Paylocity (NASDAQ:PCTY) Given New $250.00 Price Target at Needham & Company LLC

Paylocity (NASDAQ:PCTY) had its target price raised by Needham & Company LLC from $220.00 to $250.00 in a research report sent to investors on Friday morning,Benzinga reports. Needham & Company LLC currently has a buy rating on the software maker’s stock.

Several other brokerages have also weighed in on PCTY. Citigroup upgraded shares of Paylocity from a “neutral” rating to a “buy” rating and lifted their target price for the company from $214.00 to $231.00 in a research report on Thursday, January 16th. Truist Financial boosted their price target on Paylocity from $195.00 to $210.00 and gave the company a “buy” rating in a research note on Friday, November 1st. KeyCorp boosted their target price on shares of Paylocity from $210.00 to $220.00 and gave the company an “overweight” rating in a research note on Friday, January 31st. Jefferies Financial Group increased their target price on shares of Paylocity from $215.00 to $240.00 and gave the stock a “buy” rating in a research report on Monday, December 9th. Finally, TD Cowen decreased their price objective on shares of Paylocity from $235.00 to $228.00 and set a “buy” rating on the stock in a research note on Monday, January 6th. Two equities research analysts have rated the stock with a hold rating and fifteen have given a buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $233.25.

Paylocity Trading Down 2.9 %

Shares of NASDAQ:PCTY opened at $205.84 on Friday. Paylocity has a 52-week low of $129.94 and a 52-week high of $223.80. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.32 and a current ratio of 1.32. The company has a market cap of $11.48 billion, a P/E ratio of 52.78, a P/E/G ratio of 5.19 and a beta of 0.95. The stock’s 50-day moving average is $201.32 and its 200-day moving average is $180.76.

Paylocity (NASDAQ:PCTY) last posted its quarterly earnings data 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 net margin of 14.76% and a return on equity of 22.93%. Equities research analysts predict that Paylocity will post 4.46 earnings per share for the current year.

Insider Activity

In other Paylocity news, Director Jeffrey T. Diehl sold 4,513 shares of the stock in a transaction dated Monday, November 25th. The stock was sold at an average price of $209.91, for a total value of $947,323.83. Following the completion of the sale, the director now directly owns 1,003 shares in the company, valued at $210,539.73. This represents a 81.82 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Steven I. Sarowitz sold 2,600 shares of Paylocity stock in a transaction dated Monday, December 30th. The shares were sold at an average price of $200.14, for a total value of $520,364.00. Following the transaction, the director now owns 8,332,347 shares in the company, valued at $1,667,635,928.58. This trade represents a 0.03 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 127,380 shares of company stock valued at $25,830,669 in the last 90 days. 21.91% of the stock is owned by company insiders.

Institutional Trading of Paylocity

Several hedge funds have recently bought and sold shares of PCTY. Geode Capital Management LLC increased its position in shares of Paylocity by 3.6% during the third quarter. Geode Capital Management LLC now owns 1,048,806 shares of the software maker’s stock worth $173,053,000 after acquiring an additional 36,590 shares in the last quarter. JPMorgan Chase & Co. raised its stake in shares of Paylocity by 81.9% in the 3rd quarter. JPMorgan Chase & Co. now owns 856,536 shares of the software maker’s stock valued at $141,303,000 after purchasing an additional 385,625 shares during the period. Janus Henderson Group PLC grew its holdings in shares of Paylocity by 3.5% during the third quarter. Janus Henderson Group PLC now owns 517,931 shares of the software maker’s stock worth $85,444,000 after buying an additional 17,560 shares in the last quarter. GW&K Investment Management LLC raised its position in Paylocity by 0.6% in the 4th quarter. GW&K Investment Management LLC now owns 381,010 shares of the software maker’s stock valued at $76,000,000 after buying an additional 2,193 shares during the last quarter. Finally, Point72 Asset Management L.P. lifted its stake in Paylocity by 283.8% in the 3rd quarter. Point72 Asset Management L.P. now owns 309,761 shares of the software maker’s stock valued at $51,101,000 after acquiring an additional 229,057 shares in the last quarter. 94.76% of the stock is currently 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.