Paylocity Holding Co. (NASDAQ:PCTY) Receives $233.25 Consensus PT from Brokerages

Shares of Paylocity Holding Co. (NASDAQ:PCTY) have earned an average recommendation of “Moderate Buy” from the sixteen research firms that are covering the company, MarketBeat reports. Two analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company. The average 12 month target price among brokers that have covered the stock in the last year is $233.25.

PCTY has been the topic of a number of analyst reports. Raymond James reaffirmed an “outperform” rating and set a $265.00 price objective (up from $215.00) on shares of Paylocity in a research report on Friday, February 7th. Needham & Company LLC upped their price target on shares of Paylocity from $220.00 to $250.00 and gave the stock a “buy” rating in a research report on Friday, February 7th. Piper Sandler restated an “overweight” rating and set a $254.00 price objective (up from $212.00) on shares of Paylocity in a research report on Thursday, February 6th. Stifel Nicolaus upped their target price on shares of Paylocity from $220.00 to $250.00 and gave the stock a “buy” rating in a report on Friday, February 7th. Finally, TD Cowen decreased their price target on Paylocity from $235.00 to $228.00 and set a “buy” rating on the stock in a report on Monday, January 6th.

Paylocity Stock Down 2.9 %

Shares of PCTY stock opened at $199.04 on Friday. The company has a 50 day simple moving average of $203.46 and a two-hundred day simple moving average of $188.55. The stock has a market cap of $11.12 billion, a P/E ratio of 51.04, a P/E/G ratio of 4.49 and a beta of 0.95. Paylocity has a 12 month low of $129.94 and a 12 month high of $223.80. The company has a current ratio of 1.14, a quick ratio of 1.14 and a debt-to-equity ratio of 0.28.

Paylocity (NASDAQ:PCTY) last announced its earnings results on Thursday, February 6th. The software maker reported $0.82 EPS for the quarter, missing analysts’ consensus estimates of $1.42 by ($0.60). Paylocity had a return on equity of 22.45% and a net margin of 14.76%. On average, research analysts expect that Paylocity will post 4.36 earnings per share for the current year.

Insider Transactions at Paylocity

In other Paylocity news, Director Steven I. Sarowitz sold 2,600 shares of the business’s stock in a transaction that occurred on Monday, December 30th. The stock was sold at an average price of $200.14, for a total transaction of $520,364.00. Following the sale, the director now directly owns 8,332,347 shares of the company’s stock, valued at $1,667,635,928.58. The trade was a 0.03 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Insiders have sold a total of 56,949 shares of company stock worth $11,539,988 in the last three months. Insiders own 21.91% of the company’s stock.

Hedge Funds Weigh In On Paylocity

Institutional investors and hedge funds have recently modified their holdings of the stock. Vanguard Group Inc. lifted its position in Paylocity by 1.2% in the fourth quarter. Vanguard Group Inc. now owns 4,029,402 shares of the software maker’s stock worth $803,745,000 after buying an additional 46,183 shares during the last quarter. Invesco Ltd. raised its stake in shares of Paylocity by 31.7% in the fourth quarter. Invesco Ltd. now owns 1,332,213 shares of the software maker’s stock valued at $265,737,000 after acquiring an additional 320,319 shares during the period. Geode Capital Management LLC lifted its holdings in shares of Paylocity by 2.4% in the 4th quarter. Geode Capital Management LLC now owns 1,073,988 shares of the software maker’s stock worth $214,275,000 after acquiring an additional 25,182 shares during the last quarter. JPMorgan Chase & Co. lifted its holdings in shares of Paylocity by 0.8% in the 4th quarter. JPMorgan Chase & Co. now owns 863,787 shares of the software maker’s stock worth $172,300,000 after acquiring an additional 7,251 shares during the last quarter. Finally, FMR LLC boosted its stake in shares of Paylocity by 138.5% during the 4th quarter. FMR LLC now owns 650,599 shares of the software maker’s stock worth $129,775,000 after purchasing an additional 377,835 shares during the period. Hedge funds and other institutional investors own 94.76% of the company’s stock.

About Paylocity

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.