Paylocity Holding Corporation (NASDAQ:PCTY) Receives $204.32 Average Price Target from Analysts

Paylocity Holding Corporation (NASDAQ:PCTY) has been given an average rating of “Moderate Buy” by the twenty-two ratings firms that are covering the company, Marketbeat reports. Six investment analysts have rated the stock with a hold recommendation, fifteen have issued a buy recommendation and one has given a strong buy recommendation to the company. The average twelve-month price target among brokers that have updated their coverage on the stock in the last year is $204.3158.

Several brokerages recently issued reports on PCTY. BMO Capital Markets lowered their price target on Paylocity from $200.00 to $185.00 and set an “outperform” rating for the company in a report on Wednesday, November 5th. Zacks Research raised Paylocity from a “strong sell” rating to a “hold” rating in a research report on Monday, November 10th. UBS Group dropped their target price on Paylocity from $195.00 to $183.00 and set a “neutral” rating on the stock in a report on Wednesday, September 17th. Weiss Ratings reissued a “hold (c-)” rating on shares of Paylocity in a research report on Monday, December 22nd. Finally, Citizens Jmp lowered their price objective on shares of Paylocity from $270.00 to $245.00 and set a “market outperform” rating for the company in a research report on Wednesday, November 5th.

Paylocity Stock Up 0.9%

Shares of NASDAQ:PCTY opened at $153.65 on Thursday. The stock has a 50-day simple moving average of $147.59 and a 200-day simple moving average of $164.78. The stock has a market capitalization of $8.36 billion, a P/E ratio of 38.51, a PEG ratio of 4.52 and a beta of 0.57. Paylocity has a 1 year low of $135.46 and a 1 year high of $223.80. The company has a debt-to-equity ratio of 0.07, a quick ratio of 1.07 and a current ratio of 1.07.

Paylocity (NASDAQ:PCTY) last announced its quarterly earnings results on Tuesday, November 4th. The software maker reported $1.75 earnings per share for the quarter, beating analysts’ consensus estimates of $1.52 by $0.23. Paylocity had a net margin of 13.75% and a return on equity of 22.07%. The firm had revenue of $408.17 million for the quarter, compared to analysts’ expectations of $399.53 million. During the same period in the previous year, the company posted $1.66 earnings per share. Paylocity’s revenue was up 12.5% compared to the same quarter last year. Equities analysts forecast that Paylocity will post 4.36 earnings per share for the current year.

Insiders Place Their Bets

In related news, CFO Ryan Glenn sold 1,737 shares of Paylocity stock in a transaction on Wednesday, November 19th. The shares were sold at an average price of $143.65, for a total transaction of $249,520.05. Following the sale, the chief financial officer owned 77,229 shares of the company’s stock, valued at $11,093,945.85. The trade was a 2.20% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Insiders own 19.40% of the company’s stock.

Institutional Trading of Paylocity

Large investors have recently modified their holdings of the business. Advisory Services Network LLC acquired a new position in shares of Paylocity in the third quarter worth about $38,000. Pilgrim Partners Asia Pte Ltd acquired a new stake in Paylocity during the 3rd quarter valued at approximately $41,000. Allworth Financial LP increased its holdings in Paylocity by 88.0% during the 3rd quarter. Allworth Financial LP now owns 282 shares of the software maker’s stock worth $45,000 after purchasing an additional 132 shares during the last quarter. SBI Securities Co. Ltd. raised its position in shares of Paylocity by 47.4% in the 2nd quarter. SBI Securities Co. Ltd. now owns 252 shares of the software maker’s stock valued at $46,000 after purchasing an additional 81 shares in the last quarter. Finally, True Wealth Design LLC raised its position in shares of Paylocity by 155.4% in the 3rd quarter. True Wealth Design LLC now owns 286 shares of the software maker’s stock valued at $46,000 after purchasing an additional 174 shares in the last quarter. 94.76% of the stock is currently owned by institutional investors and hedge funds.

About Paylocity

Paylocity (NASDAQ: PCTY) is a leading provider of cloud-based payroll and human capital management (HCM) software designed to streamline workforce administration for mid-sized organizations. The company’s integrated platform automates core functions such as payroll processing, benefits administration, time and labor tracking, and compliance management, enabling employers to manage employee data more efficiently and reduce administrative burdens.

In addition to payroll and HR capabilities, Paylocity offers talent management solutions including recruiting, onboarding, performance tracking, and learning management.