Paylocity (NASDAQ:PCTY) Given New $226.00 Price Target at BMO Capital Markets

Paylocity (NASDAQ:PCTY) had its target price lifted by research analysts at BMO Capital Markets from $210.00 to $226.00 in a report issued on Friday, MarketBeat.com reports. The firm presently has an “outperform” rating on the software maker’s stock. BMO Capital Markets’ target price points to a potential upside of 20.64% from the stock’s current price.

Several other equities research analysts have also weighed in on PCTY. TD Cowen lowered their target price on shares of Paylocity from $235.00 to $228.00 and set a “buy” rating on the stock in a report on Monday, January 6th. UBS Group upped their price objective on shares of Paylocity from $211.00 to $220.00 and gave the stock a “neutral” rating in a research note on Friday, February 7th. Scotiabank initiated coverage on shares of Paylocity in a research note on Wednesday, April 16th. They issued a “sector perform” rating and a $190.00 target price for the company. StockNews.com lowered Paylocity from a “buy” rating to a “hold” rating in a research report on Monday, February 10th. Finally, Mizuho cut their price objective on Paylocity from $245.00 to $220.00 and set an “outperform” rating for the company in a research report on Tuesday, April 15th. Four analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $223.00.

Paylocity Stock Performance

NASDAQ PCTY opened at $187.33 on Friday. Paylocity has a twelve month low of $129.94 and a twelve month high of $223.80. The company has a quick ratio of 1.14, a current ratio of 1.14 and a debt-to-equity ratio of 0.28. The stock has a market cap of $10.47 billion, a P/E ratio of 48.03, a PEG ratio of 4.49 and a beta of 0.58. The company’s 50-day simple moving average is $188.97 and its 200 day simple moving average is $196.33.

Paylocity (NASDAQ:PCTY) last released its quarterly earnings data on Thursday, May 1st. The software maker reported $2.43 earnings per share for the quarter, beating the consensus estimate of $2.09 by $0.34. The company had revenue of $454.55 million for the quarter, compared to analyst estimates of $441.77 million. Paylocity had a return on equity of 22.45% and a net margin of 14.76%. The company’s revenue was up 13.3% compared to the same quarter last year. During the same period in the prior year, the company posted $2.21 EPS. As a group, research analysts forecast that Paylocity will post 4.36 earnings per share for the current fiscal year.

Insider Transactions at Paylocity

In other Paylocity news, Director Steven I. Sarowitz sold 26,252 shares of Paylocity stock in a transaction on Monday, March 24th. The shares were sold at an average price of $194.91, for a total transaction of $5,116,777.32. Following the completion of the sale, the director now owns 420,000 shares of the company’s stock, valued at approximately $81,862,200. The trade was a 5.88 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 21.91% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Paylocity

Institutional investors have recently made changes to their positions in the stock. Commonwealth of Pennsylvania Public School Empls Retrmt SYS boosted its holdings in Paylocity by 0.5% during the fourth quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 9,603 shares of the software maker’s stock worth $1,916,000 after buying an additional 49 shares during the last quarter. Bessemer Group Inc. raised its position in shares of Paylocity by 0.3% in the 4th quarter. Bessemer Group Inc. now owns 19,118 shares of the software maker’s stock valued at $3,813,000 after acquiring an additional 51 shares during the period. Steward Partners Investment Advisory LLC boosted its stake in Paylocity by 29.9% during the 4th quarter. Steward Partners Investment Advisory LLC now owns 274 shares of the software maker’s stock worth $55,000 after acquiring an additional 63 shares during the last quarter. UMB Bank n.a. grew its holdings in Paylocity by 41.1% during the fourth quarter. UMB Bank n.a. now owns 247 shares of the software maker’s stock valued at $49,000 after purchasing an additional 72 shares during the period. Finally, HighPoint Advisor Group LLC increased its stake in Paylocity by 5.1% in the fourth quarter. HighPoint Advisor Group LLC now owns 1,559 shares of the software maker’s stock valued at $326,000 after purchasing an additional 75 shares in the last quarter. 94.76% of the stock is owned by institutional investors and hedge funds.

Paylocity Company Profile

Paylocity Holding Corporation engages in the provision of cloud-based human capital management and payroll software solutions for workforce in the United States. The company offers payroll software solution for global payroll, expense management, tax services, on demand payment, and garnishment managed services; and time and labor management software for time and attendance, scheduling, and time collection.