Barclays Issues Positive Forecast for Paylocity (NASDAQ:PCTY) Stock Price

Paylocity (NASDAQ:PCTY) had its price objective upped by Barclays from $214.00 to $231.00 in a research report sent to investors on Friday,Benzinga reports. The brokerage currently has an equal weight rating on the software maker’s stock.

Other equities analysts have also recently issued reports about the stock. Raymond James reaffirmed an “outperform” rating and set a $265.00 price target (up from $215.00) on shares of Paylocity in a research note on Friday. Jefferies Financial Group raised their price target on shares of Paylocity from $240.00 to $255.00 and gave the stock a “buy” rating in a research note on Friday. Truist Financial raised their price target on shares of Paylocity from $195.00 to $210.00 and gave the stock a “buy” rating in a research note on Friday, November 1st. Citigroup raised shares of Paylocity from a “neutral” rating to a “buy” rating and raised their price target for the stock from $214.00 to $231.00 in a research note on Thursday, January 16th. Finally, Piper Sandler reaffirmed an “overweight” rating and set a $254.00 price target (up from $212.00) on shares of Paylocity in a research note on Thursday. Two equities research analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the stock. According to data from MarketBeat, Paylocity presently has an average rating of “Moderate Buy” and a consensus target price of $233.25.

Paylocity Price Performance

NASDAQ PCTY opened at $205.84 on Friday. The business has a 50 day simple moving average of $201.28 and a 200 day simple moving average of $181.43. Paylocity has a 52-week low of $129.94 and a 52-week high of $223.80. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.32 and a current ratio of 1.32. The stock has a market cap of $11.48 billion, a price-to-earnings ratio of 52.78, a PEG ratio of 5.19 and a beta of 0.95.

Paylocity (NASDAQ:PCTY) last posted its earnings results on Thursday, February 6th. The software maker reported $0.82 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.42 by ($0.60). Paylocity had a return on equity of 22.93% and a net margin of 14.76%. Analysts anticipate that Paylocity will post 4.46 earnings per share for the current fiscal year.

Insider Transactions at Paylocity

In other news, Director Steven I. Sarowitz sold 2,600 shares of Paylocity stock in a transaction on Monday, December 30th. The stock was sold at an average price of $200.14, for a total transaction of $520,364.00. Following the completion of the sale, the director now owns 8,332,347 shares of the company’s stock, valued at approximately $1,667,635,928.58. This trade represents a 0.03 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Jeffrey T. Diehl sold 4,513 shares of Paylocity stock in a transaction on Monday, November 25th. The stock was sold at an average price of $209.91, for a total value of $947,323.83. Following the sale, the director now directly owns 1,003 shares of the company’s stock, valued at $210,539.73. This represents a 81.82 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 127,380 shares of company stock valued at $25,830,669. 21.91% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of the stock. Geode Capital Management LLC increased its position in shares of Paylocity by 3.6% in the third quarter. Geode Capital Management LLC now owns 1,048,806 shares of the software maker’s stock worth $173,053,000 after purchasing an additional 36,590 shares during the period. JPMorgan Chase & Co. increased its position in shares of Paylocity by 81.9% in the third quarter. JPMorgan Chase & Co. now owns 856,536 shares of the software maker’s stock worth $141,303,000 after purchasing an additional 385,625 shares during the period. Janus Henderson Group PLC increased its position in shares of Paylocity by 3.5% in the third quarter. Janus Henderson Group PLC now owns 517,931 shares of the software maker’s stock worth $85,444,000 after purchasing an additional 17,560 shares during the period. GW&K Investment Management LLC increased its position in shares of Paylocity by 0.6% in the fourth quarter. GW&K Investment Management LLC now owns 381,010 shares of the software maker’s stock worth $76,000,000 after purchasing an additional 2,193 shares during the period. Finally, Point72 Asset Management L.P. increased its position in shares of Paylocity by 283.8% in the third quarter. Point72 Asset Management L.P. now owns 309,761 shares of the software maker’s stock worth $51,101,000 after purchasing an additional 229,057 shares during the period. Institutional investors own 94.76% of the company’s stock.

About Paylocity

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.