Paylocity (NASDAQ:PCTY) Price Target Raised to $220.00 at Needham & Company LLC

Paylocity (NASDAQ:PCTY) had its target price hoisted by Needham & Company LLC from $200.00 to $220.00 in a report issued on Thursday morning, Benzinga reports. Needham & Company LLC currently has a buy rating on the software maker’s stock.

A number of other research firms also recently weighed in on PCTY. KeyCorp raised their price target on Paylocity from $182.00 to $187.00 and gave the company an “overweight” rating in a research report on Friday, October 25th. Piper Sandler decreased their price objective on Paylocity from $194.00 to $172.00 and set an “overweight” rating on the stock in a report on Friday, August 2nd. Mizuho raised their target price on Paylocity from $155.00 to $175.00 and gave the stock a “neutral” rating in a research note on Monday, October 14th. Jefferies Financial Group raised Paylocity from a “hold” rating to a “buy” rating and lifted their price objective for the company from $145.00 to $200.00 in a research report on Tuesday, October 22nd. Finally, Barclays lifted their price objective on Paylocity from $156.00 to $174.00 and gave the company an “equal weight” rating in a research report on Friday, October 11th. Five analysts have rated the stock with a hold rating and eleven have given a buy rating to the company. Based on data from MarketBeat.com, Paylocity has a consensus rating of “Moderate Buy” and an average price target of $193.87.

Paylocity Price Performance

Shares of Paylocity stock traded up $6.03 during trading hours on Thursday, reaching $190.60. The company had a trading volume of 244,594 shares, compared to its average volume of 498,593. Paylocity has a one year low of $129.94 and a one year high of $192.61. The business has a fifty day simple moving average of $164.97 and a 200 day simple moving average of $154.91. The firm has a market cap of $10.63 billion, a PE ratio of 47.20, a price-to-earnings-growth ratio of 4.31 and a beta of 0.95.

Paylocity (NASDAQ:PCTY) last posted its quarterly earnings data 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. The company had revenue of $357.30 million during the quarter, compared to analyst estimates of $350.29 million. Paylocity had a return on equity of 23.29% and a net margin of 15.32%. The firm’s quarterly revenue was up 15.8% on a year-over-year basis. During the same quarter last year, the company earned $0.76 earnings per share. On average, research analysts forecast that Paylocity will post 4.51 EPS for the current year.

Insider Buying and Selling

In other Paylocity news, SVP Rachit Lohani sold 658 shares of the stock in a transaction dated Wednesday, October 2nd. The shares were sold at an average price of $162.83, for a total transaction of $107,142.14. Following the completion of the transaction, the senior vice president now owns 39,764 shares of the company’s stock, valued at $6,474,772.12. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 21.91% of the stock is currently owned by insiders.

Institutional Trading of Paylocity

Several hedge funds have recently made changes to their positions in the business. UMB Bank n.a. boosted its holdings in shares of Paylocity by 1,650.0% in the third quarter. UMB Bank n.a. now owns 175 shares of the software maker’s stock valued at $29,000 after purchasing an additional 165 shares during the period. J.Safra Asset Management Corp lifted its holdings 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 buying an additional 108 shares during the period. Rothschild Investment LLC acquired a new position in Paylocity in the 2nd quarter worth about $40,000. Signaturefd LLC increased its stake in Paylocity by 121.0% during the 3rd quarter. Signaturefd LLC now owns 305 shares of the software maker’s stock worth $50,000 after buying an additional 167 shares in the last quarter. Finally, RiverPark Advisors LLC grew its position in shares of Paylocity by 152.0% in the first quarter. RiverPark Advisors LLC now owns 383 shares of the software maker’s stock valued at $66,000 after purchasing an additional 231 shares in the last quarter. 94.76% of the stock is currently owned by hedge funds and other institutional investors.

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.