Paylocity (NASDAQ:PCTY) Stock Price Target Raised at BTIG Research

Paylocity (NASDAQ:PCTY) had its price target raised by stock analysts at BTIG Research from $180.00 to $200.00 in a research report issued to clients and investors on Monday, Benzinga reports. The firm presently has a “buy” rating on the software maker’s stock. BTIG Research‘s price target would indicate a potential upside of 12.87% from the stock’s current price.

Several other analysts have also recently commented on the stock. Guggenheim increased their price target on shares of Paylocity from $180.00 to $200.00 and gave the company a “buy” rating in a research note on Friday. BMO Capital Markets upped their price objective on Paylocity from $143.00 to $175.00 and gave the stock an “outperform” rating in a report on Wednesday, August 5th. Truist Financial decreased their price objective on Paylocity from $180.00 to $165.00 and set a “buy” rating on the stock in a research report on Monday, June 29th. Wall Street Zen lowered Paylocity from a “buy” rating to a “hold” rating in a research report on Saturday. Finally, Robert W. Baird set a $201.00 target price on Paylocity in a research note on Wednesday, August 5th. Twelve analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $167.88.

Paylocity Stock Performance

Shares of PCTY opened at $177.19 on Monday. The company has a current ratio of 1.09, a quick ratio of 1.09 and a debt-to-equity ratio of 0.07. The stock has a market cap of $9.24 billion, a PE ratio of 35.80, a PEG ratio of 2.10 and a beta of 0.50. Paylocity has a 1 year low of $92.99 and a 1 year high of $178.24. The stock has a 50 day simple moving average of $152.14 and a 200-day simple moving average of $128.26.

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. Paylocity had a return on equity of 27.02% and a net margin of 15.23%. The business had revenue of $444.73 million for the quarter, compared to analyst estimates of $431.46 million. During the same quarter in the previous year, the firm earned $1.56 EPS. Paylocity’s quarterly revenue was up 11.0% on a year-over-year basis. On average, sell-side analysts predict that Paylocity will post 6.92 EPS for the current fiscal year.

Insider Buying and Selling

In related news, Director Craig Conway sold 3,145 shares of Paylocity stock in a transaction that occurred on Thursday, August 27th. The shares were sold at an average price of $156.80, for a total transaction of $493,136.00. Following the transaction, the director owned 2,207 shares of the company’s stock, valued at $346,057.60. This trade represents a 58.76% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Chairman Steven Beauchamp sold 15,000 shares of Paylocity stock in a transaction that occurred on Thursday, October 15th. The stock was sold at an average price of $165.22, for a total transaction of $2,478,300.00. Following the transaction, the chairman directly owned 1,243,389 shares in the company, valued at $205,432,730.58. The trade was a 1.19% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last quarter, insiders sold 119,214 shares of company stock valued at $19,164,836. Insiders own 19.40% of the company’s stock.

Institutional Investors Weigh In On Paylocity

Several large investors have recently bought and sold shares of the company. BlackRock Inc. bought a new position in shares of Paylocity during the second quarter worth $430,315,000. Jupiter Topco LLC bought a new stake in shares of Paylocity in the 2nd quarter valued at $70,540,000. Amundi increased its position in shares of Paylocity by 9.5% in the 2nd quarter. Amundi now owns 663,449 shares of the software maker’s stock valued at $69,350,000 after buying an additional 57,291 shares in the last quarter. Van Berkom & Associates Inc. raised its stake in Paylocity by 17.8% during the 1st quarter. Van Berkom & Associates Inc. now owns 616,407 shares of the software maker’s stock worth $66,597,000 after buying an additional 93,065 shares during the period. Finally, Deutsche Bank AG bought a new position in Paylocity during the second quarter worth about $54,906,000. Institutional investors own 94.76% of the company’s stock.

About Paylocity

Paylocity Holding Corporation (NASDAQ:PCTY) provides cloud-based human capital management (HCM) and payroll software for organizations. Its platform is designed to help employers manage payroll, human resources, employee benefits, talent acquisition, onboarding, performance, learning, and workforce administration through an integrated system.

The company also offers tools for time and labor management, scheduling, employee communications, engagement, surveys, expense management, and other workplace activities.