Paylocity (NASDAQ:PCTY) Price Target Raised to $188.00 at TD Cowen

Paylocity (NASDAQ:PCTY) had its price target boosted by research analysts at TD Cowen from $184.00 to $188.00 in a report released on Thursday,Benzinga reports. The brokerage presently has a “buy” rating on the software maker’s stock. TD Cowen’s target price points to a potential upside of 22.40% from the stock’s previous close.

A number of other equities analysts have also recently commented on PCTY. Jefferies Financial Group reduced their target price on Paylocity from $225.00 to $180.00 and set a “buy” rating for the company in a report on Wednesday, November 5th. Guggenheim raised shares of Paylocity from a “neutral” rating to a “buy” rating and set a $180.00 target price on the stock in a research note on Monday, November 10th. Weiss Ratings reaffirmed a “hold (c-)” rating on shares of Paylocity in a report on Monday, December 29th. Stephens lowered their price target on shares of Paylocity from $200.00 to $170.00 and set an “equal weight” rating on the stock in a research report on Wednesday, November 5th. Finally, BTIG Research assumed coverage on shares of Paylocity in a research note on Tuesday, December 16th. They set a “buy” rating and a $180.00 price objective for the company. One investment analyst has rated the stock with a Strong Buy rating, fifteen have issued a Buy rating and six have issued a Hold rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $205.16.

Paylocity Stock Performance

Shares of PCTY traded up $0.36 during trading hours on Thursday, hitting $153.59. The stock had a trading volume of 139,927 shares, compared to its average volume of 452,383. Paylocity has a fifty-two week low of $135.46 and a fifty-two week high of $223.80. The firm has a 50-day moving average price of $147.76 and a 200 day moving average price of $163.26. The firm has a market capitalization of $8.35 billion, a price-to-earnings ratio of 38.49, a PEG ratio of 4.49 and a beta of 0.56.

Paylocity (NASDAQ:PCTY) last issued its quarterly earnings results on Tuesday, November 4th. The software maker reported $1.75 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.52 by $0.23. Paylocity had a return on equity of 22.07% and a net margin of 13.75%.The company had revenue of $408.17 million for the quarter, compared to the consensus estimate of $399.53 million. During the same quarter in the prior year, the business posted $1.66 earnings per share. Paylocity’s revenue for the quarter was up 12.5% on a year-over-year basis. As a group, analysts predict that Paylocity will post 4.36 EPS for the current fiscal year.

Insider Transactions at Paylocity

In other Paylocity news, CFO Ryan Glenn sold 1,737 shares of the company’s stock in a transaction dated Wednesday, November 19th. The shares were sold at an average price of $143.65, for a total value of $249,520.05. Following the transaction, the chief financial officer owned 77,229 shares of the company’s stock, valued at $11,093,945.85. This represents a 2.20% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Company insiders own 19.40% of the company’s stock.

Hedge Funds Weigh In On Paylocity

A number of hedge funds have recently made changes to their positions in PCTY. MassMutual Private Wealth & Trust FSB increased its holdings in Paylocity by 363.4% in the 4th quarter. MassMutual Private Wealth & Trust FSB now owns 190 shares of the software maker’s stock valued at $29,000 after purchasing an additional 149 shares during the last quarter. Advisory Services Network LLC purchased a new position in shares of Paylocity during the third quarter worth $38,000. Pilgrim Partners Asia Pte Ltd purchased a new position in shares of Paylocity during the third quarter worth $41,000. Allworth Financial LP grew its stake in shares of Paylocity by 88.0% in the third quarter. Allworth Financial LP now owns 282 shares of the software maker’s stock valued at $45,000 after buying an additional 132 shares in the last quarter. Finally, SBI Securities Co. Ltd. boosted its holdings in Paylocity by 47.4% during the 2nd quarter. SBI Securities Co. Ltd. now owns 252 shares of the software maker’s stock valued at $46,000 after acquiring an additional 81 shares during the period. Hedge funds and other institutional investors own 94.76% of the company’s stock.

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.