Paylocity Holding Corporation (NASDAQ:PCTY) Receives $160.00 Consensus Target Price from Brokerages

Shares of Paylocity Holding Corporation (NASDAQ:PCTY) have earned a consensus rating of “Moderate Buy” from the seventeen analysts that are covering the company, MarketBeat reports. Five research analysts have rated the stock with a hold rating and twelve have issued a buy rating on the company. The average 1 year price target among analysts that have issued a report on the stock in the last year is $160.00.

Several research analysts recently weighed in on the company. BTIG Research raised their target price on Paylocity from $150.00 to $180.00 and gave the company a “buy” rating in a research note on Wednesday, August 5th. Citigroup reiterated a “buy” rating on shares of Paylocity in a research report on Thursday, August 6th. UBS Group upped their price target on shares of Paylocity from $122.00 to $128.00 and gave the company a “neutral” rating in a report on Wednesday, July 22nd. Zacks Research lowered shares of Paylocity from a “strong-buy” rating to a “hold” rating in a research report on Monday, July 27th. Finally, Stephens lowered their price objective on shares of Paylocity from $160.00 to $120.00 and set an “equal weight” rating on the stock in a research note on Friday, May 8th.

Insider Activity at Paylocity

In related news, Director Steven I. Sarowitz sold 11,136 shares of the firm’s stock in a transaction that occurred on Thursday, August 6th. The shares were sold at an average price of $150.81, for a total transaction of $1,679,420.16. Following the completion of the sale, the director directly owned 4,535,052 shares in the company, valued at approximately $683,931,192.12. This trade represents a 0.24% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, SVP Andrew Cappotelli sold 899 shares of Paylocity stock in a transaction that occurred on Tuesday, May 19th. The stock was sold at an average price of $115.05, for a total transaction of $103,429.95. Following the completion of the transaction, the senior vice president owned 17,679 shares in the company, valued at approximately $2,033,968.95. This trade represents a 4.84% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 19.40% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Paylocity

A number of hedge funds have recently modified their holdings of the stock. Algert Global LLC lifted its holdings in shares of Paylocity by 137.6% during the second quarter. Algert Global LLC now owns 121,520 shares of the software maker’s stock valued at $12,702,000 after purchasing an additional 70,380 shares during the last quarter. Ranger Investment Management L.P. purchased a new position in Paylocity in the 2nd quarter worth about $17,902,000. Sanctuary Advisors LLC purchased a new position in Paylocity in the 2nd quarter worth about $403,000. Connor Clark & Lunn Investment Management Ltd. acquired a new stake in Paylocity during the 2nd quarter worth about $9,666,000. Finally, Globeflex Capital L P acquired a new stake in Paylocity during the 2nd quarter worth about $170,000. 94.76% of the stock is currently owned by institutional investors and hedge funds.

Paylocity Stock Performance

PCTY opened at $152.71 on Friday. The business has a 50 day moving average price of $121.57 and a two-hundred day moving average price of $114.65. The company has a debt-to-equity ratio of 0.07, a current ratio of 1.09 and a quick ratio of 1.09. The company has a market capitalization of $8.10 billion, a price-to-earnings ratio of 30.85 and a beta of 0.48. Paylocity has a 1-year low of $92.99 and a 1-year high of $182.83.

Paylocity (NASDAQ:PCTY) last issued its quarterly earnings results on Tuesday, August 4th. The software maker reported $1.84 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.62 by $0.22. Paylocity had a return on equity of 27.02% and a net margin of 15.23%.The company had revenue of $444.73 million for the quarter, compared to analysts’ expectations of $431.46 million. During the same period last year, the firm earned $1.56 EPS. The firm’s revenue for the quarter was up 11.0% on a year-over-year basis. Research analysts predict that Paylocity will post 6.86 EPS for the current fiscal year.

About Paylocity

Paylocity (NASDAQ: PCTY) is a leading provider of cloud-based payroll and human capital management (HCM) software designed to streamline workforce administration for mid-sized organizations. The company’s integrated platform automates core functions such as payroll processing, benefits administration, time and labor tracking, and compliance management, enabling employers to manage employee data more efficiently and reduce administrative burdens.

In addition to payroll and HR capabilities, Paylocity offers talent management solutions including recruiting, onboarding, performance tracking, and learning management.