Paylocity (NASDAQ:PCTY) Price Target Raised to $143.00 at BMO Capital Markets

Paylocity (NASDAQ:PCTY) had its price objective increased by BMO Capital Markets from $135.00 to $143.00 in a research report issued to clients and investors on Friday. The firm presently has an “outperform” rating on the software maker’s stock. BMO Capital Markets’ price objective points to a potential upside of 32.59% from the company’s previous close.

Other equities research analysts have also recently issued research reports about the stock. BTIG Research cut their price objective on shares of Paylocity from $180.00 to $150.00 and set a “buy” rating for the company in a research report on Friday, February 6th. TD Cowen reiterated a “buy” rating on shares of Paylocity in a research report on Friday, February 6th. Stephens dropped their target price on shares of Paylocity from $160.00 to $120.00 and set an “equal weight” rating on the stock in a research report on Friday. Barclays lowered their target price on Paylocity from $146.00 to $120.00 and set an “equal weight” rating on the stock in a research report on Monday, April 20th. Finally, Mizuho lowered their target price on shares of Paylocity from $180.00 to $150.00 and set an “outperform” rating on the stock in a report on Friday, February 6th. Fourteen investment analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, Paylocity currently has a consensus rating of “Moderate Buy” and a consensus price target of $170.11.

Paylocity Stock Down 1.2%

NASDAQ:PCTY opened at $107.85 on Friday. The stock’s 50 day moving average price is $107.07 and its two-hundred day moving average price is $128.85. Paylocity has a twelve month low of $92.99 and a twelve month high of $201.97. The firm has a market capitalization of $5.81 billion, a price-to-earnings ratio of 26.66, a price-to-earnings-growth ratio of 2.97 and a beta of 0.49. The company has a quick ratio of 1.04, a current ratio of 1.04 and a debt-to-equity ratio of 0.07.

Paylocity (NASDAQ:PCTY) last posted its quarterly earnings results on Thursday, February 5th. The software maker reported $1.85 earnings per share for the quarter, beating analysts’ consensus estimates of $1.57 by $0.28. The business had revenue of $416.13 million for the quarter, compared to analysts’ expectations of $408.37 million. Paylocity had a return on equity of 23.44% and a net margin of 14.19%.The firm’s revenue for the quarter was up 10.4% on a year-over-year basis. During the same quarter in the prior year, the business earned $1.52 EPS. Equities research analysts expect that Paylocity will post 5.31 earnings per share for the current fiscal year.

Institutional Trading of Paylocity

A number of institutional investors have recently bought and sold shares of the stock. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its holdings in Paylocity by 5.9% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 136,388 shares of the software maker’s stock valued at $25,551,000 after acquiring an additional 7,594 shares during the period. Focus Partners Wealth raised its holdings in shares of Paylocity by 24.5% in the 1st quarter. Focus Partners Wealth now owns 1,365 shares of the software maker’s stock valued at $256,000 after purchasing an additional 269 shares in the last quarter. EverSource Wealth Advisors LLC lifted its position in shares of Paylocity by 537.0% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 465 shares of the software maker’s stock worth $84,000 after purchasing an additional 392 shares during the period. Marshall Wace LLP increased its holdings in Paylocity by 2,782.7% during the second quarter. Marshall Wace LLP now owns 35,688 shares of the software maker’s stock valued at $6,466,000 after buying an additional 34,450 shares during the period. Finally, Cerity Partners LLC raised its stake in Paylocity by 10.0% in the second quarter. Cerity Partners LLC now owns 19,241 shares of the software maker’s stock worth $3,486,000 after buying an additional 1,749 shares in the last quarter. 94.76% of the stock is currently owned by 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.