BMO Capital Markets Forecasts Strong Price Appreciation for Paylocity (NASDAQ:PCTY) Stock

Paylocity (NASDAQ:PCTY) had its price objective lifted by BMO Capital Markets from $143.00 to $175.00 in a research report issued to clients and investors on Wednesday. The brokerage presently has an “outperform” rating on the software maker’s stock. BMO Capital Markets’ target price suggests a potential upside of 22.10% from the stock’s previous close.

Several other analysts have also issued reports on PCTY. Robert W. Baird set a $193.00 price objective on Paylocity in a research note on Friday, May 8th. UBS Group lifted their target price on Paylocity from $122.00 to $128.00 and gave the stock a “neutral” rating in a research note on Wednesday, July 22nd. Zacks Research lowered Paylocity from a “strong-buy” rating to a “hold” rating in a report on Monday, July 27th. Citigroup raised their price target on Paylocity from $133.00 to $136.00 and gave the company a “buy” rating in a report on Monday, May 11th. Finally, KeyCorp reduced their price objective on shares of Paylocity from $190.00 to $172.00 and set an “overweight” rating for the company in a research report on Tuesday, April 28th. Twelve research analysts have rated the stock with a Buy rating, four have given a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $153.76.

Paylocity Price Performance

NASDAQ:PCTY opened at $143.32 on Wednesday. The stock has a market capitalization of $7.67 billion, a PE ratio of 30.56 and a beta of 0.48. Paylocity has a 1-year low of $92.99 and a 1-year high of $197.78. The firm has a fifty day simple moving average of $116.80 and a 200 day simple moving average of $114.33. The company has a current ratio of 1.08, a quick ratio of 1.08 and a debt-to-equity ratio of 0.07.

Paylocity (NASDAQ:PCTY) last announced its quarterly earnings data on Tuesday, August 4th. The software maker reported $1.84 EPS for the quarter, beating analysts’ consensus estimates of $1.62 by $0.22. Paylocity had a net margin of 14.94% and a return on equity of 25.63%. The company had revenue of $444.73 million during the quarter, compared to the consensus estimate of $431.46 million. During the same quarter last year, the firm posted $1.56 EPS. The company’s quarterly revenue was up 11.0% on a year-over-year basis. On average, research analysts expect that Paylocity will post 5.8 EPS for the current fiscal year.

Insider Transactions at Paylocity

In other news, SVP Andrew Cappotelli sold 899 shares of the business’s stock in a transaction that occurred on Tuesday, May 19th. The shares were sold at an average price of $115.05, for a total value of $103,429.95. Following the completion of the transaction, the senior vice president directly owned 17,679 shares in the company, valued at approximately $2,033,968.95. The trade was a 4.84% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 19.40% of the stock is owned by insiders.

Institutional Trading of Paylocity

Large investors have recently made changes to their positions in the company. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its holdings in shares of Paylocity by 5.9% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 136,388 shares of the software maker’s stock worth $25,551,000 after buying an additional 7,594 shares in the last quarter. Focus Partners Wealth lifted its holdings in Paylocity by 24.5% in the first quarter. Focus Partners Wealth now owns 1,365 shares of the software maker’s stock valued at $256,000 after buying an additional 269 shares during the period. EverSource Wealth Advisors LLC grew its stake in Paylocity by 537.0% during the second quarter. EverSource Wealth Advisors LLC now owns 465 shares of the software maker’s stock worth $84,000 after purchasing an additional 392 shares during the period. Marshall Wace LLP increased its stake in shares of Paylocity by 2,782.7% in the 2nd quarter. Marshall Wace LLP now owns 35,688 shares of the software maker’s stock valued at $6,466,000 after acquiring an additional 34,450 shares in the last quarter. Finally, Cerity Partners LLC lifted its position in shares of Paylocity by 10.0% during the 2nd quarter. Cerity Partners LLC now owns 19,241 shares of the software maker’s stock valued at $3,486,000 after acquiring an additional 1,749 shares during the period. Institutional investors and hedge funds own 94.76% of the company’s stock.

About Paylocity

Paylocity (NASDAQ: PCTY) is a leading provider of cloud-based payroll and human capital management (HCM) software designed to streamline workforce administration for mid-sized organizations. The company’s integrated platform automates core functions such as payroll processing, benefits administration, time and labor tracking, and compliance management, enabling employers to manage employee data more efficiently and reduce administrative burdens.

In addition to payroll and HR capabilities, Paylocity offers talent management solutions including recruiting, onboarding, performance tracking, and learning management.