Paylocity Holding Co. (NASDAQ:PCTY) Receives Average Recommendation of “Moderate Buy” from Analysts

Shares of Paylocity Holding Co. (NASDAQ:PCTY) have been given a consensus rating of “Moderate Buy” by the fifteen ratings firms that are currently covering the stock, MarketBeat.com reports. Four research analysts have rated the stock with a hold recommendation and eleven have given a buy recommendation to the company. The average 12 month price target among analysts that have issued a report on the stock in the last year is $193.87.

Several research analysts have recently issued reports on the company. Barclays increased their price target on Paylocity from $174.00 to $180.00 and gave the stock an “equal weight” rating in a research note on Thursday. KeyCorp raised their price objective on shares of Paylocity from $187.00 to $210.00 and gave the stock an “overweight” rating in a research note on Thursday. Mizuho lifted their target price on shares of Paylocity from $155.00 to $175.00 and gave the company a “neutral” rating in a research note on Monday, October 14th. Jefferies Financial Group raised their price objective on shares of Paylocity from $200.00 to $215.00 and gave the company a “buy” rating in a research report on Thursday. Finally, Needham & Company LLC boosted their price target on Paylocity from $200.00 to $220.00 and gave the stock a “buy” rating in a research report on Thursday.

Insiders Place Their Bets

In related news, SVP Rachit Lohani sold 658 shares of the firm’s stock in a transaction on Wednesday, October 2nd. The stock was sold at an average price of $162.83, for a total transaction of $107,142.14. Following the sale, the senior vice president now owns 39,764 shares of the company’s stock, valued at $6,474,772.12. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Corporate insiders own 21.91% of the company’s stock.

Institutional Investors Weigh In On Paylocity

Hedge funds have recently added to or reduced their stakes in the business. Covestor Ltd lifted its holdings in shares of Paylocity by 6.4% in the 3rd quarter. Covestor Ltd now owns 1,373 shares of the software maker’s stock worth $227,000 after purchasing an additional 83 shares in the last quarter. Tompkins Financial Corp bought a new position in Paylocity during the third quarter worth about $82,000. Chicago Partners Investment Group LLC raised its stake in shares of Paylocity by 3.7% during the 3rd quarter. Chicago Partners Investment Group LLC now owns 2,282 shares of the software maker’s stock valued at $395,000 after purchasing an additional 82 shares during the period. Insight Folios Inc bought a new stake in Paylocity during the 3rd quarter worth approximately $203,000. Finally, State of Alaska Department of Revenue raised its holdings in shares of Paylocity by 7.2% in the 3rd quarter. State of Alaska Department of Revenue now owns 5,046 shares of the software maker’s stock valued at $832,000 after acquiring an additional 340 shares in the last quarter. 94.76% of the stock is currently owned by institutional investors.

Paylocity Stock Performance

Shares of NASDAQ:PCTY opened at $191.76 on Friday. Paylocity has a one year low of $129.94 and a one year high of $192.61. The business’s 50-day simple moving average is $165.67 and its 200 day simple moving average is $155.10. The company has a market cap of $10.69 billion, a P/E ratio of 49.04, a PEG ratio of 4.31 and a beta of 0.95.

Paylocity (NASDAQ:PCTY) last announced its quarterly earnings data on Thursday, August 1st. The software maker reported $1.48 earnings per share for the quarter, beating analysts’ consensus estimates of $1.29 by $0.19. The business had revenue of $357.30 million during the quarter, compared to the consensus estimate of $350.29 million. Paylocity had a net margin of 15.32% and a return on equity of 23.29%. The company’s revenue for the quarter was up 15.8% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.76 EPS. Analysts predict that Paylocity will post 4.51 earnings per share for the current year.

Paylocity Company Profile

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.