Paylocity Holding Corporation (NASDAQ:PCTY) Receives $160.53 Consensus Price Target from Brokerages

Paylocity Holding Corporation (NASDAQ:PCTY) has received an average recommendation of “Moderate Buy” from the seventeen analysts that are covering the stock, MarketBeat reports. Five analysts have rated the stock with a hold recommendation and twelve have assigned a buy recommendation to the company. The average 1-year price target among brokerages that have issued a report on the stock in the last year is $160.5294.

PCTY has been the topic of a number of research reports. Stephens cut their target price on shares of Paylocity from $160.00 to $120.00 and set an “equal weight” rating on the stock in a research report on Friday, May 8th. Weiss Ratings raised shares of Paylocity from a “sell (d+)” rating to a “hold (c-)” rating in a research report on Tuesday, August 11th. Raymond James Financial set a $140.00 price objective on shares of Paylocity in a research note on Friday, May 8th. KeyCorp lifted their price objective on shares of Paylocity from $172.00 to $178.00 and gave the company an “overweight” rating in a report on Wednesday, August 5th. Finally, BMO Capital Markets boosted their price objective on shares of Paylocity from $143.00 to $175.00 and gave the stock an “outperform” rating in a research note on Wednesday, August 5th.

Insiders Place Their Bets

In related news, Director Craig Conway sold 3,145 shares of the company’s stock in a transaction on Thursday, August 27th. The stock was sold at an average price of $156.80, for a total transaction of $493,136.00. Following the completion of the sale, the director directly owned 2,207 shares in the company, valued at $346,057.60. This represents a 58.76% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, Director Steven I. Sarowitz sold 19,459 shares of the firm’s stock in a transaction dated Thursday, August 27th. The shares were sold at an average price of $157.78, for a total value of $3,070,241.02. Following the sale, the director directly owned 4,453,495 shares in the company, valued at approximately $702,672,441.10. The trade was a 0.44% 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. In the last three months, insiders sold 54,145 shares of company stock worth $8,312,067. Insiders own 19.40% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of the company. California State Teachers Retirement System increased its position in shares of Paylocity by 10,474.6% during the second quarter. California State Teachers Retirement System now owns 5,246,465 shares of the software maker’s stock worth $548,413,000 after purchasing an additional 5,196,851 shares in the last quarter. BlackRock Inc. purchased a new stake in Paylocity in the second quarter valued at about $430,315,000. AQR Capital Management LLC raised its stake in Paylocity by 75.1% in the fourth quarter. AQR Capital Management LLC now owns 943,591 shares of the software maker’s stock valued at $143,747,000 after buying an additional 404,605 shares during the last quarter. Morgan Stanley raised its stake in Paylocity by 117.9% in the fourth quarter. Morgan Stanley now owns 817,209 shares of the software maker’s stock valued at $124,625,000 after buying an additional 442,218 shares during the last quarter. Finally, Millennium Management LLC boosted its holdings in Paylocity by 97.7% in the third quarter. Millennium Management LLC now owns 748,803 shares of the software maker’s stock worth $119,262,000 after acquiring an additional 369,975 shares in the last quarter. Institutional investors own 94.76% of the company’s stock.

Paylocity Trading Down 0.1%

Shares of NASDAQ PCTY opened at $154.43 on Tuesday. The company has a quick ratio of 1.09, a current ratio of 1.09 and a debt-to-equity ratio of 0.07. The business has a fifty day simple moving average of $135.73 and a two-hundred day simple moving average of $117.60. The firm has a market cap of $8.19 billion, a PE ratio of 31.20 and a beta of 0.45. Paylocity has a twelve month low of $92.99 and a twelve month high of $178.91.

Paylocity (NASDAQ:PCTY) last announced its quarterly earnings results on Tuesday, August 4th. The software maker reported $1.84 EPS for the quarter, beating the consensus estimate of $1.62 by $0.22. The firm had revenue of $444.73 million for the quarter, compared to analyst estimates of $431.46 million. Paylocity had a return on equity of 27.02% and a net margin of 15.23%.The business’s revenue for the quarter was up 11.0% on a year-over-year basis. During the same quarter last year, the firm posted $1.56 earnings per share. Analysts expect that Paylocity will post 6.92 earnings per share 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.