of the company’s stock.

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.