Paylocity (NASDAQ:PCTY) Given New $203.00 Price Target at BMO Capital Markets

Paylocity (NASDAQ:PCTY) had its price target hoisted by BMO Capital Markets from $175.00 to $203.00 in a report published on Thursday, Benzinga reports. They currently have an outperform rating on the software maker’s stock.

Several other research firms also recently commented on PCTY. Mizuho increased their target price on Paylocity from $155.00 to $175.00 and gave the company a “neutral” rating in a research report on Monday, October 14th. Truist Financial dropped their target price on Paylocity from $200.00 to $195.00 and set a “buy” rating for the company in a research report on Wednesday, July 31st. BTIG Research dropped their target price on Paylocity from $200.00 to $185.00 and set a “buy” rating for the company in a research report on Friday, August 2nd. Needham & Company LLC increased their target price on Paylocity from $200.00 to $220.00 and gave the company a “buy” rating in a research report on Thursday. Finally, Jefferies Financial Group upgraded Paylocity from a “hold” rating to a “buy” rating and raised their price objective for the stock from $145.00 to $200.00 in a research report on Tuesday, October 22nd. Four equities research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $193.87.

Paylocity Price Performance

Paylocity stock opened at $191.76 on Thursday. Paylocity has a 52 week low of $129.94 and a 52 week high of $192.61. The stock has a fifty day moving average of $165.67 and a 200-day moving average of $155.06. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.13 and a current ratio of 1.32. The stock has a market capitalization of $10.69 billion, a P/E ratio of 49.04, a price-to-earnings-growth ratio of 4.46 and a beta of 0.93.

Paylocity (NASDAQ:PCTY) last posted its earnings results on Thursday, August 1st. The software maker reported $1.48 EPS for the quarter, beating the consensus estimate of $1.29 by $0.19. The firm had revenue of $357.30 million during the quarter, compared to the consensus estimate of $350.29 million. Paylocity had a return on equity of 22.92% and a net margin of 15.32%. The business’s quarterly revenue was up 15.8% on a year-over-year basis. During the same period last year, the company earned $0.76 earnings per share. On average, sell-side analysts expect that Paylocity will post 4.51 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Paylocity news, SVP Rachit Lohani sold 658 shares of the firm’s stock in a transaction that occurred on Wednesday, October 2nd. The stock was sold at an average price of $162.83, for a total value of $107,142.14. Following the completion of the sale, the senior vice president now owns 39,764 shares of the company’s stock, valued at approximately $6,474,772.12. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 21.91% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Paylocity

A number of hedge funds have recently added to or reduced their stakes in the company. Price T Rowe Associates Inc. MD grew its stake in Paylocity by 3.3% in the first quarter. Price T Rowe Associates Inc. MD now owns 8,833,794 shares of the software maker’s stock valued at $1,518,176,000 after acquiring an additional 278,607 shares during the period. Liontrust Investment Partners LLP boosted its position in shares of Paylocity by 27.1% during the second quarter. Liontrust Investment Partners LLP now owns 810,314 shares of the software maker’s stock valued at $106,840,000 after buying an additional 172,807 shares during the last quarter. Van Berkom & Associates Inc. boosted its position in shares of Paylocity by 20.5% during the second quarter. Van Berkom & Associates Inc. now owns 579,801 shares of the software maker’s stock valued at $76,447,000 after buying an additional 98,478 shares during the last quarter. Bank of New York Mellon Corp boosted its position in shares of Paylocity by 4.7% during the second quarter. Bank of New York Mellon Corp now owns 472,686 shares of the software maker’s stock valued at $62,324,000 after buying an additional 21,127 shares during the last quarter. Finally, Dimensional Fund Advisors LP boosted its position in shares of Paylocity by 58.3% during the second quarter. Dimensional Fund Advisors LP now owns 335,946 shares of the software maker’s stock valued at $44,296,000 after buying an additional 123,744 shares during the last quarter. Institutional investors and hedge funds own 94.76% of the company’s stock.

Paylocity Company Profile

Paylocity Holding Corporation engages in the provision of cloud-based human capital management and payroll software solutions for workforce in the United States. The company offers payroll software solution for global payroll, expense management, tax services, on demand payment, and garnishment managed services; and time and labor management software for time and attendance, scheduling, and time collection.