Brokerages Set Paylocity Holding Corporation (NASDAQ:PCTY) Target Price at $204.05

Shares of Paylocity Holding Corporation (NASDAQ:PCTY) have received an average rating of “Moderate Buy” from the twenty-one brokerages that are presently covering the company, Marketbeat Ratings reports. Six analysts have rated the stock with a hold recommendation, fourteen have issued a buy recommendation and one has assigned a strong buy recommendation to the company. The average 1-year target price among brokerages that have covered the stock in the last year is $204.0526.

Several analysts recently commented on PCTY shares. Citigroup raised their price target on shares of Paylocity from $175.00 to $179.00 and gave the company a “buy” rating in a research report on Tuesday, December 23rd. Cantor Fitzgerald set a $190.00 target price on Paylocity in a research report on Wednesday, November 5th. BTIG Research started coverage on Paylocity in a report on Tuesday, December 16th. They issued a “buy” rating and a $180.00 price target for the company. TD Cowen reiterated a “buy” rating on shares of Paylocity in a research report on Thursday, January 8th. Finally, JMP Securities set a $245.00 price objective on Paylocity in a research report on Wednesday, November 5th.

Insiders Place Their Bets

In other Paylocity news, CFO Ryan Glenn sold 1,737 shares of the 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 transaction, the chief financial officer directly owned 77,229 shares of the company’s stock, valued at $11,093,945.85. This trade represents a 2.20% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Corporate insiders own 19.40% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the stock. Flagship Harbor Advisors LLC purchased a new stake in shares of Paylocity in the fourth quarter valued at approximately $27,000. Signaturefd LLC grew its holdings in Paylocity by 162.2% in the 4th quarter. Signaturefd LLC now owns 818 shares of the software maker’s stock valued at $125,000 after buying an additional 506 shares in the last quarter. Empirical Financial Services LLC d.b.a. Empirical Wealth Management acquired a new stake in shares of Paylocity in the 4th quarter worth $309,000. Archford Capital Strategies LLC raised its holdings in shares of Paylocity by 2.9% during the 4th quarter. Archford Capital Strategies LLC now owns 16,299 shares of the software maker’s stock worth $2,486,000 after acquiring an additional 454 shares during the period. Finally, Exchange Traded Concepts LLC purchased a new position in shares of Paylocity during the 4th quarter worth $94,000. Institutional investors and hedge funds own 94.76% of the company’s stock.

Paylocity Stock Up 2.0%

Shares of PCTY opened at $140.47 on Monday. The company has a market capitalization of $7.64 billion, a price-to-earnings ratio of 35.21, a PEG ratio of 4.05 and a beta of 0.56. Paylocity has a 52 week low of $135.46 and a 52 week high of $223.80. The stock’s 50-day moving average price is $147.98 and its 200-day moving average price is $160.70.

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

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.