Paylocity (NASDAQ:PCTY) Price Target Raised to $180.00

Paylocity (NASDAQ:PCTY) had its price objective raised by BTIG Research from $150.00 to $180.00 in a report issued on Wednesday morning, Marketbeat.com reports. They currently have a buy rating on the software maker’s stock.

Several other research analysts have also recently commented on PCTY. Barclays upped their target price on shares of Paylocity from $120.00 to $128.00 and gave the stock an “equal weight” rating in a research report on Monday, May 11th. Truist Financial cut their target price on Paylocity from $180.00 to $165.00 and set a “buy” rating on the stock in a research note on Monday, June 29th. Robert W. Baird set a $193.00 price target on Paylocity in a research report on Friday, May 8th. Raymond James Financial set a $140.00 price target on Paylocity in a research note on Friday, May 8th. Finally, Citizens Jmp lowered their price target on Paylocity from $170.00 to $150.00 and set a “market outperform” rating on the stock in a report on Friday, May 8th. Twelve equities 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 data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $160.00.

Paylocity Stock Down 0.7%

Shares of NASDAQ:PCTY opened at $150.42 on Wednesday. Paylocity has a 1-year low of $92.99 and a 1-year high of $184.00. The company’s fifty day moving average is $119.10 and its two-hundred day moving average is $114.71. The company has a debt-to-equity ratio of 0.07, a quick ratio of 1.08 and a current ratio of 1.09. The stock has a market capitalization of $8.05 billion, a price-to-earnings ratio of 30.39 and a beta of 0.48.

Paylocity (NASDAQ:PCTY) last announced its quarterly earnings data on Tuesday, August 4th. The software maker reported $1.84 earnings per share for the quarter, beating analysts’ consensus estimates of $1.62 by $0.22. The business had revenue of $444.73 million during the quarter, compared to the consensus estimate of $431.46 million. Paylocity had a net margin of 15.23% and a return on equity of 27.02%. The company’s revenue for the quarter was up 11.0% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $1.56 EPS. Equities analysts anticipate that Paylocity will post 6.33 EPS for the current year.

Insider Activity

In other news, SVP Andrew Cappotelli sold 899 shares of the business’s stock in a transaction dated Tuesday, May 19th. The shares were sold at an average price of $115.05, for a total transaction of $103,429.95. Following the transaction, the senior vice president 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 transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders own 19.40% of the company’s stock.

Institutional Trading of Paylocity

Several large investors have recently added to or reduced their stakes in PCTY. Flagship Harbor Advisors LLC acquired a new stake in shares of Paylocity in the fourth quarter valued at $27,000. Los Angeles Capital Management LLC acquired a new position in shares of Paylocity during the fourth quarter worth approximately $30,000. Advisory Services Network LLC acquired a new position in shares of Paylocity during the third quarter worth approximately $38,000. Optiver Holding B.V. grew its stake in shares of Paylocity by 5,925.0% during the first quarter. Optiver Holding B.V. now owns 241 shares of the software maker’s stock valued at $26,000 after purchasing an additional 237 shares during the last quarter. Finally, Global Retirement Partners LLC bought a new stake in shares of Paylocity during the second quarter valued at approximately $27,000. 94.76% of the stock is owned by institutional investors.

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.