Paylocity Holding Corporation (NASDAQ:PCTY) Receives $180.05 Average Target Price from Analysts

Paylocity Holding Corporation (NASDAQ:PCTY) has earned an average recommendation of “Moderate Buy” from the twenty-one ratings firms that are covering the firm, Marketbeat reports. One investment analyst has rated the stock with a sell recommendation, five have issued a hold recommendation and fifteen have given a buy recommendation to the company. The average 12 month target price among brokers that have updated their coverage on the stock in the last year is $180.05.

PCTY has been the topic of a number of recent research reports. Cantor Fitzgerald reaffirmed an “overweight” rating on shares of Paylocity in a research note on Thursday, January 29th. Robert W. Baird set a $220.00 target price on shares of Paylocity in a research report on Friday, February 6th. TD Cowen reissued a “buy” rating on shares of Paylocity in a research note on Friday, February 6th. Citizens Jmp reduced their price target on Paylocity from $245.00 to $170.00 and set a “market outperform” rating on the stock in a research report on Friday, February 6th. Finally, Truist Financial dropped their price objective on Paylocity from $240.00 to $180.00 and set a “buy” rating for the company in a report on Friday, February 6th.

Paylocity Stock Performance

Shares of NASDAQ:PCTY opened at $110.00 on Tuesday. The company has a current ratio of 1.04, a quick ratio of 1.04 and a debt-to-equity ratio of 0.07. Paylocity has a 1-year low of $100.50 and a 1-year high of $201.97. The stock has a market capitalization of $5.93 billion, a P/E ratio of 25.88, a P/E/G ratio of 3.14 and a beta of 0.58. The business has a 50-day moving average price of $124.54 and a two-hundred day moving average price of $143.56.

Paylocity (NASDAQ:PCTY) last issued its earnings results on Thursday, February 5th. The software maker reported $1.85 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.57 by $0.28. Paylocity had a net margin of 14.19% and a return on equity of 23.44%. The company had revenue of $416.13 million for the quarter, compared to analyst estimates of $408.37 million. During the same quarter last year, the firm earned $1.52 EPS. The company’s revenue for the quarter was up 10.4% on a year-over-year basis. Equities analysts predict that Paylocity will post 4.36 earnings per share for the current year.

Hedge Funds Weigh In On Paylocity

Several institutional investors have recently modified their holdings of the stock. Corient Private Wealth LLC raised its position in shares of Paylocity by 393.4% in the 4th quarter. Corient Private Wealth LLC now owns 10,997 shares of the software maker’s stock valued at $1,677,000 after acquiring an additional 8,768 shares during the period. Hsbc Holdings PLC grew its holdings in Paylocity by 0.4% during the fourth quarter. Hsbc Holdings PLC now owns 29,653 shares of the software maker’s stock valued at $4,535,000 after purchasing an additional 128 shares during the period. Pacer Advisors Inc. grew its holdings in Paylocity by 147.1% during the fourth quarter. Pacer Advisors Inc. now owns 14,731 shares of the software maker’s stock valued at $2,246,000 after purchasing an additional 8,769 shares during the period. Kera Capital Partners Inc. increased its stake in Paylocity by 170.8% in the fourth quarter. Kera Capital Partners Inc. now owns 5,056 shares of the software maker’s stock valued at $771,000 after purchasing an additional 3,189 shares in the last quarter. Finally, Alberta Investment Management Corp bought a new stake in Paylocity in the fourth quarter valued at approximately $1,464,000. 94.76% of the stock is currently owned by institutional investors and hedge funds.

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.