Brokerages Set Paylocity Holding Co. (NASDAQ:PCTY) Price Target at $233.25

Shares of Paylocity Holding Co. (NASDAQ:PCTY) have been given a consensus recommendation of “Moderate Buy” by the sixteen ratings firms that are covering the firm, Marketbeat Ratings reports. Two investment analysts have rated the stock with a hold rating and fourteen have issued a buy rating on the company. The average 1 year target price among analysts that have updated their coverage on the stock in the last year is $233.25.

A number of equities analysts recently commented on the stock. Raymond James reaffirmed an “outperform” rating and set a $265.00 price target (up from $215.00) on shares of Paylocity in a research report on Friday, February 7th. Mizuho upgraded shares of Paylocity from a “neutral” rating to an “outperform” rating and lifted their price target for the company from $200.00 to $235.00 in a research report on Friday, January 31st. Needham & Company LLC increased their price target on Paylocity from $220.00 to $250.00 and gave the stock a “buy” rating in a research report on Friday, February 7th. Piper Sandler reiterated an “overweight” rating and set a $254.00 target price (up from $212.00) on shares of Paylocity in a research report on Thursday, February 6th. Finally, Stifel Nicolaus raised their price target on Paylocity from $220.00 to $250.00 and gave the stock a “buy” rating in a research report on Friday, February 7th.

Paylocity Stock Down 1.5 %

Paylocity stock opened at $191.13 on Tuesday. Paylocity has a twelve month low of $129.94 and a twelve month high of $223.80. The stock has a market cap of $10.68 billion, a P/E ratio of 49.01, a P/E/G ratio of 4.49 and a beta of 0.94. The company’s 50-day moving average price is $201.41 and its two-hundred day moving average price is $192.04. The company has a quick ratio of 1.14, a current ratio of 1.14 and a debt-to-equity ratio of 0.28.

Paylocity (NASDAQ:PCTY) last released its quarterly earnings results on Thursday, February 6th. The software maker reported $0.82 earnings per share for the quarter, missing the consensus estimate of $1.42 by ($0.60). Paylocity had a return on equity of 22.45% and a net margin of 14.76%. As a group, analysts expect that Paylocity will post 4.36 EPS for the current year.

Insider Activity at Paylocity

In other Paylocity news, Director Steven I. Sarowitz sold 23,243 shares of the company’s stock in a transaction dated Thursday, March 20th. The stock was sold at an average price of $191.00, for a total value of $4,439,413.00. Following the completion of the transaction, the director now owns 470,452 shares of the company’s stock, valued at $89,856,332. This represents a 4.71 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Insiders sold a total of 52,095 shares of company stock valued at $10,076,554 in the last quarter. Insiders own 21.91% of the company’s stock.

Institutional Trading of Paylocity

A number of hedge funds have recently made changes to their positions in the company. SBI Securities Co. Ltd. bought a new position in Paylocity in the 4th quarter valued at approximately $29,000. UMB Bank n.a. raised its stake in shares of Paylocity by 41.1% during the fourth quarter. UMB Bank n.a. now owns 247 shares of the software maker’s stock valued at $49,000 after acquiring an additional 72 shares during the last quarter. Quarry LP lifted its holdings in shares of Paylocity by 149.2% during the third quarter. Quarry LP now owns 309 shares of the software maker’s stock worth $51,000 after purchasing an additional 185 shares during the period. EverSource Wealth Advisors LLC grew its stake in shares of Paylocity by 489.1% in the fourth quarter. EverSource Wealth Advisors LLC now owns 271 shares of the software maker’s stock worth $54,000 after purchasing an additional 225 shares during the last quarter. Finally, Steward Partners Investment Advisory LLC increased its holdings in Paylocity by 29.9% in the fourth quarter. Steward Partners Investment Advisory LLC now owns 274 shares of the software maker’s stock valued at $55,000 after purchasing an additional 63 shares during the period. 94.76% of the stock is owned by institutional investors and hedge funds.

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.