Paylocity Holding Co. (NASDAQ:PCTY) Receives $179.13 Average Price Target from Analysts

Shares of Paylocity Holding Co. (NASDAQ:PCTY) have earned an average recommendation of “Moderate Buy” from the fifteen analysts that are currently covering the company, MarketBeat Ratings reports. Six research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. The average 1 year price target among brokers that have updated their coverage on the stock in the last year is $179.13.

A number of research analysts have commented on the stock. Stifel Nicolaus cut their price target on shares of Paylocity from $205.00 to $185.00 and set a “buy” rating for the company in a research note on Wednesday, June 5th. Truist Financial decreased their price target on Paylocity from $200.00 to $195.00 and set a “buy” rating on the stock in a research note on Wednesday, July 31st. JMP Securities reiterated a “market outperform” rating and issued a $250.00 price target on shares of Paylocity in a research report on Monday, August 5th. Jefferies Financial Group cut their price objective on Paylocity from $180.00 to $145.00 and set a “hold” rating for the company in a report on Monday, June 24th. Finally, Citigroup lowered their target price on shares of Paylocity from $178.00 to $155.00 and set a “neutral” rating on the stock in a report on Tuesday, June 18th.

Paylocity Trading Down 1.4 %

PCTY opened at $153.77 on Monday. The stock’s 50 day simple moving average is $142.51 and its 200-day simple moving average is $156.66. The stock has a market cap of $8.68 billion, a PE ratio of 44.70, a P/E/G ratio of 3.75 and a beta of 0.92. Paylocity has a 1 year low of $129.94 and a 1 year high of $206.28.

Paylocity (NASDAQ:PCTY) last announced its quarterly earnings results on Thursday, August 1st. The software maker reported $1.48 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.29 by $0.19. Paylocity had a net margin of 14.74% and a return on equity of 22.17%. The firm had revenue of $357.30 million for the quarter, compared to analyst estimates of $350.29 million. During the same quarter in the previous year, the firm posted $0.76 EPS. The business’s revenue for the quarter was up 15.8% on a year-over-year basis. Equities analysts forecast that Paylocity will post 4.5 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, CFO Ryan Glenn sold 1,400 shares of Paylocity stock in a transaction on Monday, July 15th. The stock was sold at an average price of $140.06, for a total value of $196,084.00. Following the completion of the sale, the chief financial officer now directly owns 31,074 shares of the company’s stock, valued at approximately $4,352,224.44. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In related news, CAO Nicholas Rost sold 331 shares of the stock in a transaction that occurred on Monday, June 17th. The shares were sold at an average price of $138.73, for a total value of $45,919.63. Following the transaction, the chief accounting officer now directly owns 4,751 shares in the company, valued at $659,106.23. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CFO Ryan Glenn sold 1,400 shares of the firm’s stock in a transaction that occurred on Monday, July 15th. The shares were sold at an average price of $140.06, for a total transaction of $196,084.00. Following the completion of the transaction, the chief financial officer now directly owns 31,074 shares in the company, valued at $4,352,224.44. The disclosure for this sale can be found here. Insiders sold 51,173 shares of company stock worth $7,296,388 in the last quarter. Insiders own 22.50% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the stock. Venturi Wealth Management LLC increased its holdings in Paylocity by 144.1% in the first quarter. Venturi Wealth Management LLC now owns 166 shares of the software maker’s stock valued at $29,000 after purchasing an additional 98 shares during the last quarter. American National Bank acquired a new position in shares of Paylocity during the 4th quarter worth about $31,000. GAMMA Investing LLC bought a new stake in shares of Paylocity in the 4th quarter valued at about $36,000. J.Safra Asset Management Corp raised its position in shares of Paylocity by 80.0% in the 1st quarter. J.Safra Asset Management Corp now owns 243 shares of the software maker’s stock valued at $42,000 after acquiring an additional 108 shares during the period. Finally, Principal Securities Inc. bought a new position in Paylocity during the 4th quarter worth approximately $41,000. Institutional investors and hedge funds own 94.76% of the company’s stock.

Paylocity Company Profile

Paylocity Holding Corporation provides cloud-based human capital management and payroll software solutions for workforce in the United States. The company offers Payroll and Tax Services solution to simplifies payroll, automates processes, and manages compliance requirements within one system; and expense management, on demand payment, and garnishment solutions.