Paylocity (NASDAQ:PCTY) Price Target Increased to $175.00 by Analysts at Mizuho

Paylocity (NASDAQ:PCTY) had its price target hoisted by Mizuho from $155.00 to $175.00 in a report published on Monday morning, Benzinga reports. They currently have a neutral rating on the software maker’s stock.

Several other research analysts have also weighed in on PCTY. Jefferies Financial Group cut their price objective on shares of Paylocity from $180.00 to $145.00 and set a “hold” rating on the stock in a report on Monday, June 24th. BTIG Research dropped their price target on Paylocity from $200.00 to $185.00 and set a “buy” rating for the company in a research note on Friday, August 2nd. Barclays lifted their price objective on Paylocity from $156.00 to $174.00 and gave the company an “equal weight” rating in a research note on Friday, October 11th. Truist Financial dropped their target price on shares of Paylocity from $200.00 to $195.00 and set a “buy” rating for the company in a research report on Wednesday, July 31st. Finally, Robert W. Baird dropped their price objective on shares of Paylocity from $225.00 to $195.00 and set an “outperform” rating for the company in a research report on Tuesday, June 18th. Seven investment analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $182.40.

Paylocity Price Performance

Paylocity stock opened at $170.28 on Monday. The firm’s 50-day moving average is $160.48 and its two-hundred day moving average is $154.39. The stock has a market capitalization of $9.61 billion, a P/E ratio of 49.50, a P/E/G ratio of 3.96 and a beta of 0.95. Paylocity has a 12-month low of $129.94 and a 12-month high of $203.62.

Paylocity (NASDAQ:PCTY) last released its earnings results on Thursday, August 1st. The software maker reported $1.48 EPS for the quarter, topping 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 during the quarter, compared to analysts’ expectations of $350.29 million. During the same period in the previous year, the company earned $0.76 EPS. Paylocity’s revenue for the quarter was up 15.8% on a year-over-year basis. As a group, analysts forecast that Paylocity will post 4.51 EPS for the current year.

Insiders Place Their Bets

In other news, CEO Steven R. Beauchamp sold 49,442 shares of the company’s stock in a transaction dated Monday, July 22nd. The shares were sold at an average price of $142.68, for a total transaction of $7,054,384.56. Following the completion of the transaction, the chief executive officer now owns 1,745,022 shares in the company, valued at approximately $248,979,738.96. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other Paylocity news, CEO Steven R. Beauchamp sold 49,442 shares of the business’s stock in a transaction on Monday, July 22nd. The stock was sold at an average price of $142.68, for a total transaction of $7,054,384.56. Following the completion of the transaction, the chief executive officer now owns 1,745,022 shares in the company, valued at approximately $248,979,738.96. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, SVP Rachit Lohani sold 658 shares of the firm’s stock in a transaction on Wednesday, October 2nd. The shares were sold at an average price of $162.83, for a total value of $107,142.14. Following the transaction, the senior vice president now directly owns 39,764 shares in the company, valued at $6,474,772.12. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 50,232 shares of company stock valued at $7,183,315 over the last quarter. Insiders own 22.50% of the company’s stock.

Hedge Funds Weigh In On Paylocity

A number of hedge funds have recently modified their holdings of PCTY. Wasatch Advisors LP grew its stake in Paylocity by 35.0% during the 1st quarter. Wasatch Advisors LP now owns 2,396,692 shares of the software maker’s stock valued at $411,895,000 after acquiring an additional 621,946 shares in the last quarter. Price T Rowe Associates Inc. MD increased its position in Paylocity by 3.3% during the first quarter. Price T Rowe Associates Inc. MD now owns 8,833,794 shares of the software maker’s stock worth $1,518,176,000 after buying an additional 278,607 shares during the last quarter. Capital Research Global Investors bought a new position in Paylocity during the first quarter valued at about $46,902,000. Millennium Management LLC raised its stake in shares of Paylocity by 435.2% in the 2nd quarter. Millennium Management LLC now owns 331,253 shares of the software maker’s stock valued at $43,676,000 after acquiring an additional 269,354 shares in the last quarter. Finally, Liontrust Investment Partners LLP grew its holdings in Paylocity by 27.1% during the second quarter. Liontrust Investment Partners LLP now owns 810,314 shares of the software maker’s stock valued at $106,840,000 after purchasing an additional 172,807 shares during the last quarter. 94.76% of the stock is currently owned by institutional investors and hedge funds.

About Paylocity

Paylocity Holding Corporation engages in the provision of cloud-based human capital management and payroll software solutions for workforce in the United States. The company offers payroll software solution for global payroll, expense management, tax services, on demand payment, and garnishment managed services; and time and labor management software for time and attendance, scheduling, and time collection.