Needham & Company LLC Reiterates Buy Rating for Paylocity (NASDAQ:PCTY)

Paylocity (NASDAQ:PCTY)‘s stock had its “buy” rating reiterated by research analysts at Needham & Company LLC in a report issued on Friday,Benzinga reports. They currently have a $250.00 price objective on the software maker’s stock. Needham & Company LLC’s price target suggests a potential upside of 34.13% from the company’s previous close.

A number of other brokerages have also recently issued reports on PCTY. KeyCorp cut their target price on shares of Paylocity from $250.00 to $220.00 and set an “overweight” rating for the company in a research report on Tuesday, April 22nd. Raymond James Financial restated an “outperform” rating and issued a $235.00 target price (down from $265.00) on shares of Paylocity in a report on Friday, May 2nd. UBS Group boosted their price objective on shares of Paylocity from $195.00 to $200.00 and gave the stock a “neutral” rating in a research note on Friday, May 2nd. Jefferies Financial Group decreased their price objective on shares of Paylocity from $255.00 to $235.00 and set a “buy” rating for the company in a research note on Friday, May 2nd. Finally, BMO Capital Markets boosted their target price on shares of Paylocity from $210.00 to $226.00 and gave the stock an “outperform” rating in a research report on Friday, May 2nd. Three investment analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $224.75.

Paylocity Stock Performance

NASDAQ:PCTY opened at $186.38 on Friday. The company has a debt-to-equity ratio of 0.20, a current ratio of 1.13 and a quick ratio of 1.13. The firm has a market capitalization of $10.29 billion, a price-to-earnings ratio of 46.48, a PEG ratio of 3.66 and a beta of 0.50. The company’s 50-day moving average is $187.12 and its two-hundred day moving average is $192.43. Paylocity has a 1-year low of $140.06 and a 1-year high of $223.80.

Paylocity (NASDAQ:PCTY) last announced its earnings results on Thursday, May 1st. The software maker reported $2.43 earnings per share for the quarter, topping the consensus estimate of $2.09 by $0.34. The firm had revenue of $454.55 million for the quarter, compared to the consensus estimate of $441.77 million. Paylocity had a net margin of 14.65% and a return on equity of 22.90%. The firm’s revenue for the quarter was up 13.3% on a year-over-year basis. During the same period in the prior year, the firm earned $2.21 EPS. Analysts forecast that Paylocity will post 4.36 EPS for the current year.

Insiders Place Their Bets

In other Paylocity news, SVP Andrew Cappotelli sold 1,717 shares of Paylocity stock in a transaction that occurred on Monday, June 23rd. The stock was sold at an average price of $176.74, for a total value of $303,462.58. Following the completion of the sale, the senior vice president directly owned 11,953 shares in the company, valued at approximately $2,112,573.22. The trade was a 12.56% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 21.91% of the stock is owned by company insiders.

Institutional Trading of Paylocity

Several hedge funds have recently made changes to their positions in PCTY. Park Avenue Securities LLC purchased a new position in shares of Paylocity in the 2nd quarter worth about $1,030,000. Farther Finance Advisors LLC raised its position in Paylocity by 893.5% during the 2nd quarter. Farther Finance Advisors LLC now owns 765 shares of the software maker’s stock valued at $139,000 after purchasing an additional 688 shares during the last quarter. Diversified Trust Co bought a new position in shares of Paylocity in the 2nd quarter worth approximately $494,000. Assenagon Asset Management S.A. bought a new position in shares of Paylocity in the 2nd quarter worth approximately $19,220,000. Finally, Livforsakringsbolaget Skandia Omsesidigt increased its position in Paylocity by 28.2% during the 2nd quarter. Livforsakringsbolaget Skandia Omsesidigt now owns 15,900 shares of the software maker’s stock valued at $2,879,000 after buying an additional 3,500 shares in the last quarter. 94.76% of the stock is currently owned by institutional investors.

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.