Paylocity (NASDAQ:PCTY) Price Target Raised to $177.00

Paylocity (NASDAQ:PCTY) had its price target boosted by TD Cowen from $168.00 to $177.00 in a report released on Thursday,Benzinga reports. The brokerage currently has a “buy” rating on the software maker’s stock. TD Cowen’s price target suggests a potential upside of 17.41% from the company’s previous close.

Several other research analysts have also weighed in on the company. Citigroup reissued a “buy” rating on shares of Paylocity in a research report on Thursday, August 6th. Zacks Research lowered Paylocity from a “strong-buy” rating to a “hold” rating in a research report on Monday, July 27th. Truist Financial cut their target price on Paylocity from $180.00 to $165.00 and set a “buy” rating on the stock in a research report on Monday, June 29th. Robert W. Baird set a $201.00 target price on Paylocity in a research note on Wednesday, August 5th. Finally, Cantor Fitzgerald lifted their target price on Paylocity from $140.00 to $165.00 and gave the stock an “overweight” rating in a report on Wednesday, August 5th. Twelve research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $160.53.

Paylocity Price Performance

Shares of NASDAQ PCTY traded up $1.44 during mid-day trading on Thursday, hitting $150.75. 35,376 shares of the stock traded hands, compared to its average volume of 816,036. The firm has a 50 day simple moving average of $124.37 and a two-hundred day simple moving average of $114.86. Paylocity has a twelve month low of $92.99 and a twelve month high of $182.83. The company has a market cap of $8.00 billion, a PE ratio of 30.43 and a beta of 0.48. The company has a debt-to-equity ratio of 0.07, a current ratio of 1.09 and a quick ratio of 1.09.

Paylocity (NASDAQ:PCTY) last announced its quarterly earnings results on Tuesday, August 4th. The software maker reported $1.84 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.62 by $0.22. The firm had revenue of $444.73 million during the quarter, compared to analysts’ expectations of $431.46 million. Paylocity had a net margin of 15.23% and a return on equity of 27.02%. The company’s revenue was up 11.0% on a year-over-year basis. During the same period in the prior year, the company posted $1.56 EPS. As a group, equities research analysts forecast that Paylocity will post 6.86 EPS for the current fiscal year.

Insider Activity

In other Paylocity news, Director Steven I. Sarowitz sold 11,136 shares of the business’s stock in a transaction on Thursday, August 6th. The stock was sold at an average price of $150.81, for a total value of $1,679,420.16. Following the sale, the director directly owned 4,535,052 shares in the company, valued at $683,931,192.12. The trade was a 0.24% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 19.40% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Paylocity

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Universal Beteiligungs und Servicegesellschaft mbH raised its stake in shares of Paylocity by 60.8% during the 4th quarter. Universal Beteiligungs und Servicegesellschaft mbH now owns 47,486 shares of the software maker’s stock valued at $7,249,000 after purchasing an additional 17,950 shares during the period. California State Teachers Retirement System boosted its stake in Paylocity by 18.9% in the 1st quarter. California State Teachers Retirement System now owns 49,614 shares of the software maker’s stock worth $5,360,000 after purchasing an additional 7,891 shares during the period. Pictet Asset Management Holding SA grew its holdings in Paylocity by 32.3% during the 4th quarter. Pictet Asset Management Holding SA now owns 198,150 shares of the software maker’s stock valued at $30,218,000 after buying an additional 48,380 shares in the last quarter. UBS Group AG grew its holdings in Paylocity by 38.3% during the 4th quarter. UBS Group AG now owns 415,879 shares of the software maker’s stock valued at $63,422,000 after buying an additional 115,111 shares in the last quarter. Finally, CWM LLC increased its position in shares of Paylocity by 113.6% during the fourth quarter. CWM LLC now owns 25,272 shares of the software maker’s stock valued at $3,854,000 after buying an additional 13,441 shares during the period. 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.