Paylocity (NASDAQ:PCTY) Price Target Raised to $214.00

Paylocity (NASDAQ:PCTY) had its price target increased by Citigroup from $208.00 to $214.00 in a report released on Monday,Benzinga reports. They currently have a buy rating on the software maker’s stock.

PCTY has been the subject of a number of other research reports. Robert W. Baird set a $201.00 price objective on Paylocity in a research report on Wednesday, August 5th. Guggenheim lifted their price target on shares of Paylocity from $180.00 to $200.00 and gave the stock a “buy” rating in a research note on Friday, October 23rd. TD Cowen increased their price target on Paylocity from $168.00 to $177.00 and gave the company a “buy” rating in a report on Thursday, August 20th. Cantor Fitzgerald boosted their price target on Paylocity from $165.00 to $200.00 and gave the company an “overweight” rating in a research note on Friday, October 30th. Finally, Citizens Jmp lifted their target price on Paylocity from $180.00 to $200.00 and gave the company a “market outperform” rating in a research report on Friday, November 6th. Twelve analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $177.82.

Paylocity Price Performance

Paylocity stock opened at $180.04 on Monday. The business’s 50 day simple moving average is $157.36 and its 200 day simple moving average is $127.96. The company has a current ratio of 1.04, a quick ratio of 1.09 and a debt-to-equity ratio of 0.11. Paylocity has a 12 month low of $92.99 and a 12 month high of $181.57. The company has a market cap of $9.35 billion, a price-to-earnings ratio of 30.24, a PEG ratio of 2.04 and a beta of 0.43.

Paylocity (NASDAQ:PCTY) last announced its quarterly earnings data on Thursday, November 5th. The software maker reported $2.09 earnings per share for the quarter, topping analysts’ consensus estimates of $1.93 by $0.16. The firm had revenue of $451.67 million during the quarter, compared to analyst estimates of $443.12 million. Paylocity had a net margin of 15.40% and a return on equity of 27.59%. The business’s quarterly revenue was up 10.7% on a year-over-year basis. During the same period in the previous year, the business posted $1.75 EPS. Sell-side analysts forecast that Paylocity will post 6.94 EPS for the current year.

Insider Buying and Selling at Paylocity

In other Paylocity news, Chairman Steven R. Beauchamp sold 15,000 shares of the stock in a transaction on Thursday, October 15th. The stock was 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 in the company, valued at $205,432,730.58. This trade represents a 1.19% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Steven Sarowitz sold 19,459 shares of the stock in a transaction that occurred on Thursday, August 27th. The stock was sold at an average price of $157.78, for a total value of $3,070,241.02. Following the completion of the transaction, the director directly owned 4,453,495 shares in the company, valued at approximately $702,672,441.10. This trade represents a 0.44% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 151,704 shares of company stock valued at $25,137,741 over the last ninety days. 20.10% of the stock is owned by insiders.

Institutional Trading of Paylocity

A number of institutional investors have recently bought and sold shares of PCTY. GW&K Investment Management LLC boosted its holdings in Paylocity by 16.6% in the third quarter. GW&K Investment Management LLC now owns 386,143 shares of the software maker’s stock valued at $55,053,000 after purchasing an additional 55,005 shares during the last quarter. Private Wealth Asset Management LLC acquired a new stake in Paylocity during the third quarter worth about $547,000. Focus Advisor Solutions LLC increased its position in shares of Paylocity by 94.0% during the 3rd quarter. Focus Advisor Solutions LLC now owns 16,198 shares of the software maker’s stock worth $2,309,000 after purchasing an additional 7,848 shares during the last quarter. Landscape Capital Management L.L.C. boosted its position in shares of Paylocity by 48.6% during the third quarter. Landscape Capital Management L.L.C. now owns 36,830 shares of the software maker’s stock worth $5,251,000 after buying an additional 12,040 shares during the period. Finally, Voya Investment Management LLC lifted its position in shares of Paylocity by 23.9% during the third quarter. Voya Investment Management LLC now owns 24,667 shares of the software maker’s stock worth $3,517,000 after purchasing an additional 4,759 shares in the last quarter. 94.76% of the stock is currently owned by institutional investors and hedge funds.

Paylocity Company Profile

Paylocity Holding Corporation provides cloud-based human capital management and payroll software to businesses in the United States. Its platform brings together tools that help employers manage payroll, human resources, benefits, and workforce operations. Products and services include payroll processing, benefits administration, time and labor management, talent acquisition and development, employee communications, and expense management. The platform is designed to help organizations streamline administrative work and support employees and managers through a unified system.