Paylocity (NASDAQ:PCTY) Price Target Raised to $165.00

Paylocity (NASDAQ:PCTY) had its price target lifted by Cantor Fitzgerald from $140.00 to $165.00 in a research report sent to investors on Wednesday, Marketbeat Ratings reports. Cantor Fitzgerald currently has an overweight rating on the software maker’s stock.

PCTY has been the subject of several other research reports. Stephens lowered their price objective on Paylocity from $160.00 to $120.00 and set an “equal weight” rating for the company in a research report on Friday, May 8th. Wall Street Zen cut shares of Paylocity from a “buy” rating to a “hold” rating in a report on Saturday, July 4th. BMO Capital Markets increased their price target on shares of Paylocity from $143.00 to $175.00 and gave the company an “outperform” rating in a research report on Wednesday. Barclays raised their price target on shares of Paylocity from $128.00 to $154.00 and gave the stock an “equal weight” rating in a report on Wednesday. Finally, BTIG Research upped their price objective on shares of Paylocity from $150.00 to $180.00 and gave the company a “buy” rating in a research note on Wednesday. Twelve analysts have rated the stock with a Buy rating, four have given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, Paylocity has a consensus rating of “Moderate Buy” and an average price target of $160.00.

Paylocity Stock Performance

NASDAQ PCTY opened at $150.42 on Wednesday. The company has a 50-day simple moving average of $119.10 and a two-hundred day simple moving average of $114.71. Paylocity has a 12-month low of $92.99 and a 12-month high of $184.00. The firm has a market cap of $8.05 billion, a price-to-earnings ratio of 30.39 and a beta of 0.48. The company has a quick ratio of 1.08, a current ratio of 1.09 and a debt-to-equity ratio of 0.07.

Paylocity (NASDAQ:PCTY) last released its quarterly earnings data on Tuesday, August 4th. The software maker reported $1.84 EPS for the quarter, topping the consensus estimate of $1.62 by $0.22. Paylocity had a return on equity of 27.02% and a net margin of 15.23%.The firm had revenue of $444.73 million for the quarter, compared to the consensus estimate of $431.46 million. During the same quarter in the previous year, the business earned $1.56 earnings per share. The company’s quarterly revenue was up 11.0% on a year-over-year basis. On average, equities analysts forecast that Paylocity will post 6.33 EPS for the current year.

Insider Transactions at Paylocity

In other news, SVP Andrew Cappotelli sold 899 shares of the company’s stock in a transaction that occurred on Tuesday, May 19th. The shares were sold at an average price of $115.05, for a total value of $103,429.95. Following the transaction, the senior vice president owned 17,679 shares in the company, valued at approximately $2,033,968.95. This represents a 4.84% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 19.40% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Paylocity

Several large investors have recently bought and sold shares of PCTY. BlackRock Inc. purchased a new position in shares of Paylocity during the second quarter valued at approximately $430,315,000. AQR Capital Management LLC boosted its holdings in Paylocity by 75.1% in the fourth quarter. AQR Capital Management LLC now owns 943,591 shares of the software maker’s stock worth $143,747,000 after purchasing an additional 404,605 shares during the last quarter. Morgan Stanley grew its position in Paylocity by 117.9% in the 4th quarter. Morgan Stanley now owns 817,209 shares of the software maker’s stock worth $124,625,000 after purchasing an additional 442,218 shares during the period. Millennium Management LLC grew its position in Paylocity by 97.7% in the 3rd quarter. Millennium Management LLC now owns 748,803 shares of the software maker’s stock worth $119,262,000 after purchasing an additional 369,975 shares during the period. Finally, Dimensional Fund Advisors LP raised its stake in Paylocity by 6.9% during the 4th quarter. Dimensional Fund Advisors LP now owns 659,472 shares of the software maker’s stock valued at $100,570,000 after buying an additional 42,725 shares during 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.