Paylocity (NASDAQ:PCTY) Price Target Raised to $215.00 at Jefferies Financial Group

Paylocity (NASDAQ:PCTY) had its price objective hoisted by Jefferies Financial Group from $200.00 to $215.00 in a note issued to investors on Thursday, Benzinga reports. The brokerage presently has a “buy” rating on the software maker’s stock. Jefferies Financial Group’s price target would suggest a potential upside of 13.53% from the stock’s previous close.

Other analysts have also recently issued research reports about the company. Needham & Company LLC increased their target price on Paylocity from $200.00 to $220.00 and gave the stock a “buy” rating in a research report on Thursday. Truist Financial dropped their price target on Paylocity from $200.00 to $195.00 and set a “buy” rating for the company in a research note on Wednesday, July 31st. JMP Securities reaffirmed a “market outperform” rating and set a $250.00 price objective on shares of Paylocity in a report on Monday, August 5th. Barclays increased their price objective on shares of Paylocity from $156.00 to $174.00 and gave the company an “equal weight” rating in a research report on Friday, October 11th. Finally, Piper Sandler raised their target price on shares of Paylocity from $172.00 to $212.00 and gave the stock an “overweight” rating in a research report on Thursday. Five investment analysts have rated the stock with a hold rating and eleven have given a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $190.93.

Paylocity Trading Up 6.3 %

Paylocity stock traded up $11.21 during midday trading on Thursday, hitting $189.37. The stock had a trading volume of 193,772 shares, compared to its average volume of 496,434. Paylocity has a 52-week low of $129.94 and a 52-week high of $192.61. The company has a market capitalization of $10.56 billion, a PE ratio of 52.04, a P/E/G ratio of 4.20 and a beta of 0.95. The firm’s fifty day moving average is $164.34 and its two-hundred day moving average is $154.70.

Paylocity (NASDAQ:PCTY) last released its earnings results 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 company had revenue of $357.30 million for the quarter, compared to analysts’ expectations of $350.29 million. Paylocity had a net margin of 14.74% and a return on equity of 22.17%. Paylocity’s revenue for the quarter was up 15.8% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.76 EPS. As a group, equities research analysts predict that Paylocity will post 4.51 earnings per share for the current fiscal year.

Insider Transactions at Paylocity

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

Hedge Funds Weigh In On Paylocity

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Price T Rowe Associates Inc. MD raised its holdings in shares of Paylocity by 3.3% in the first quarter. Price T Rowe Associates Inc. MD now owns 8,833,794 shares of the software maker’s stock worth $1,518,176,000 after buying an additional 278,607 shares during the last quarter. Liontrust Investment Partners LLP raised its holdings in shares of Paylocity by 27.1% during the second quarter. Liontrust Investment Partners LLP now owns 810,314 shares of the software maker’s stock worth $106,840,000 after purchasing an additional 172,807 shares during the last quarter. Van Berkom & Associates Inc. grew its position in Paylocity by 20.5% during the 2nd quarter. Van Berkom & Associates Inc. now owns 579,801 shares of the software maker’s stock worth $76,447,000 after purchasing an additional 98,478 shares during the period. Bank of New York Mellon Corp raised its stake in shares of Paylocity by 4.7% during the 2nd quarter. Bank of New York Mellon Corp now owns 472,686 shares of the software maker’s stock valued at $62,324,000 after buying an additional 21,127 shares during the last quarter. Finally, Dimensional Fund Advisors LP lifted its holdings in shares of Paylocity by 58.3% in the 2nd quarter. Dimensional Fund Advisors LP now owns 335,946 shares of the software maker’s stock valued at $44,296,000 after buying an additional 123,744 shares during the period. 94.76% of the stock is owned by hedge funds and other institutional investors.

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.