Paylocity (NASDAQ:PCTY) Price Target Raised to $175.00

Paylocity (NASDAQ:PCTY) had its target price boosted by BMO Capital Markets from $143.00 to $175.00 in a research report report published on Wednesday morning, MarketBeat.com reports. They currently have an outperform rating on the software maker’s stock.

A number of other analysts have also weighed in on PCTY. Raymond James Financial set a $140.00 price objective on shares of Paylocity in a research report on Friday, May 8th. Wall Street Zen lowered Paylocity from a “buy” rating to a “hold” rating in a research report on Saturday, July 4th. 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. KeyCorp reduced their price target on Paylocity from $190.00 to $172.00 and set an “overweight” rating on the stock in a report on Tuesday, April 28th. Finally, TD Cowen decreased their price target on Paylocity from $155.00 to $137.00 and set a “buy” rating for the company in a research note on Friday, June 26th. Twelve equities research analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $160.00.

Paylocity Stock Performance

NASDAQ:PCTY opened at $150.42 on Wednesday. The firm has a market capitalization of $8.05 billion, a PE ratio of 30.39 and a beta of 0.48. The stock’s fifty day moving average is $119.10 and its 200 day moving average is $114.71. Paylocity has a fifty-two week low of $92.99 and a fifty-two week high of $184.00. The company has a debt-to-equity ratio of 0.07, a quick ratio of 1.08 and a current ratio of 1.09.

Paylocity (NASDAQ:PCTY) last posted 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. Paylocity had a net margin of 15.23% and a return on equity of 27.02%. The business had revenue of $444.73 million for the quarter, compared to analysts’ expectations of $431.46 million. During the same quarter in the previous year, the business posted $1.56 earnings per share. The business’s revenue was up 11.0% compared to the same quarter last year. On average, sell-side analysts anticipate that Paylocity will post 6.33 earnings per share for the current year.

Insider Buying and Selling

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

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of the company. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its holdings in 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 purchasing an additional 7,594 shares during the period. Focus Partners Wealth lifted its holdings in shares of Paylocity by 24.5% in the 1st quarter. Focus Partners Wealth now owns 1,365 shares of the software maker’s stock worth $256,000 after buying an additional 269 shares during the period. EverSource Wealth Advisors LLC lifted its holdings in shares of Paylocity by 537.0% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 465 shares of the software maker’s stock worth $84,000 after buying an additional 392 shares during the period. Marshall Wace LLP lifted its holdings 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 worth $6,466,000 after buying an additional 34,450 shares during the period. Finally, Cerity Partners LLC grew 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 worth $3,486,000 after buying an additional 1,749 shares in the last quarter. Institutional investors 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.