Paylocity (NASDAQ:PCTY) Given New $214.00 Price Target at Citigroup

Paylocity (NASDAQ:PCTY) had its target price upped by analysts at Citigroup from $208.00 to $214.00 in a research note issued to investors on Monday, Benzinga reports. The firm presently has a “buy” rating on the software maker’s stock. Citigroup‘s price target would indicate a potential upside of 18.49% from the stock’s current price.

Several other equities research analysts have also issued reports on PCTY. Robert W. Baird set a $201.00 target price on Paylocity in a research report on Wednesday, August 5th. Wall Street Zen raised shares of Paylocity from a “hold” rating to a “buy” rating in a report on Saturday. TD Cowen increased their target price on shares of Paylocity from $168.00 to $177.00 and gave the stock a “buy” rating in a research report on Thursday, August 20th. Zacks Research downgraded shares of Paylocity from a “strong-buy” rating to a “hold” rating in a research note on Monday, July 27th. Finally, BTIG Research boosted their price target on shares of Paylocity from $200.00 to $210.00 and gave the company a “buy” rating in a research report on Friday. Twelve equities research analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $177.82.

Paylocity Stock Up 4.3%

Shares of PCTY traded up $7.45 on Monday, reaching $180.60. The company’s stock had a trading volume of 431,424 shares, compared to its average volume of 770,949. Paylocity has a twelve month low of $92.99 and a twelve month high of $181.57. The company has a current ratio of 1.04, a quick ratio of 1.09 and a debt-to-equity ratio of 0.11. The firm has a fifty day moving average of $156.11 and a 200-day moving average of $127.44. The stock has a market capitalization of $9.42 billion, a PE ratio of 35.04, a PEG ratio of 2.05 and a beta of 0.43.

Paylocity (NASDAQ:PCTY) last announced its earnings results on Thursday, November 5th. The software maker reported $2.09 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.93 by $0.16. The company had revenue of $451.67 million for the quarter, compared to analysts’ expectations of $443.12 million. Paylocity had a return on equity of 27.59% and a net margin of 15.40%. Paylocity’s quarterly revenue was up 10.7% on a year-over-year basis. During the same quarter in the previous year, the firm earned $1.75 earnings per share. Equities analysts predict that Paylocity will post 6.94 EPS for the current year.

Insider Buying and Selling at Paylocity

In related news, Chairman Steven Beauchamp sold 15,000 shares of the stock in a transaction dated Thursday, October 15th. The stock was sold at an average price of $165.22, for a total transaction of $2,478,300.00. Following the sale, the chairman owned 1,243,389 shares of the company’s stock, valued at approximately $205,432,730.58. This represents a 1.19% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Steven I. Sarowitz sold 19,459 shares of the firm’s stock in a transaction dated Thursday, August 27th. The stock was sold at an average price of $157.78, for a total value of $3,070,241.02. Following the completion of the transaction, the director owned 4,453,495 shares of the company’s stock, valued at approximately $702,672,441.10. This 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. Over the last quarter, insiders sold 151,704 shares of company stock valued at $25,137,741. 20.10% of the stock is owned by company insiders.

Institutional Trading of Paylocity

A number of hedge funds and other institutional investors have recently bought and sold shares of PCTY. California State Teachers Retirement System boosted its holdings in Paylocity by 18.9% in the 1st quarter. California State Teachers Retirement System now owns 49,614 shares of the software maker’s stock valued at $5,360,000 after purchasing an additional 7,891 shares during the period. Deutsche Bank AG purchased a new position in shares of Paylocity during the 2nd quarter valued at $54,906,000. Hsbc Holdings PLC grew its position in shares of Paylocity by 181.7% during the 2nd quarter. Hsbc Holdings PLC now owns 32,688 shares of the software maker’s stock valued at $3,411,000 after purchasing an additional 21,083 shares in the last quarter. Ieq Capital LLC bought a new position in shares of Paylocity in the second quarter worth $20,119,000. Finally, BlackRock Inc. bought a new position in shares of Paylocity in the second quarter worth $430,315,000. Institutional investors own 94.76% of the company’s stock.

Paylocity Company Profile

Paylocity Holding Corporation provides cloud-based human capital management and payroll software to businesses in the United States. Its platform brings together tools that help employers manage payroll, human resources, benefits, and workforce operations.

Products and services include payroll processing, benefits administration, time and labor management, talent acquisition and development, employee communications, and expense management. The platform is designed to help organizations streamline administrative work and support employees and managers through a unified system.

Founded in 1997 by Steve Sarowitz, Paylocity is headquartered in Schaumburg, Illinois.