Paylocity Holding Co. (NASDAQ:PCTY) Given Consensus Rating of “Moderate Buy” by Analysts

Paylocity Holding Co. (NASDAQ:PCTY) has been given an average recommendation of “Moderate Buy” by the fifteen analysts that are presently covering the company, Marketbeat.com reports. Seven analysts have rated the stock with a hold recommendation and eight have issued a buy recommendation on the company. The average 12-month price target among brokers that have issued ratings on the stock in the last year is $196.67.

Several equities analysts recently issued reports on PCTY shares. Needham & Company LLC reiterated a “buy” rating and issued a $200.00 target price on shares of Paylocity in a research note on Friday, May 3rd. TD Cowen cut their price target on Paylocity from $188.00 to $180.00 and set a “buy” rating for the company in a research note on Friday, May 3rd. Piper Sandler reduced their price target on Paylocity from $210.00 to $194.00 and set an “overweight” rating for the company in a report on Friday, May 3rd. JMP Securities reissued a “market outperform” rating and issued a $250.00 price objective on shares of Paylocity in a report on Monday, January 22nd. Finally, BTIG Research began coverage on Paylocity in a research note on Tuesday, February 6th. They set a “buy” rating and a $200.00 target price for the company.

Insiders Place Their Bets

In related news, Director Steven I. Sarowitz sold 24,504 shares of Paylocity stock in a transaction that occurred on Monday, February 12th. The stock was sold at an average price of $175.47, for a total transaction of $4,299,716.88. Following the transaction, the director now owns 9,587,872 shares in the company, valued at $1,682,383,899.84. The sale was disclosed in a document filed with the SEC, which is accessible through this link. In other Paylocity news, Director Steven I. Sarowitz sold 24,504 shares of Paylocity stock in a transaction dated Monday, February 12th. The shares were sold at an average price of $175.47, for a total transaction of $4,299,716.88. Following the transaction, the director now directly owns 9,587,872 shares of the company’s stock, valued at $1,682,383,899.84. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, SVP Katherine Ross sold 491 shares of the firm’s stock in a transaction that occurred on Tuesday, March 5th. The stock was sold at an average price of $168.29, for a total transaction of $82,630.39. Following the sale, the senior vice president now owns 15,353 shares of the company’s stock, valued at approximately $2,583,756.37. The disclosure for this sale can be found here. Insiders have sold 54,547 shares of company stock valued at $9,356,359 in the last ninety days. 22.50% of the stock is currently owned by corporate insiders.

Institutional Trading of Paylocity

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Barings LLC raised its stake in shares of Paylocity by 1.9% in the 1st quarter. Barings LLC now owns 10,850 shares of the software maker’s stock valued at $1,865,000 after acquiring an additional 201 shares during the period. QRG Capital Management Inc. raised its position in Paylocity by 26.0% in the first quarter. QRG Capital Management Inc. now owns 8,498 shares of the software maker’s stock valued at $1,460,000 after purchasing an additional 1,751 shares during the period. Donoghue Forlines LLC acquired a new position in Paylocity during the first quarter worth $216,000. Oppenheimer Asset Management Inc. boosted its position in shares of Paylocity by 3.5% during the first quarter. Oppenheimer Asset Management Inc. now owns 47,764 shares of the software maker’s stock worth $8,209,000 after buying an additional 1,618 shares during the period. Finally, SG Americas Securities LLC grew its stake in shares of Paylocity by 6.0% in the first quarter. SG Americas Securities LLC now owns 5,681 shares of the software maker’s stock valued at $976,000 after buying an additional 322 shares in the last quarter. 94.76% of the stock is currently owned by hedge funds and other institutional investors.

Paylocity Stock Performance

NASDAQ:PCTY opened at $168.28 on Friday. The firm’s fifty day moving average is $165.31 and its two-hundred day moving average is $162.71. The firm has a market cap of $9.50 billion, a price-to-earnings ratio of 48.92, a PEG ratio of 3.63 and a beta of 0.88. Paylocity has a one year low of $139.40 and a one year high of $230.52.

Paylocity (NASDAQ:PCTY) last announced its quarterly earnings results on Thursday, February 8th. The software maker reported $0.71 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.63 by $0.08. The company had revenue of $326.36 million during the quarter, compared to the consensus estimate of $324.34 million. Paylocity had a return on equity of 22.08% and a net margin of 14.42%. As a group, equities research analysts predict that Paylocity will post 3.48 earnings per share for the current fiscal year.

Paylocity Company Profile

Paylocity Holding Corporation provides cloud-based human capital management and payroll software solutions for workforce in the United States. The company offers Payroll and Tax Services solution to simplifies payroll, automates processes, and manages compliance requirements within one system; and expense management, on demand payment, and garnishment solutions.