Paylocity (NASDAQ:PCTY) Given New $305.00 Price Target at Robert W. Baird

Paylocity (NASDAQ:PCTYGet Rating) had its price target increased by Robert W. Baird from $274.00 to $305.00 in a research note issued to investors on Friday, The Fly reports. They currently have an outperform rating on the software maker’s stock.

Other analysts have also recently issued research reports about the stock. KeyCorp lifted their price target on shares of Paylocity from $205.00 to $285.00 and gave the company an overweight rating in a report on Friday. Jefferies Financial Group cut their price target on shares of Paylocity from $255.00 to $200.00 in a report on Monday, May 23rd. Piper Sandler lifted their price target on shares of Paylocity from $195.00 to $269.00 and gave the company an overweight rating in a report on Friday. Cowen cut their price target on shares of Paylocity from $265.00 to $240.00 in a report on Friday, May 6th. Finally, Cowen cut their price target on shares of Paylocity from $265.00 to $240.00 in a report on Friday, May 6th. Three equities research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of Moderate Buy and an average target price of $264.38.

Paylocity Stock Up 12.7 %

Shares of NASDAQ PCTY opened at $255.26 on Friday. Paylocity has a 52 week low of $152.01 and a 52 week high of $314.49. The firm’s fifty day moving average is $185.12 and its 200 day moving average is $191.38. The company has a market cap of $14.07 billion, a price-to-earnings ratio of 158.55 and a beta of 1.27.

Paylocity (NASDAQ:PCTYGet Rating) last issued its earnings results on Thursday, August 4th. The software maker reported $0.80 EPS for the quarter, topping the consensus estimate of $0.52 by $0.28. Paylocity had a net margin of 10.65% and a return on equity of 18.13%. The company had revenue of $228.95 million for the quarter, compared to the consensus estimate of $217.96 million. During the same period in the previous year, the firm earned $0.24 earnings per share. The firm’s revenue for the quarter was up 36.7% on a year-over-year basis. Equities research analysts anticipate that Paylocity will post 1.56 earnings per share for the current year.

Insider Activity

In other news, Director Steven I. Sarowitz sold 48,930 shares of Paylocity stock in a transaction dated Monday, May 16th. The stock was sold at an average price of $163.12, for a total value of $7,981,461.60. Following the completion of the transaction, the director now owns 11,467,247 shares of the company’s stock, valued at approximately $1,870,537,330.64. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. In other news, Director Steven I. Sarowitz sold 48,930 shares of Paylocity stock in a transaction dated Monday, May 16th. The stock was sold at an average price of $163.12, for a total value of $7,981,461.60. Following the completion of the transaction, the director now owns 11,467,247 shares of the company’s stock, valued at approximately $1,870,537,330.64. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CEO Steven R. Beauchamp sold 49,658 shares of Paylocity stock in a transaction dated Friday, July 8th. The stock was sold at an average price of $200.00, for a total value of $9,931,600.00. Following the completion of the transaction, the chief executive officer now directly owns 1,780,014 shares of the company’s stock, valued at approximately $356,002,800. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 133,443 shares of company stock worth $24,884,062. Corporate insiders own 28.80% of the company’s stock.

Hedge Funds Weigh In On Paylocity

Large investors have recently modified their holdings of the stock. Parallel Advisors LLC raised its position in shares of Paylocity by 101.7% in the 1st quarter. Parallel Advisors LLC now owns 121 shares of the software maker’s stock worth $25,000 after purchasing an additional 61 shares during the last quarter. Castle Wealth Management LLC purchased a new position in Paylocity in the 2nd quarter worth about $37,000. Signaturefd LLC raised its position in Paylocity by 1,730.0% in the 1st quarter. Signaturefd LLC now owns 183 shares of the software maker’s stock worth $38,000 after buying an additional 173 shares during the last quarter. Northwestern Mutual Wealth Management Co. purchased a new position in Paylocity in the 1st quarter worth about $41,000. Finally, Covestor Ltd purchased a new position in Paylocity in the 4th quarter worth about $42,000. Hedge funds and other institutional investors own 69.01% of the company’s stock.

About Paylocity

(Get Rating)

Paylocity Holding Corporation provides cloud-based payroll and human capital management software solutions for medium-sized organizations in the United States. The company offers Payroll and Tax Services solution to simplify payroll, automate processes and manage compliance requirements within one system; expense management, on demand payment, and garnishment solutions; human capital management and employee self-service solutions, document library, compliance dashboard, and HR edge; time and attendance solution, which tracks time and attendance data, eliminating the need for manual tracking of accruals and reducing administrative tasks; schedule tracking services; and time collection devices, including kiosks, time clocks, and mobile and web applications.

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