Paylocity (NASDAQ:PCTY) Stock Price Expected to Rise, BMO Capital Markets Analyst Says

Paylocity (NASDAQ:PCTY) had its price objective increased by stock analysts at BMO Capital Markets from $175.00 to $203.00 in a research note issued on Thursday, Benzinga reports. The brokerage currently has an “outperform” rating on the software maker’s stock. BMO Capital Markets’ target price would suggest a potential upside of 5.86% from the stock’s current price.

Several other brokerages have also commented on PCTY. KeyCorp upped their price target on Paylocity from $182.00 to $187.00 and gave the company an “overweight” rating in a research note on Friday, October 25th. JMP Securities reiterated a “market outperform” rating and set a $250.00 price target on shares of Paylocity in a research report on Monday, August 5th. Barclays upped their price objective on shares of Paylocity from $156.00 to $174.00 and gave the stock an “equal weight” rating in a report on Friday, October 11th. Truist Financial cut their target price on Paylocity from $200.00 to $195.00 and set a “buy” rating on the stock in a research report on Wednesday, July 31st. Finally, Needham & Company LLC upped their price target on Paylocity from $200.00 to $220.00 and gave the stock a “buy” rating in a research note on Thursday. Four analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $193.87.

Paylocity Stock Up 3.9 %

NASDAQ PCTY opened at $191.76 on Thursday. Paylocity has a 52 week low of $129.94 and a 52 week high of $192.61. The business’s fifty day simple moving average is $165.67 and its 200-day simple moving average is $155.10. The firm has a market cap of $10.69 billion, a PE ratio of 49.04, a P/E/G ratio of 4.31 and a beta of 0.95.

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, topping analysts’ consensus estimates of $1.29 by $0.19. The business had revenue of $357.30 million during the quarter, compared to the consensus estimate of $350.29 million. Paylocity had a net margin of 15.32% and a return on equity of 23.29%. The business’s revenue was up 15.8% compared to the same quarter last year. During the same quarter last year, the firm earned $0.76 EPS. Research analysts expect that Paylocity will post 4.51 EPS for the current year.

Insiders Place Their Bets

In related news, SVP Rachit Lohani sold 658 shares of the business’s stock in a transaction that occurred 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 completion of the sale, the senior vice president now owns 39,764 shares in the company, valued at $6,474,772.12. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 21.91% of the stock is owned by company insiders.

Institutional Investors Weigh In On Paylocity

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. UMB Bank n.a. increased its position in shares of Paylocity by 1,650.0% during the third quarter. UMB Bank n.a. now owns 175 shares of the software maker’s stock worth $29,000 after purchasing an additional 165 shares in the last quarter. Rothschild Investment LLC purchased a new position in shares of Paylocity during the second quarter worth approximately $40,000. J.Safra Asset Management Corp increased 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 acquiring an additional 108 shares during the period. Signaturefd LLC raised its position in Paylocity by 121.0% in the 3rd quarter. Signaturefd LLC now owns 305 shares of the software maker’s stock valued at $50,000 after purchasing an additional 167 shares during the last quarter. Finally, RiverPark Advisors LLC boosted its stake in Paylocity by 152.0% during the 1st quarter. RiverPark Advisors LLC now owns 383 shares of the software maker’s stock worth $66,000 after purchasing an additional 231 shares during the period. 94.76% of the stock is currently owned by institutional investors and hedge funds.

Paylocity Company Profile

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.