Paylocity (NASDAQ:PCTY) Rating Reiterated by Needham & Company LLC

Paylocity (NASDAQ:PCTY)‘s stock had its “buy” rating reissued by research analysts at Needham & Company LLC in a report released on Thursday, Benzinga reports. They currently have a $200.00 target price on the software maker’s stock. Needham & Company LLC’s price target points to a potential upside of 16.22% from the stock’s current price.

PCTY has been the subject of a number of other research reports. KeyCorp upped their price target on Paylocity from $171.00 to $182.00 and gave the company an “overweight” rating in a research report on Wednesday, October 2nd. Barclays upped their price target on Paylocity from $156.00 to $174.00 and gave the company an “equal weight” rating in a research report on Friday, October 11th. BTIG Research lowered their price target on Paylocity from $200.00 to $185.00 and set a “buy” rating for the company in a research report on Friday, August 2nd. Piper Sandler lowered their price target on Paylocity from $194.00 to $172.00 and set an “overweight” rating for the company in a research report on Friday, August 2nd. Finally, Truist Financial lowered their price target on Paylocity from $200.00 to $195.00 and set a “buy” rating for the company in a research report on Wednesday, July 31st. Seven research analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $182.40.

Paylocity Price Performance

Shares of PCTY stock opened at $172.09 on Thursday. The stock has a market capitalization of $9.56 billion, a PE ratio of 47.28, a P/E/G ratio of 4.07 and a beta of 0.95. Paylocity has a 1-year low of $129.94 and a 1-year high of $200.29. The business has a 50-day moving average of $160.82 and a 200 day moving average of $154.42.

Paylocity (NASDAQ:PCTY) last issued its earnings results on Thursday, August 1st. The software maker reported $1.48 earnings per share for the quarter, beating the consensus estimate of $1.29 by $0.19. The company had revenue of $357.30 million during the quarter, compared to analysts’ expectations of $350.29 million. Paylocity had a return on equity of 22.17% and a net margin of 14.74%. Paylocity’s quarterly revenue was up 15.8% compared to the same quarter last year. During the same period in the prior year, the business posted $0.76 EPS. Analysts anticipate that Paylocity will post 4.51 EPS for the current year.

Insider Activity at Paylocity

In related news, SVP Rachit Lohani sold 658 shares of the firm’s stock in a transaction that occurred on Wednesday, October 2nd. The stock was sold at an average price of $162.83, for a total transaction of $107,142.14. Following the completion of the transaction, the senior vice president now owns 39,764 shares of the company’s stock, valued at $6,474,772.12. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In related news, SVP Rachit Lohani sold 658 shares of the firm’s stock in a transaction that occurred on Wednesday, October 2nd. The stock was sold at an average price of $162.83, for a total transaction of $107,142.14. Following the completion of the transaction, the senior vice president now owns 39,764 shares of the company’s stock, valued at $6,474,772.12. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Steven R. Beauchamp sold 49,442 shares of the firm’s stock in a transaction that occurred on Monday, July 22nd. The shares were sold at an average price of $142.68, for a total value of $7,054,384.56. Following the transaction, the chief executive officer now directly owns 1,745,022 shares of the company’s stock, valued at approximately $248,979,738.96. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 50,232 shares of company stock valued at $7,183,315 in the last 90 days. Corporate insiders own 22.50% of the company’s stock.

Institutional Trading of Paylocity

Several institutional investors have recently added to or reduced their stakes in the business. GAMMA Investing LLC boosted its stake in Paylocity by 34.7% during the 1st quarter. GAMMA Investing LLC now owns 303 shares of the software maker’s stock valued at $52,000 after purchasing an additional 78 shares during the last quarter. Daiwa Securities Group Inc. boosted its stake in Paylocity by 3.6% during the 1st quarter. Daiwa Securities Group Inc. now owns 2,900 shares of the software maker’s stock valued at $498,000 after purchasing an additional 100 shares during the last quarter. King Luther Capital Management Corp boosted its stake in Paylocity by 1.0% during the 2nd quarter. King Luther Capital Management Corp now owns 9,981 shares of the software maker’s stock valued at $1,316,000 after purchasing an additional 103 shares during the last quarter. J.Safra Asset Management Corp boosted its stake in shares of Paylocity by 80.0% in the 1st quarter. J.Safra Asset Management Corp now owns 243 shares of the software maker’s stock worth $42,000 after buying an additional 108 shares during the last quarter. Finally, SkyOak Wealth LLC boosted its stake in shares of Paylocity by 7.1% in the 2nd quarter. SkyOak Wealth LLC now owns 1,837 shares of the software maker’s stock worth $242,000 after buying an additional 122 shares during the last quarter. 94.76% of the stock is currently owned by hedge funds and other institutional investors.

Paylocity Company Profile

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.