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

Shares of Paylocity Holding Corporation (NASDAQ:PCTY) have earned a consensus recommendation of “Moderate Buy” from the twenty-two research firms that are presently covering the firm, MarketBeat reports. Six equities research analysts have rated the stock with a hold recommendation, fifteen have given a buy recommendation and one has issued a strong buy recommendation on the company. The average 1 year target price among analysts that have issued ratings on the stock in the last year is $204.3158.

Several equities analysts recently issued reports on PCTY shares. BMO Capital Markets cut their price objective on shares of Paylocity from $200.00 to $185.00 and set an “outperform” rating on the stock in a report on Wednesday, November 5th. Citizens Jmp reduced their price target on Paylocity from $270.00 to $245.00 and set a “market outperform” rating for the company in a research report on Wednesday, November 5th. Jefferies Financial Group dropped their price objective on Paylocity from $225.00 to $180.00 and set a “buy” rating on the stock in a research report on Wednesday, November 5th. JMP Securities set a $245.00 target price on Paylocity in a research note on Wednesday, November 5th. Finally, BTIG Research began coverage on shares of Paylocity in a research report on Tuesday, December 16th. They set a “buy” rating and a $180.00 price target for the company.

Paylocity Trading Up 0.1%

PCTY opened at $153.82 on Thursday. The company has a market capitalization of $8.36 billion, a price-to-earnings ratio of 38.55, a PEG ratio of 4.52 and a beta of 0.57. Paylocity has a 12-month low of $135.46 and a 12-month high of $223.80. The business’s fifty day simple moving average is $147.63 and its 200-day simple moving average is $164.43.

Paylocity (NASDAQ:PCTY) last released its quarterly earnings data on Tuesday, November 4th. The software maker reported $1.75 earnings per share for the quarter, topping analysts’ consensus estimates of $1.52 by $0.23. The company had revenue of $408.17 million during the quarter, compared to analyst estimates of $399.53 million. Paylocity had a net margin of 13.75% and a return on equity of 22.07%. The firm’s revenue for the quarter was up 12.5% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.66 earnings per share. On average, equities research analysts predict that Paylocity will post 4.36 EPS for the current year.

Insiders Place Their Bets

In other Paylocity 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 value of $249,520.05. Following the transaction, the chief financial officer directly owned 77,229 shares of the company’s stock, valued at approximately $11,093,945.85. The trade was a 2.20% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 19.40% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in PCTY. Tudor Investment Corp ET AL boosted its holdings in Paylocity by 50.7% in the third quarter. Tudor Investment Corp ET AL now owns 83,304 shares of the software maker’s stock worth $13,268,000 after acquiring an additional 28,016 shares in the last quarter. Allworth Financial LP boosted its stake in Paylocity by 88.0% in 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 in the last quarter. Swiss Life Asset Management Ltd grew its position in Paylocity by 78.6% during the 3rd quarter. Swiss Life Asset Management Ltd now owns 2,063 shares of the software maker’s stock worth $329,000 after purchasing an additional 908 shares during the last quarter. JPMorgan Chase & Co. increased its stake in Paylocity by 22.1% during the 3rd quarter. JPMorgan Chase & Co. now owns 555,393 shares of the software maker’s stock valued at $88,459,000 after purchasing an additional 100,400 shares in the last quarter. Finally, CIBC Bancorp USA Inc. acquired a new position in Paylocity during the 3rd quarter valued at approximately $368,000. 94.76% of the stock is currently owned by hedge funds and other institutional investors.

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.