Paylocity (NASDAQ:PCTY) Given New $200.00 Price Target at BTIG Research

Paylocity (NASDAQ:PCTY) had its price objective raised by research analysts at BTIG Research from $180.00 to $200.00 in a research note issued to investors on Monday, Benzinga reports. The brokerage presently has a “buy” rating on the software maker’s stock. BTIG Research‘s price target suggests a potential upside of 12.87% from the stock’s previous close.

Several other equities analysts have also recently weighed in on PCTY. Citigroup reiterated a “market outperform” rating on shares of Paylocity in a report on Tuesday, October 20th. UBS Group set a $175.00 price target on shares of Paylocity in a report on Tuesday, September 29th. Barclays raised their price target on shares of Paylocity from $154.00 to $162.00 and gave the stock an “equal weight” rating in a report on Tuesday, October 13th. Jefferies Financial Group reaffirmed a “buy” rating and set a $165.00 price objective on shares of Paylocity in a research report on Wednesday, August 5th. Finally, Robert W. Baird set a $201.00 price objective on shares of Paylocity in a research note on Wednesday, August 5th. Twelve research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company. According to MarketBeat.com, Paylocity has an average rating of “Moderate Buy” and a consensus target price of $167.88.

Paylocity Stock Performance

Shares of Paylocity stock opened at $177.19 on Monday. The stock has a market cap of $9.24 billion, a PE ratio of 35.80, a price-to-earnings-growth ratio of 2.10 and a beta of 0.50. The business has a fifty day simple moving average of $152.14 and a 200-day simple moving average of $128.26. The company has a quick ratio of 1.09, a current ratio of 1.09 and a debt-to-equity ratio of 0.07. Paylocity has a 12 month low of $92.99 and a 12 month high of $178.24.

Paylocity (NASDAQ:PCTY) last issued its quarterly earnings results on Tuesday, August 4th. The software maker reported $1.84 earnings per share for the quarter, beating analysts’ consensus estimates of $1.62 by $0.22. The business had revenue of $444.73 million for the quarter, compared to the consensus estimate of $431.46 million. Paylocity had a return on equity of 27.02% and a net margin of 15.23%. Paylocity’s revenue for the quarter was up 11.0% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.56 earnings per share. On average, sell-side analysts anticipate that Paylocity will post 6.92 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, Director Steven I. Sarowitz sold 19,459 shares of Paylocity stock in a transaction dated Thursday, August 27th. The stock was sold at an average price of $157.78, for a total transaction of $3,070,241.02. Following the completion of the sale, the director directly owned 4,453,495 shares in the company, valued at $702,672,441.10. The trade was a 0.44% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Chairman Steven Beauchamp sold 15,000 shares of Paylocity stock in a transaction dated Thursday, October 15th. The shares were sold at an average price of $165.22, for a total value of $2,478,300.00. Following the sale, the chairman owned 1,243,389 shares of the company’s stock, valued at approximately $205,432,730.58. This represents a 1.19% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 119,214 shares of company stock valued at $19,164,836 in the last three months. Insiders own 19.40% of the company’s stock.

Hedge Funds Weigh In On Paylocity

Hedge funds have recently added to or reduced their stakes in the company. BlackRock Inc. acquired a new stake in Paylocity in the 2nd quarter worth approximately $430,315,000. Jupiter Topco LLC acquired a new position in Paylocity during the second quarter valued at approximately $70,540,000. Deutsche Bank AG bought a new stake in Paylocity in the 2nd quarter valued at $54,906,000. Bank of America Corp DE acquired a new position in shares of Paylocity in the 2nd quarter valued at $54,867,000. Finally, Amundi raised its stake in shares of Paylocity by 143.3% in the 1st quarter. Amundi now owns 606,158 shares of the software maker’s stock valued at $65,489,000 after buying an additional 357,001 shares in the last quarter. Institutional investors and hedge funds own 94.76% of the company’s stock.

Paylocity Company Profile

Paylocity Holding Corporation (NASDAQ:PCTY) provides cloud-based human capital management (HCM) and payroll software for organizations. Its platform is designed to help employers manage payroll, human resources, employee benefits, talent acquisition, onboarding, performance, learning, and workforce administration through an integrated system.

The company also offers tools for time and labor management, scheduling, employee communications, engagement, surveys, expense management, and other workplace activities.