Paylocity (NASDAQ:PCTY) Receives “Buy” Rating from Needham & Company LLC

Needham & Company LLC reiterated their buy rating on shares of Paylocity (NASDAQ:PCTY) in a report issued on Thursday, Benzinga reports. They currently have a $200.00 price target on the software maker’s stock.

PCTY has been the subject of a number of other reports. Piper Sandler lowered their price target on shares of Paylocity from $194.00 to $172.00 and set an overweight rating for the company in a research report on Friday, August 2nd. Truist Financial dropped their price target on Paylocity from $200.00 to $195.00 and set a buy rating on the stock in a research report on Wednesday, July 31st. Barclays cut their price objective on shares of Paylocity from $160.00 to $156.00 and set an equal weight rating on the stock in a research report on Monday, August 5th. TD Cowen decreased their target price on shares of Paylocity from $180.00 to $153.00 and set a buy rating for the company in a report on Thursday, June 20th. Finally, JMP Securities reissued a market outperform rating and set a $250.00 price target on shares of Paylocity in a research report on Monday, August 5th. Seven analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of Moderate Buy and a consensus price target of $179.13.

Paylocity Price Performance

Shares of PCTY opened at $153.70 on Thursday. Paylocity has a one year low of $129.94 and a one year high of $206.28. The company has a 50-day simple moving average of $149.09 and a two-hundred day simple moving average of $155.51. The firm has a market capitalization of $8.67 billion, a PE ratio of 44.68, a price-to-earnings-growth ratio of 3.91 and a beta of 0.94.

Paylocity (NASDAQ:PCTY) last released its quarterly earnings results on Thursday, August 1st. The software maker reported $1.48 earnings per share for the quarter, beating the consensus estimate of $1.29 by $0.19. The company had revenue of $357.30 million for the quarter, compared to analyst estimates of $350.29 million. Paylocity had a return on equity of 22.17% and a net margin of 14.74%. The firm’s revenue was up 15.8% on a year-over-year basis. During the same period in the previous year, the company posted $0.76 earnings per share. Analysts expect that Paylocity will post 4.51 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, CEO Steven R. Beauchamp sold 49,442 shares of the stock in a transaction on Monday, July 22nd. The shares were sold at an average price of $142.68, for a total value of $7,054,384.56. Following the completion of the sale, the chief executive officer now directly owns 1,745,022 shares of the company’s stock, valued at $248,979,738.96. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. In other news, CEO Steven R. Beauchamp sold 49,442 shares of the company’s stock in a transaction dated Monday, July 22nd. The stock was sold at an average price of $142.68, for a total value of $7,054,384.56. Following the completion of the transaction, the chief executive officer now owns 1,745,022 shares of the company’s stock, valued at $248,979,738.96. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CFO Ryan Glenn sold 1,400 shares of Paylocity stock in a transaction that occurred on Monday, July 15th. The shares were sold at an average price of $140.06, for a total value of $196,084.00. Following the sale, the chief financial officer now directly owns 31,074 shares in the company, valued at approximately $4,352,224.44. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 51,173 shares of company stock worth $7,296,388. Company insiders own 22.50% of the company’s stock.

Hedge Funds Weigh In On Paylocity

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Sanctuary Advisors LLC purchased a new stake in Paylocity in the 2nd quarter worth $194,000. Point72 Asset Management L.P. bought a new stake in shares of Paylocity in the second quarter worth about $10,641,000. Scientech Research LLC purchased a new stake in shares of Paylocity in the second quarter worth about $1,318,000. Millennium Management LLC boosted its stake in Paylocity by 435.2% during the second quarter. Millennium Management LLC now owns 331,253 shares of the software maker’s stock valued at $43,676,000 after buying an additional 269,354 shares during the last quarter. Finally, MBB Public Markets I LLC purchased a new position in Paylocity during the 2nd quarter valued at approximately $400,000. 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 solutions for workforce in the United States. The company offers Payroll and Tax Services solution to simplifies payroll, automates processes, and manages compliance requirements within one system; and expense management, on demand payment, and garnishment solutions.