Paylocity (NASDAQ:PCTY) Given “Overweight” Rating at Piper Sandler

Paylocity (NASDAQ:PCTY)‘s stock had its “overweight” rating reaffirmed by analysts at Piper Sandler in a research report issued to clients and investors on Friday,Benzinga reports. They presently have a $258.00 price objective on the software maker’s stock, up from their prior price objective of $254.00. Piper Sandler’s target price indicates a potential upside of 37.72% from the stock’s current price.

PCTY has been the topic of several other reports. Stifel Nicolaus dropped their target price on shares of Paylocity from $250.00 to $235.00 and set a “buy” rating on the stock in a research report on Friday. JMP Securities reiterated a “market outperform” rating and set a $270.00 price objective on shares of Paylocity in a research report on Tuesday, April 29th. Citigroup cut their target price on shares of Paylocity from $246.00 to $225.00 and set a “buy” rating on the stock in a research note on Tuesday, April 29th. Needham & Company LLC reaffirmed a “buy” rating and issued a $250.00 target price on shares of Paylocity in a research report on Friday. Finally, StockNews.com lowered Paylocity from a “buy” rating to a “hold” rating in a research report on Monday, February 10th. Four research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $223.00.

Paylocity Price Performance

NASDAQ PCTY opened at $187.33 on Friday. Paylocity has a 1 year low of $129.94 and a 1 year high of $223.80. The business’s fifty day moving average is $188.97 and its two-hundred day moving average is $196.33. The stock has a market capitalization of $10.47 billion, a P/E ratio of 48.03, a P/E/G ratio of 4.49 and a beta of 0.58. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.14 and a current ratio of 1.14.

Paylocity (NASDAQ:PCTY) last announced its earnings results on Thursday, May 1st. The software maker reported $2.43 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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%. Paylocity’s revenue for the quarter was up 13.3% compared to the same quarter last year. During the same period in the previous year, the firm earned $2.21 earnings per share. On average, research analysts forecast that Paylocity will post 4.36 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related 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 value 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 document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders own 21.91% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in PCTY. SBI Securities Co. Ltd. acquired a new stake in Paylocity in the 4th quarter worth approximately $29,000. USA Financial Formulas acquired a new stake in shares of Paylocity in the first quarter worth $29,000. Hughes Financial Services LLC bought a new stake in shares of Paylocity during the 1st quarter worth $48,000. UMB Bank n.a. grew its stake in Paylocity by 41.1% in the 4th quarter. UMB Bank n.a. now owns 247 shares of the software maker’s stock valued at $49,000 after buying an additional 72 shares during the last quarter. Finally, EverSource Wealth Advisors LLC raised its holdings in Paylocity by 489.1% in the 4th quarter. EverSource Wealth Advisors LLC now owns 271 shares of the software maker’s stock worth $54,000 after acquiring an additional 225 shares during the period. Institutional investors and hedge funds own 94.76% of the company’s stock.

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.