Paylocity Holding Corporation (NASDAQ:PCTY) Receives $183.14 Consensus Target Price from Brokerages

Shares of Paylocity Holding Corporation (NASDAQ:PCTY) have been assigned a consensus recommendation of “Moderate Buy” from the twenty-two analysts that are presently covering the stock, Marketbeat reports. One research analyst has rated the stock with a sell recommendation, five have issued a hold recommendation and sixteen have assigned a buy recommendation to the company. The average 12-month price objective among brokerages that have updated their coverage on the stock in the last year is $183.1429.

Several equities research analysts recently issued reports on PCTY shares. Cantor Fitzgerald reaffirmed an “overweight” rating on shares of Paylocity in a report on Thursday, January 29th. Citizens Jmp decreased their target price on shares of Paylocity from $245.00 to $170.00 and set a “market outperform” rating on the stock in a research note on Friday, February 6th. TD Cowen reiterated a “buy” rating on shares of Paylocity in a report on Friday, February 6th. BMO Capital Markets cut their price objective on Paylocity from $185.00 to $150.00 and set an “outperform” rating on the stock in a report on Friday, February 6th. Finally, KeyCorp reduced their price objective on Paylocity from $225.00 to $190.00 and set an “overweight” rating on the stock in a research report on Friday, February 6th.

Insider Activity

In related news, CFO Ryan Glenn sold 1,737 shares of Paylocity stock in a transaction that occurred on Wednesday, November 19th. The shares were sold at an average price of $143.65, for a total transaction of $249,520.05. Following the sale, the chief financial officer directly owned 77,229 shares in the company, valued at $11,093,945.85. This trade represents a 2.20% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 19.40% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Paylocity

Hedge funds have recently modified their holdings of the business. DekaBank Deutsche Girozentrale raised its position in Paylocity by 0.9% during the 2nd quarter. DekaBank Deutsche Girozentrale now owns 6,148 shares of the software maker’s stock worth $1,097,000 after purchasing an additional 54 shares during the last quarter. Verdence Capital Advisors LLC raised its position in shares of Paylocity by 5.7% during the second quarter. Verdence Capital Advisors LLC now owns 1,205 shares of the software maker’s stock worth $218,000 after acquiring an additional 65 shares during the last quarter. ProShare Advisors LLC lifted its stake in shares of Paylocity by 3.3% in the second quarter. ProShare Advisors LLC now owns 2,055 shares of the software maker’s stock worth $372,000 after acquiring an additional 65 shares during the period. Federated Hermes Inc. boosted its holdings in Paylocity by 1.6% in the third quarter. Federated Hermes Inc. now owns 4,848 shares of the software maker’s stock valued at $772,000 after acquiring an additional 78 shares during the last quarter. Finally, SBI Securities Co. Ltd. boosted its holdings in Paylocity by 47.4% in the second quarter. SBI Securities Co. Ltd. now owns 252 shares of the software maker’s stock valued at $46,000 after acquiring an additional 81 shares during the last quarter. Institutional investors and hedge funds own 94.76% of the company’s stock.

Paylocity Stock Performance

Shares of NASDAQ:PCTY opened at $107.13 on Friday. Paylocity has a 1 year low of $101.39 and a 1 year high of $218.74. The stock has a market capitalization of $5.77 billion, a price-to-earnings ratio of 25.21, a price-to-earnings-growth ratio of 3.12 and a beta of 0.54. The company has a debt-to-equity ratio of 0.07, a current ratio of 1.04 and a quick ratio of 1.04. The company’s 50 day simple moving average is $141.55 and its 200 day simple moving average is $153.71.

Paylocity (NASDAQ:PCTY) last issued its earnings results on Thursday, February 5th. The software maker reported $1.85 earnings per share for the quarter, beating analysts’ consensus estimates of $1.57 by $0.28. Paylocity had a return on equity of 23.44% and a net margin of 14.19%.The firm had revenue of $416.13 million for the quarter, compared to the consensus estimate of $408.37 million. During the same quarter last year, the business posted $1.52 EPS. The company’s revenue was up 10.4% compared to the same quarter last year. As a group, research analysts predict that Paylocity will post 4.36 EPS for the current fiscal year.

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.