Paylocity Holding Co. (NASDAQ:PCTY) Receives $201.88 Consensus Target Price from Analysts

Shares of Paylocity Holding Co. (NASDAQ:PCTY) have earned an average recommendation of “Moderate Buy” from the fifteen ratings firms that are presently covering the stock, MarketBeat.com reports. Seven investment analysts have rated the stock with a hold rating and eight have issued a buy rating on the company. The average 1-year target price among brokers that have issued ratings on the stock in the last year is $196.67.

A number of research analysts recently commented on PCTY shares. Piper Sandler lowered their price target on shares of Paylocity from $210.00 to $194.00 and set an “overweight” rating for the company in a report on Friday. Barclays boosted their target price on Paylocity from $166.00 to $178.00 and gave the company an “equal weight” rating in a research report on Friday. JMP Securities restated a “market outperform” rating and issued a $250.00 price target on shares of Paylocity in a research report on Monday, January 22nd. Needham & Company LLC reiterated a “buy” rating and set a $200.00 price objective on shares of Paylocity in a research report on Friday. Finally, Citigroup raised their target price on shares of Paylocity from $180.00 to $182.00 and gave the stock a “neutral” rating in a report on Wednesday, January 31st.

Insiders Place Their Bets

In other news, Director Jeffrey T. Diehl sold 1,760 shares of the business’s stock in a transaction on Wednesday, March 13th. The stock was sold at an average price of $171.64, for a total value of $302,086.40. Following the completion of the transaction, the director now directly owns 14,704 shares of the company’s stock, valued at approximately $2,523,794.56. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. In other news, SVP Katherine Ross sold 491 shares of the company’s stock in a transaction on Tuesday, March 5th. The stock was sold at an average price of $168.29, for a total transaction of $82,630.39. Following the transaction, the senior vice president now directly owns 15,353 shares of the company’s stock, valued at $2,583,756.37. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Director Jeffrey T. Diehl sold 1,760 shares of the stock in a transaction on Wednesday, March 13th. The shares were sold at an average price of $171.64, for a total value of $302,086.40. Following the sale, the director now owns 14,704 shares of the company’s stock, valued at approximately $2,523,794.56. The disclosure for this sale can be found here. Insiders sold a total of 54,547 shares of company stock worth $9,356,359 over the last 90 days. Company insiders own 22.50% of the company’s stock.

Institutional Investors Weigh In On Paylocity

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Venturi Wealth Management LLC raised its position in shares of Paylocity by 144.1% in the 1st quarter. Venturi Wealth Management LLC now owns 166 shares of the software maker’s stock valued at $29,000 after purchasing an additional 98 shares during the last quarter. American National Bank acquired a new position in Paylocity during the 4th quarter valued at approximately $31,000. GAMMA Investing LLC purchased a new position in shares of Paylocity in the fourth quarter worth $36,000. RiverPark Advisors LLC acquired a new stake in shares of Paylocity during the third quarter worth $43,000. Finally, Principal Securities Inc. purchased a new stake in shares of Paylocity during the fourth quarter valued at $41,000. 94.76% of the stock is currently owned by hedge funds and other institutional investors.

Paylocity Stock Up 2.0 %

Shares of Paylocity stock opened at $171.06 on Friday. The firm has a market cap of $9.64 billion, a price-to-earnings ratio of 49.73, a PEG ratio of 3.63 and a beta of 0.88. Paylocity has a twelve month low of $139.40 and a twelve month high of $230.52. The business has a 50-day moving average price of $165.30 and a 200-day moving average price of $162.81.

Paylocity (NASDAQ:PCTY) last issued its quarterly earnings data on Thursday, February 8th. The software maker reported $0.71 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.63 by $0.08. Paylocity had a return on equity of 22.08% and a net margin of 14.42%. The business had revenue of $326.36 million for the quarter, compared to analysts’ expectations of $324.34 million. On average, equities analysts expect that Paylocity will post 3.48 EPS for the current fiscal year.

About Paylocity

Paylocity Holding Corporation provides cloud-based human capital management and payroll software solutions for workforce in the United States. The company offers Payroll and Tax Services solution to simplifies payroll, automates processes, and manages compliance requirements within one system; and expense management, on demand payment, and garnishment solutions.