Paylocity (NASDAQ:PCTY) Price Target Raised to $210.00 at Truist Financial

Paylocity (NASDAQ:PCTY) had its target price hoisted by Truist Financial from $195.00 to $210.00 in a report issued on Friday morning, Benzinga reports. Truist Financial currently has a buy rating on the software maker’s stock.

PCTY has been the topic of a number of other reports. Barclays increased their price target on Paylocity from $174.00 to $180.00 and gave the stock an “equal weight” rating in a report on Thursday. Piper Sandler raised their price target on shares of Paylocity from $172.00 to $212.00 and gave the stock an “overweight” rating in a report on Thursday. JMP Securities reiterated a “market outperform” rating and set a $250.00 price objective on shares of Paylocity in a report on Monday, August 5th. BMO Capital Markets raised their target price on Paylocity from $175.00 to $203.00 and gave the company an “outperform” rating in a research note on Thursday. Finally, Mizuho raised their price objective on Paylocity from $155.00 to $175.00 and gave the company a “neutral” rating in a research note on Monday, October 14th. Four equities research analysts have rated the stock with a hold rating and twelve have given a buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $193.87.

Paylocity Price Performance

Shares of PCTY traded up $7.19 during trading hours on Friday, hitting $191.76. 792,457 shares of the stock were exchanged, compared to its average volume of 501,178. The firm has a market capitalization of $10.69 billion, a P/E ratio of 49.04, a price-to-earnings-growth ratio of 4.31 and a beta of 0.95. Paylocity has a fifty-two week low of $129.94 and a fifty-two week high of $192.61. The business has a 50-day moving average of $165.67 and a 200-day moving average of $155.10.

Paylocity (NASDAQ:PCTY) last posted its quarterly earnings data on Thursday, August 1st. The software maker reported $1.48 earnings per share for the quarter, topping the consensus estimate of $1.29 by $0.19. Paylocity had a return on equity of 23.29% and a net margin of 15.32%. The firm had revenue of $357.30 million during the quarter, compared to analyst estimates of $350.29 million. During the same period last year, the company posted $0.76 EPS. The business’s quarterly revenue was up 15.8% on a year-over-year basis. As a group, analysts forecast that Paylocity will post 4.51 earnings per share for the current fiscal year.

Insider Buying and Selling at Paylocity

In other news, SVP Rachit Lohani sold 658 shares of the company’s stock in a transaction on Wednesday, October 2nd. The stock was sold at an average price of $162.83, for a total transaction of $107,142.14. Following 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 sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 21.91% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Paylocity

A number of institutional investors and hedge funds have recently made changes to their positions in PCTY. UMB Bank n.a. increased its stake in Paylocity by 1,650.0% in the 3rd quarter. UMB Bank n.a. now owns 175 shares of the software maker’s stock worth $29,000 after acquiring an additional 165 shares during the last quarter. J.Safra Asset Management Corp raised its stake in Paylocity by 80.0% in the first quarter. J.Safra Asset Management Corp now owns 243 shares of the software maker’s stock valued at $42,000 after purchasing an additional 108 shares in the last quarter. Rothschild Investment LLC bought a new stake in Paylocity during the second quarter valued at approximately $40,000. Signaturefd LLC grew its stake in Paylocity by 121.0% in 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 increased its holdings in shares of Paylocity by 152.0% in the 1st quarter. RiverPark Advisors LLC now owns 383 shares of the software maker’s stock worth $66,000 after buying an additional 231 shares during the last quarter. Hedge funds and other institutional investors own 94.76% of the company’s stock.

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.