BTIG Research Forecasts Strong Price Appreciation for Paylocity (NASDAQ:PCTY) Stock

Paylocity (NASDAQ:PCTY) had its price objective upped by investment analysts at BTIG Research from $200.00 to $210.00 in a note issued to investors on Friday, Benzinga reports. The brokerage presently has a “buy” rating on the software maker’s stock. BTIG Research‘s price target would indicate a potential upside of 23.84% from the stock’s current price.

Other research analysts have also recently issued research reports about the stock. Robert W. Baird set a $201.00 target price on shares of Paylocity in a report on Wednesday, August 5th. TD Cowen upped their price target on shares of Paylocity from $168.00 to $177.00 and gave the company a “buy” rating in a report on Thursday, August 20th. Citigroup increased their price target on Paylocity from $168.00 to $208.00 and gave the stock a “buy” rating in a research report on Tuesday, October 27th. Jefferies Financial Group reiterated a “buy” rating and set a $165.00 price objective on shares of Paylocity in a research note on Wednesday, August 5th. Finally, UBS Group set a $175.00 price objective on Paylocity in a report on Tuesday, September 29th. Twelve equities research analysts have rated the stock with a Buy rating and five have given a Hold rating to the company’s stock. According to data from MarketBeat.com, Paylocity has a consensus rating of “Moderate Buy” and a consensus price target of $175.47.

Paylocity Stock Performance

PCTY opened at $169.57 on Friday. The company has a current ratio of 1.09, a quick ratio of 1.09 and a debt-to-equity ratio of 0.07. Paylocity has a 12-month low of $92.99 and a 12-month high of $178.53. The firm has a 50 day moving average of $155.81 and a two-hundred day moving average of $127.26. The firm has a market capitalization of $8.85 billion, a PE ratio of 34.26, a P/E/G ratio of 2.03 and a beta of 0.43.

Paylocity (NASDAQ:PCTY) last released its quarterly earnings data on Thursday, November 5th. The software maker reported $2.09 EPS for the quarter, beating the consensus estimate of $1.93 by $0.16. The business had revenue of $451.67 million for the quarter, compared to the consensus estimate of $443.12 million. Paylocity had a net margin of 15.23% and a return on equity of 27.02%. The business’s revenue for the quarter was up 10.7% on a year-over-year basis. During the same period in the prior year, the firm earned $1.75 EPS. On average, analysts anticipate that Paylocity will post 6.92 EPS for the current year.

Insider Activity at Paylocity

In related news, Chairman Steven R. Beauchamp sold 15,000 shares of the business’s stock in a transaction on Thursday, October 15th. The shares were sold at an average price of $165.22, for a total value of $2,478,300.00. Following the completion of the transaction, the chairman directly owned 1,243,389 shares in the company, valued at $205,432,730.58. The trade was a 1.19% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Steven Sarowitz sold 19,459 shares of the stock in a transaction on Thursday, August 27th. The stock was sold at an average price of $157.78, for a total transaction of $3,070,241.02. Following the sale, the director directly owned 4,453,495 shares in the company, valued at $702,672,441.10. This trade represents a 0.44% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last ninety days, insiders have sold 151,704 shares of company stock valued at $25,137,741. Insiders own 19.40% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the company. Optiver Holding B.V. grew its position in shares of Paylocity by 5,925.0% during the 1st quarter. Optiver Holding B.V. now owns 241 shares of the software maker’s stock valued at $26,000 after acquiring an additional 237 shares during the period. Global Retirement Partners LLC acquired a new position in Paylocity in the 2nd quarter worth about $27,000. Basecamp Wealth Advisors LLC boosted its position in Paylocity by 4,250.0% during the first quarter. Basecamp Wealth Advisors LLC now owns 261 shares of the software maker’s stock worth $28,000 after purchasing an additional 255 shares in the last quarter. Elevation Wealth Partners LLC boosted its position in Paylocity by 500.0% during the second quarter. Elevation Wealth Partners LLC now owns 342 shares of the software maker’s stock worth $36,000 after purchasing an additional 285 shares in the last quarter. Finally, Parallel Advisors LLC boosted its position in Paylocity by 58.8% during the first quarter. Parallel Advisors LLC now owns 451 shares of the software maker’s stock worth $49,000 after purchasing an additional 167 shares in the last quarter. Institutional investors and hedge funds own 94.76% of the company’s stock.

About Paylocity

Paylocity Holding Corporation (NASDAQ:PCTY) provides cloud-based human capital management (HCM) and payroll software for organizations. Its platform is designed to help employers manage payroll, human resources, employee benefits, talent acquisition, onboarding, performance, learning, and workforce administration through an integrated system.

The company also offers tools for time and labor management, scheduling, employee communications, engagement, surveys, expense management, and other workplace activities.