Brokerages Set Paylocity Holding Corporation (NASDAQ:PCTY) Price Target at $160.53

Paylocity Holding Corporation (NASDAQ:PCTY) has earned an average rating of “Moderate Buy” from the seventeen ratings firms that are presently covering the firm, Marketbeat.com reports. Five analysts have rated the stock with a hold recommendation and twelve have issued a buy recommendation on the company. The average twelve-month target price among brokerages that have covered the stock in the last year is $160.5294.

A number of research firms recently commented on PCTY. Zacks Research lowered Paylocity from a “strong-buy” rating to a “hold” rating in a research note on Monday, July 27th. Citigroup reissued a “buy” rating on shares of Paylocity in a research report on Thursday, August 6th. UBS Group raised their price target on shares of Paylocity from $122.00 to $128.00 and gave the stock a “neutral” rating in a report on Wednesday, July 22nd. BTIG Research boosted their price target on shares of Paylocity from $150.00 to $180.00 and gave the stock a “buy” rating in a research report on Wednesday, August 5th. Finally, KeyCorp upped their price objective on shares of Paylocity from $172.00 to $178.00 and gave the company an “overweight” rating in a research note on Wednesday, August 5th.

Paylocity Price Performance

Shares of NASDAQ:PCTY opened at $152.25 on Tuesday. The firm has a market cap of $8.08 billion, a P/E ratio of 30.76 and a beta of 0.45. The company has a quick ratio of 1.09, a current ratio of 1.09 and a debt-to-equity ratio of 0.07. Paylocity has a 12-month low of $92.99 and a 12-month high of $178.91. The business has a fifty day simple moving average of $137.58 and a 200 day simple moving average of $118.23.

Paylocity (NASDAQ:PCTY) last announced its earnings results on Tuesday, August 4th. The software maker reported $1.84 EPS for the quarter, topping the consensus estimate of $1.62 by $0.22. The firm had revenue of $444.73 million for the quarter, compared to the consensus estimate of $431.46 million. Paylocity had a return on equity of 27.02% and a net margin of 15.23%.The business’s quarterly revenue was up 11.0% compared to the same quarter last year. During the same period in the previous year, the business earned $1.56 EPS. Analysts predict that Paylocity will post 6.92 earnings per share for the current year.

Insider Buying and Selling at Paylocity

In related news, SVP Andrew Cappotelli sold 2,550 shares of the business’s stock in a transaction on Wednesday, August 19th. The shares were sold at an average price of $149.83, for a total value of $382,066.50. Following the transaction, the senior vice president owned 44,329 shares in the company, valued at $6,641,814.07. The trade was a 5.44% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Steven Sarowitz sold 19,459 shares of the company’s stock in a transaction on Thursday, August 27th. The shares were sold at an average price of $157.78, for a total transaction of $3,070,241.02. Following the sale, the director directly owned 4,453,495 shares in the company, valued at $702,672,441.10. This trade represents a 0.44% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 54,145 shares of company stock valued at $8,312,067 over the last three months. 19.40% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Paylocity

Several institutional investors and hedge funds have recently made changes to their positions in PCTY. Corient Private Wealth LP grew its stake in Paylocity by 37.6% during the second quarter. Corient Private Wealth LP now owns 149,800 shares of the software maker’s stock worth $15,659,000 after purchasing an additional 40,971 shares during the period. Amundi lifted its stake in Paylocity by 9.5% in the second quarter. Amundi now owns 663,449 shares of the software maker’s stock valued at $69,350,000 after buying an additional 57,291 shares during the period. HighTower Advisors LLC boosted its holdings in shares of Paylocity by 9.4% during the 2nd quarter. HighTower Advisors LLC now owns 136,375 shares of the software maker’s stock worth $14,255,000 after buying an additional 11,732 shares in the last quarter. VIRGINIA RETIREMENT SYSTEMS ET Al bought a new position in shares of Paylocity during the 2nd quarter worth approximately $1,976,000. Finally, California State Teachers Retirement System boosted its holdings in shares of Paylocity by 10,474.6% during the 2nd quarter. California State Teachers Retirement System now owns 5,246,465 shares of the software maker’s stock worth $548,413,000 after buying an additional 5,196,851 shares in the last quarter. Institutional investors own 94.76% of the company’s stock.

Paylocity Company Profile

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.