Piper Sandler Raises Paylocity (NASDAQ:PCTY) Price Target to $269.00

Paylocity (NASDAQ:PCTYGet Rating) had its price objective boosted by Piper Sandler from $195.00 to $269.00 in a research note issued to investors on Friday, The Fly reports. Piper Sandler currently has an overweight rating on the software maker’s stock.

Other analysts have also recently issued reports about the stock. Jefferies Financial Group reduced their price objective on shares of Paylocity from $255.00 to $200.00 in a research note on Monday, May 23rd. Cowen cut their target price on shares of Paylocity from $265.00 to $240.00 in a research note on Friday, May 6th. Wolfe Research upgraded shares of Paylocity from a market perform rating to an outperform rating and upped their target price for the company from $220.00 to $240.00 in a research note on Friday, April 22nd. Cowen cut their target price on shares of Paylocity from $265.00 to $240.00 in a research note on Friday, May 6th. Finally, KeyCorp lowered their price target on shares of Paylocity from $225.00 to $205.00 and set an overweight rating on the stock in a report on Thursday, June 23rd. Three investment analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company. According to MarketBeat, the company presently has an average rating of Moderate Buy and a consensus target price of $264.38.

Paylocity Stock Performance

Shares of PCTY opened at $255.26 on Friday. The company’s 50 day moving average price is $185.12 and its 200 day moving average price is $191.38. Paylocity has a 52 week low of $152.01 and a 52 week high of $314.49. The company has a market capitalization of $14.07 billion, a PE ratio of 158.55 and a beta of 1.27.

Paylocity (NASDAQ:PCTYGet Rating) last issued its quarterly earnings data on Thursday, August 4th. The software maker reported $0.80 earnings per share for the quarter, topping analysts’ consensus estimates of $0.52 by $0.28. Paylocity had a net margin of 10.65% and a return on equity of 18.13%. The business had revenue of $228.95 million during the quarter, compared to analysts’ expectations of $217.96 million. During the same period in the previous year, the company earned $0.24 earnings per share. Paylocity’s revenue for the quarter was up 36.7% on a year-over-year basis. On average, equities analysts forecast that Paylocity will post 1.56 earnings per share for the current fiscal year.

Insider Buying and Selling at Paylocity

In other Paylocity news, CFO Ryan Glenn sold 1,500 shares of the company’s stock in a transaction dated Friday, July 8th. The shares were sold at an average price of $200.00, for a total transaction of $300,000.00. Following the transaction, the chief financial officer now directly owns 16,910 shares in the company, valued at approximately $3,382,000. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. In related news, CFO Ryan Glenn sold 1,500 shares of the stock in a transaction that occurred on Friday, July 8th. The shares were sold at an average price of $200.00, for a total value of $300,000.00. Following the sale, the chief financial officer now directly owns 16,910 shares in the company, valued at approximately $3,382,000. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, COO Michael R. Haske sold 33,355 shares of the stock in a transaction that occurred on Friday, July 8th. The shares were sold at an average price of $200.00, for a total transaction of $6,671,000.00. Following the completion of the sale, the chief operating officer now owns 775,885 shares in the company, valued at $155,177,000. The disclosure for this sale can be found here. In the last three months, insiders have sold 133,443 shares of company stock worth $24,884,062. Company insiders own 28.80% of the company’s stock.

Institutional Trading of Paylocity

Several hedge funds have recently bought and sold shares of PCTY. Parallel Advisors LLC raised its holdings in Paylocity by 101.7% during the 1st quarter. Parallel Advisors LLC now owns 121 shares of the software maker’s stock worth $25,000 after buying an additional 61 shares during the period. Castle Wealth Management LLC acquired a new stake in Paylocity during the 2nd quarter worth approximately $37,000. Signaturefd LLC raised its holdings in Paylocity by 1,730.0% during the 1st quarter. Signaturefd LLC now owns 183 shares of the software maker’s stock worth $38,000 after buying an additional 173 shares during the period. Northwestern Mutual Wealth Management Co. acquired a new stake in Paylocity during the 1st quarter worth approximately $41,000. Finally, Covestor Ltd bought a new position in shares of Paylocity during the 4th quarter worth approximately $42,000. 69.01% of the stock is currently owned by institutional investors and hedge funds.

About Paylocity

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Paylocity Holding Corporation provides cloud-based payroll and human capital management software solutions for medium-sized organizations in the United States. The company offers Payroll and Tax Services solution to simplify payroll, automate processes and manage compliance requirements within one system; expense management, on demand payment, and garnishment solutions; human capital management and employee self-service solutions, document library, compliance dashboard, and HR edge; time and attendance solution, which tracks time and attendance data, eliminating the need for manual tracking of accruals and reducing administrative tasks; schedule tracking services; and time collection devices, including kiosks, time clocks, and mobile and web applications.

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