Paylocity (NASDAQ:PCTY) Given New $231.00 Price Target at Barclays

Paylocity (NASDAQ:PCTY) had its price target raised by Barclays from $214.00 to $231.00 in a research note released on Friday,Benzinga reports. They currently have an equal weight rating on the software maker’s stock.

Other equities analysts also recently issued research reports about the stock. Piper Sandler reaffirmed an “overweight” rating and set a $254.00 price target (up previously from $212.00) on shares of Paylocity in a research note on Thursday. TD Cowen cut their target price on Paylocity from $235.00 to $228.00 and set a “buy” rating on the stock in a research report on Monday, January 6th. Needham & Company LLC boosted their price target on Paylocity from $220.00 to $250.00 and gave the company a “buy” rating in a research report on Friday. Citigroup upgraded Paylocity from a “neutral” rating to a “buy” rating and raised their price objective for the stock from $214.00 to $231.00 in a report on Thursday, January 16th. Finally, Truist Financial boosted their target price on Paylocity from $195.00 to $210.00 and gave the stock a “buy” rating in a report on Friday, November 1st. Two analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $233.25.

Paylocity Stock Performance

Paylocity stock opened at $205.84 on Friday. The stock has a fifty day moving average price of $201.32 and a 200 day moving average price of $180.76. Paylocity has a 52 week low of $129.94 and a 52 week high of $223.80. The firm has a market capitalization of $11.48 billion, a P/E ratio of 52.78, a PEG ratio of 5.19 and a beta of 0.95. The company has a current ratio of 1.32, a quick ratio of 1.32 and a debt-to-equity ratio of 0.29.

Paylocity (NASDAQ:PCTY) last posted its quarterly earnings data 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 net margin of 14.76% and a return on equity of 22.93%. Equities research analysts anticipate that Paylocity will post 4.46 earnings per share for the current year.

Insiders Place Their Bets

In other Paylocity news, CAO Nicholas Rost sold 212 shares of Paylocity stock in a transaction that occurred on Tuesday, November 19th. The stock was sold at an average price of $193.29, for a total transaction of $40,977.48. Following the sale, the chief accounting officer now directly owns 7,364 shares in the company, valued at $1,423,387.56. The trade was a 2.80 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Steven I. Sarowitz sold 10,237 shares of the firm’s stock in a transaction on Wednesday, November 27th. The stock was sold at an average price of $210.10, for a total transaction of $2,150,793.70. Following the transaction, the director now directly owns 9,214,115 shares of the company’s stock, valued at approximately $1,935,885,561.50. This represents a 0.11 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 127,380 shares of company stock worth $25,830,669 in the last quarter. 21.91% of the stock is owned by corporate insiders.

Institutional Trading of Paylocity

Several institutional investors have recently added to or reduced their stakes in PCTY. UMB Bank n.a. grew its position in shares of Paylocity by 1,650.0% during the 3rd quarter. UMB Bank n.a. now owns 175 shares of the software maker’s stock valued at $29,000 after buying an additional 165 shares during the last quarter. SBI Securities Co. Ltd. bought a new position in shares of Paylocity during the fourth quarter valued at approximately $29,000. Prospera Private Wealth LLC acquired a new stake in shares of Paylocity during the 3rd quarter worth approximately $39,000. Signaturefd LLC lifted its holdings in shares of Paylocity by 121.0% in the 3rd quarter. Signaturefd LLC now owns 305 shares of the software maker’s stock worth $50,000 after purchasing an additional 167 shares during the last quarter. Finally, Quarry LP boosted its position in Paylocity by 149.2% during the 3rd quarter. Quarry LP now owns 309 shares of the software maker’s stock valued at $51,000 after purchasing an additional 185 shares during the period. 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.