Paylocity (NASDAQ:PCTY) PT Raised to $178.00 at Barclays

Paylocity (NASDAQ:PCTY) had its price target raised by research analysts at Barclays from $166.00 to $178.00 in a report released on Friday, Benzinga reports. The brokerage currently has an “equal weight” rating on the software maker’s stock. Barclays‘s price target would indicate a potential upside of 6.19% from the stock’s previous close.

PCTY has been the topic of several other reports. KeyCorp decreased their price objective on shares of Paylocity from $197.00 to $186.00 and set an “overweight” rating on the stock in a report on Friday, February 9th. BTIG Research started coverage on Paylocity in a report on Tuesday, February 6th. They set a “buy” rating and a $200.00 target price for the company. Jefferies Financial Group reaffirmed a “hold” rating and issued a $180.00 price target (down from $240.00) on shares of Paylocity in a research note on Friday, January 5th. Piper Sandler reduced their price objective on Paylocity from $210.00 to $194.00 and set an “overweight” rating for the company in a research note on Friday. Finally, JMP Securities reaffirmed a “market outperform” rating and set a $250.00 target price on shares of Paylocity in a research note on Monday, January 22nd. Eight research analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $201.88.

Paylocity Stock Up 12.1 %

NASDAQ:PCTY opened at $167.63 on Friday. The stock has a market capitalization of $9.44 billion, a PE ratio of 48.73, a price-to-earnings-growth ratio of 3.63 and a beta of 0.88. Paylocity has a 52 week low of $139.40 and a 52 week high of $230.52. The stock’s 50-day moving average price is $165.30 and its 200-day moving average price is $163.23.

Paylocity (NASDAQ:PCTY) last posted its quarterly earnings data on Thursday, February 8th. The software maker reported $0.71 EPS for the quarter, beating analysts’ consensus estimates of $0.63 by $0.08. Paylocity had a return on equity of 23.25% and a net margin of 14.42%. The business had revenue of $326.36 million during the quarter, compared to analysts’ expectations of $324.34 million. Sell-side analysts expect that Paylocity will post 3.48 earnings per share for the current fiscal year.

Insider Activity at Paylocity

In other Paylocity news, SVP Katherine Ross sold 491 shares of the firm’s stock in a transaction on Tuesday, March 5th. The stock was sold at an average price of $168.29, for a total transaction of $82,630.39. Following the completion of the sale, the senior vice president now owns 15,353 shares of the company’s stock, valued at $2,583,756.37. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. In other Paylocity news, SVP Katherine Ross sold 491 shares of the company’s stock in a transaction dated Tuesday, March 5th. The shares were sold at an average price of $168.29, for a total value of $82,630.39. Following the transaction, the senior vice president now owns 15,353 shares of the company’s stock, valued at $2,583,756.37. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Steven I. Sarowitz sold 24,504 shares of Paylocity stock in a transaction dated Monday, February 12th. The shares were sold at an average price of $175.47, for a total transaction of $4,299,716.88. Following the sale, the director now owns 9,587,872 shares of the company’s stock, valued at $1,682,383,899.84. The disclosure for this sale can be found here. Over the last three months, insiders have sold 54,547 shares of company stock worth $9,356,359. Insiders own 22.50% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of the company. Venturi Wealth Management LLC lifted its stake in Paylocity by 144.1% during the 1st quarter. Venturi Wealth Management LLC now owns 166 shares of the software maker’s stock worth $29,000 after acquiring an additional 98 shares in the last quarter. American National Bank acquired a new stake in shares of Paylocity during the fourth quarter worth about $31,000. GAMMA Investing LLC acquired a new stake in shares of Paylocity during the fourth quarter worth about $36,000. Principal Securities Inc. purchased a new position in shares of Paylocity in the fourth quarter valued at approximately $41,000. Finally, RiverPark Advisors LLC acquired a new position in shares of Paylocity in the third quarter valued at approximately $43,000. 94.76% of the stock is currently owned by hedge funds and other institutional investors.

About Paylocity

Paylocity Holding Corporation provides cloud-based human capital management and payroll software solutions for workforce in the United States. The company offers Payroll and Tax Services solution to simplifies payroll, automates processes, and manages compliance requirements within one system; and expense management, on demand payment, and garnishment solutions.