Paylocity (NASDAQ:PCTY) had its price objective increased by stock analysts at Needham & Company LLC from $65.00 to $80.00 in a research note issued to investors on Friday, Marketbeat reports. The firm presently has a “buy” rating on the software maker’s stock. Needham & Company LLC’s target price would suggest a potential upside of 18.26% from the company’s previous close.

A number of other equities analysts have also recently issued reports on PCTY. BidaskClub upgraded Paylocity from a “buy” rating to a “strong-buy” rating in a report on Thursday, April 12th. Royal Bank of Canada cut Paylocity from an “outperform” rating to a “sector perform” rating and set a $56.00 price target on the stock. in a report on Monday, April 23rd. Mizuho restated a “hold” rating and set a $45.00 price target on shares of Paylocity in a report on Tuesday, April 24th. Stifel Nicolaus increased their price target on Paylocity from $50.00 to $59.00 and gave the stock a “buy” rating in a report on Friday, May 4th. Finally, Robert W. Baird increased their price target on Paylocity to $56.00 and gave the stock an “outperform” rating in a report on Monday, May 7th. Six analysts have rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. The stock has an average rating of “Buy” and an average price target of $61.17.

PCTY stock traded up $3.60 during trading on Friday, hitting $67.65. The company had a trading volume of 724,178 shares, compared to its average volume of 223,988. Paylocity has a one year low of $41.15 and a one year high of $68.14. The stock has a market capitalization of $3.37 billion, a PE ratio of 218.23, a PEG ratio of 6.60 and a beta of 1.94.

Paylocity (NASDAQ:PCTY) last announced its earnings results on Thursday, August 9th. The software maker reported $0.11 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.12 by ($0.01). The company had revenue of $96.62 million during the quarter, compared to the consensus estimate of $93.33 million. Paylocity had a net margin of 10.22% and a return on equity of 13.21%. The business’s revenue was up 27.0% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.09 earnings per share. sell-side analysts predict that Paylocity will post 0.44 earnings per share for the current year.

In other news, Director Jeffrey T. Diehl sold 250,000 shares of the company’s stock in a transaction that occurred on Thursday, June 14th. The stock was sold at an average price of $61.50, for a total transaction of $15,375,000.00. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Steven R. Beauchamp sold 80,000 shares of the company’s stock in a transaction that occurred on Tuesday, May 15th. The stock was sold at an average price of $55.37, for a total value of $4,429,600.00. The disclosure for this sale can be found here. Insiders have sold a total of 414,072 shares of company stock worth $24,839,094 over the last 90 days. Company insiders own 48.80% of the company’s stock.

Several large investors have recently modified their holdings of PCTY. Wasatch Advisors Inc. raised its position in shares of Paylocity by 61.1% during the first quarter. Wasatch Advisors Inc. now owns 1,727,257 shares of the software maker’s stock worth $88,487,000 after purchasing an additional 655,314 shares during the period. Zevenbergen Capital Investments LLC acquired a new position in shares of Paylocity during the first quarter worth approximately $30,851,000. Standard Life Aberdeen plc raised its position in shares of Paylocity by 31.4% during the second quarter. Standard Life Aberdeen plc now owns 1,469,941 shares of the software maker’s stock worth $86,521,000 after purchasing an additional 350,996 shares during the period. Royal Bank of Canada raised its position in shares of Paylocity by 46.2% during the first quarter. Royal Bank of Canada now owns 870,958 shares of the software maker’s stock worth $44,620,000 after purchasing an additional 275,364 shares during the period. Finally, BlackRock Inc. raised its position in shares of Paylocity by 15.0% during the second quarter. BlackRock Inc. now owns 2,050,204 shares of the software maker’s stock worth $120,674,000 after purchasing an additional 267,913 shares during the period. 63.95% of the stock is currently owned by institutional investors.

About Paylocity

Paylocity Holding Corporation provides cloud-based payroll and human capital management (HCM) software solutions for medium-sized organizations in the United States. It offers Paylocity Web Pay for enterprise-grade payroll processing and administration; Paylocity Web HR for employee record management and HR compliance and reporting; Talent Management for employee performance appraisal process and performance review; Paylocity Web Time, a time and attendance solution; and Paylocity Web Expense, an expense management tool designed to streamline and automate the expense management process.

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Analyst Recommendations for Paylocity (NASDAQ:PCTY)

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