Paylocity (NASDAQ:PCTY) Stock Price Expected to Rise, Barclays Analyst Says

Paylocity (NASDAQ:PCTY) had its price objective increased by investment analysts at Barclays from $174.00 to $180.00 in a report issued on Thursday, Benzinga reports. The firm presently has an “equal weight” rating on the software maker’s stock. Barclays‘s price objective indicates a potential downside of 6.13% from the company’s previous close.

Several other research analysts have also issued reports on the stock. Truist Financial cut their target price on shares of Paylocity from $200.00 to $195.00 and set a “buy” rating on the stock in a research note on Wednesday, July 31st. Piper Sandler increased their price objective on shares of Paylocity from $172.00 to $212.00 and gave the stock an “overweight” rating in a research report on Thursday. JMP Securities reaffirmed a “market outperform” rating and issued a $250.00 target price on shares of Paylocity in a research report on Monday, August 5th. Jefferies Financial Group upped their price target on Paylocity from $200.00 to $215.00 and gave the stock a “buy” rating in a research note on Thursday. Finally, Mizuho raised their price objective on Paylocity from $155.00 to $175.00 and gave the company a “neutral” rating in a research note on Monday, October 14th. Four research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $193.87.

Paylocity Trading Up 3.9 %

Shares of Paylocity stock opened at $191.76 on Thursday. 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. The business has a 50-day moving average price of $165.67 and a two-hundred day moving average price of $155.10. Paylocity has a 1-year low of $129.94 and a 1-year high of $192.61.

Paylocity (NASDAQ:PCTY) last released its earnings results on Thursday, August 1st. The software maker reported $1.48 EPS for the quarter, topping the consensus estimate of $1.29 by $0.19. The business had revenue of $357.30 million during the quarter, compared to analysts’ expectations of $350.29 million. Paylocity had a return on equity of 23.29% and a net margin of 15.32%. The firm’s revenue was up 15.8% on a year-over-year basis. During the same quarter last year, the firm posted $0.76 earnings per share. Equities research analysts forecast that Paylocity will post 4.51 EPS for the current fiscal year.

Insider Activity at Paylocity

In other Paylocity news, SVP Rachit Lohani sold 658 shares of the stock in a transaction dated Wednesday, October 2nd. The shares were sold at an average price of $162.83, for a total value of $107,142.14. Following the completion of the sale, the senior vice president now owns 39,764 shares in the company, valued at approximately $6,474,772.12. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. 21.91% of the stock is owned by insiders.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the business. State of Michigan Retirement System increased its holdings in Paylocity by 2.9% during the first quarter. State of Michigan Retirement System now owns 10,672 shares of the software maker’s stock worth $1,834,000 after buying an additional 300 shares during the last quarter. Peterson Wealth Services bought a new stake in shares of Paylocity in the 1st quarter worth approximately $622,000. BNP Paribas Financial Markets lifted its stake in Paylocity by 55.2% in the first quarter. BNP Paribas Financial Markets now owns 36,818 shares of the software maker’s stock valued at $6,328,000 after purchasing an additional 13,093 shares during the last quarter. Janney Montgomery Scott LLC grew its holdings in Paylocity by 12.6% during the first quarter. Janney Montgomery Scott LLC now owns 6,343 shares of the software maker’s stock valued at $1,090,000 after purchasing an additional 708 shares during the period. Finally, Hardy Reed LLC bought a new position in Paylocity during the first quarter valued at $205,000. 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.