Paylocity (NASDAQ:PCTY) Given New $205.00 Price Target at Raymond James

Paylocity (NASDAQ:PCTY) had its price objective trimmed by Raymond James from $240.00 to $205.00 in a report published on Thursday morning, Benzinga reports. The brokerage currently has an outperform rating on the software maker’s stock.

A number of other research firms have also recently weighed in on PCTY. Wolfe Research initiated coverage on shares of Paylocity in a research note on Wednesday, April 28th. They set a peer perform rating and a $200.00 price target on the stock. KeyCorp decreased their price objective on shares of Paylocity from $230.00 to $220.00 and set an overweight rating on the stock in a research report on Monday, May 10th. They noted that the move was a valuation call. Citigroup boosted their price objective on shares of Paylocity from $210.00 to $217.00 and gave the stock a neutral rating in a research report on Friday, February 5th. Zacks Investment Research lowered shares of Paylocity from a buy rating to a hold rating and set a $224.00 price objective on the stock. in a research report on Wednesday, February 10th. Finally, JMP Securities boosted their price objective on shares of Paylocity from $195.00 to $220.00 and gave the stock an outperform rating in a research report on Tuesday, January 26th. Six investment analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. The company currently has a consensus rating of Buy and an average target price of $197.94.

NASDAQ:PCTY opened at $162.87 on Thursday. The company has a quick ratio of 1.16, a current ratio of 1.16 and a debt-to-equity ratio of 0.26. Paylocity has a fifty-two week low of $109.35 and a fifty-two week high of $218.34. The stock has a market cap of $8.87 billion, a PE ratio of 144.13, a price-to-earnings-growth ratio of 12.76 and a beta of 1.36. The firm’s fifty day simple moving average is $184.27 and its 200-day simple moving average is $191.79.

Paylocity (NASDAQ:PCTY) last posted its quarterly earnings results on Thursday, May 6th. The software maker reported $0.88 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.67 by $0.21. Paylocity had a net margin of 11.05% and a return on equity of 16.89%. The business had revenue of $186.05 million for the quarter, compared to analysts’ expectations of $185.25 million. During the same period in the prior year, the company posted $0.83 EPS. The business’s revenue for the quarter was up 8.4% on a year-over-year basis. Equities analysts anticipate that Paylocity will post 0.76 earnings per share for the current year.

Several hedge funds have recently made changes to their positions in the company. BlackRock Inc. lifted its holdings in shares of Paylocity by 1.9% during the 1st quarter. BlackRock Inc. now owns 3,632,025 shares of the software maker’s stock worth $653,146,000 after acquiring an additional 66,386 shares during the period. Massachusetts Financial Services Co. MA lifted its holdings in shares of Paylocity by 5.0% during the 1st quarter. Massachusetts Financial Services Co. MA now owns 1,080,759 shares of the software maker’s stock worth $194,353,000 after acquiring an additional 51,334 shares during the period. Franklin Resources Inc. lifted its holdings in shares of Paylocity by 3.3% during the 1st quarter. Franklin Resources Inc. now owns 1,079,418 shares of the software maker’s stock worth $194,111,000 after acquiring an additional 34,695 shares during the period. Conestoga Capital Advisors LLC lifted its holdings in shares of Paylocity by 0.6% during the 1st quarter. Conestoga Capital Advisors LLC now owns 695,365 shares of the software maker’s stock worth $125,047,000 after acquiring an additional 4,104 shares during the period. Finally, TimesSquare Capital Management LLC lifted its holdings in shares of Paylocity by 140.3% during the 1st quarter. TimesSquare Capital Management LLC now owns 611,465 shares of the software maker’s stock worth $109,960,000 after acquiring an additional 356,975 shares during the period. Institutional investors and hedge funds own 68.69% of the company’s stock.

About Paylocity

Paylocity Holding Corporation provides cloud-based payroll and human capital management software solutions for medium-sized organizations in the United States. The company offers Payroll module that enables clients to automate key payroll processes and manage compliance; Core HR module, which provides a set of HR capabilities enabling clients to manage HR data; and Talent module that enable clients to manage their talent throughout employees' tenures, starting at recruiting and carrying through onboarding, learning, and performance management.

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