Paylocity (NASDAQ:PCTY) Receives Buy Rating from Needham & Company LLC

Needham & Company LLC reissued their buy rating on shares of Paylocity (NASDAQ:PCTY) in a research report sent to investors on Thursday, Benzinga reports. They currently have a $200.00 price objective on the software maker’s stock.

Other research analysts also recently issued reports about the company. Mizuho boosted their target price on Paylocity from $155.00 to $175.00 and gave the stock a “neutral” rating in a research note on Monday. TD Cowen dropped their target price on Paylocity from $180.00 to $153.00 and set a “buy” rating on the stock in a research note on Thursday, June 20th. Piper Sandler dropped their target price on Paylocity from $194.00 to $172.00 and set an “overweight” rating on the stock in a research note on Friday, August 2nd. JMP Securities restated a “market outperform” rating and set a $250.00 target price on shares of Paylocity in a research note on Monday, August 5th. Finally, Truist Financial dropped their target price on Paylocity from $200.00 to $195.00 and set a “buy” rating on the stock in a research note on Wednesday, July 31st. Seven research analysts have rated the stock with a hold rating and nine have given a buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $182.40.

Paylocity Trading Down 0.7 %

PCTY opened at $170.28 on Thursday. The firm has a market cap of $9.61 billion, a price-to-earnings ratio of 49.50, a PEG ratio of 3.96 and a beta of 0.95. Paylocity has a 12 month low of $129.94 and a 12 month high of $203.62. The stock has a fifty day moving average price of $160.48 and a 200-day moving average price of $154.39.

Paylocity (NASDAQ:PCTY) last released its quarterly 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. Paylocity had a return on equity of 22.17% and a net margin of 14.74%. The firm had revenue of $357.30 million during the quarter, compared to analyst estimates of $350.29 million. During the same period in the previous year, the company posted $0.76 EPS. The business’s revenue for the quarter was up 15.8% compared to the same quarter last year. On average, equities research analysts forecast that Paylocity will post 4.51 EPS for the current year.

Insider Transactions at Paylocity

In other news, CEO Steven R. Beauchamp sold 49,442 shares of the company’s stock in a transaction dated Monday, July 22nd. The stock was sold at an average price of $142.68, for a total value of $7,054,384.56. Following the sale, the chief executive officer now owns 1,745,022 shares in the company, valued at $248,979,738.96. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 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 value of $107,142.14. Following the completion of the transaction, the senior vice president now owns 39,764 shares of the company’s stock, valued at approximately $6,474,772.12. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Steven R. Beauchamp sold 49,442 shares of the company’s stock in a transaction dated Monday, July 22nd. The stock was sold at an average price of $142.68, for a total value of $7,054,384.56. Following the completion of the transaction, the chief executive officer now directly owns 1,745,022 shares of the company’s stock, valued at $248,979,738.96. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 50,232 shares of company stock worth $7,183,315 over the last quarter. 22.50% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Paylocity

Large investors have recently bought and sold shares of the business. UMB Bank n.a. raised its holdings in Paylocity by 1,650.0% in the 3rd quarter. UMB Bank n.a. now owns 175 shares of the software maker’s stock worth $29,000 after purchasing an additional 165 shares during the period. J.Safra Asset Management Corp raised its holdings in Paylocity by 80.0% in the 1st quarter. J.Safra Asset Management Corp now owns 243 shares of the software maker’s stock worth $42,000 after purchasing an additional 108 shares during the period. Rothschild Investment LLC acquired a new position in shares of Paylocity during the second quarter valued at approximately $40,000. GAMMA Investing LLC raised its holdings in shares of Paylocity by 34.7% during the first quarter. GAMMA Investing LLC now owns 303 shares of the software maker’s stock valued at $52,000 after acquiring an additional 78 shares during the last quarter. Finally, RiverPark Advisors LLC raised its holdings in shares of Paylocity by 152.0% during the first quarter. RiverPark Advisors LLC now owns 383 shares of the software maker’s stock valued at $66,000 after acquiring an additional 231 shares during the last quarter. Institutional investors and hedge funds own 94.76% of the company’s stock.

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.