Needham & Company LLC Forecasts Strong Price Appreciation for Paylocity (NASDAQ:PCTY) Stock

Paylocity (NASDAQ:PCTYGet Free Report) had its price target boosted by Needham & Company LLC from $200.00 to $220.00 in a research report issued on Thursday, Benzinga reports. The brokerage presently has a “buy” rating on the software maker’s stock. Needham & Company LLC’s target price would suggest a potential upside of 23.48% from the stock’s current price.

PCTY has been the topic of a number of other reports. Truist Financial cut 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. Jefferies Financial Group raised Paylocity from a “hold” rating to a “buy” rating and upped their price target for the company from $145.00 to $200.00 in a report on Tuesday, October 22nd. Piper Sandler lowered their price target on Paylocity from $194.00 to $172.00 and set an “overweight” rating on the stock in a report on Friday, August 2nd. BTIG Research lowered their price target on Paylocity from $200.00 to $185.00 and set a “buy” rating on the stock in a report on Friday, August 2nd. Finally, Mizuho upped their price target on Paylocity from $155.00 to $175.00 and gave the company a “neutral” rating in a report on Monday, October 14th. Five analysts have rated the stock with a hold rating and ten have given a buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $189.00.

Get Our Latest Stock Report on Paylocity

Paylocity Trading Up 1.2 %

NASDAQ PCTY opened at $178.16 on Thursday. Paylocity has a 12 month low of $129.94 and a 12 month high of $184.77. The stock has a market cap of $9.93 billion, a P/E ratio of 48.95, a P/E/G ratio of 4.20 and a beta of 0.95. The stock’s fifty day moving average price is $164.34 and its 200-day moving average price is $154.70.

Paylocity (NASDAQ:PCTYGet Free Report) last released its earnings results on Thursday, August 1st. The software maker reported $1.48 EPS for the quarter, topping analysts’ consensus estimates 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 for the quarter, compared to analysts’ expectations of $350.29 million. During the same period in the prior year, the firm posted $0.76 earnings per share. The company’s quarterly revenue was up 15.8% on a year-over-year basis. As a group, analysts forecast that Paylocity will post 4.51 earnings per share for the current fiscal year.

Insider Buying and Selling at Paylocity

In other news, SVP Rachit Lohani sold 658 shares of the firm’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 transaction, the senior vice president now owns 39,764 shares of the company’s stock, valued at $6,474,772.12. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 21.91% of the stock is owned by corporate insiders.

Institutional Trading of Paylocity

Several institutional investors have recently made changes to their positions in PCTY. UMB Bank n.a. grew its position in shares of Paylocity by 1,650.0% during the third quarter. UMB Bank n.a. now owns 175 shares of the software maker’s stock worth $29,000 after purchasing an additional 165 shares in the last quarter. Rothschild Investment LLC purchased a new stake in shares of Paylocity during the second quarter worth about $40,000. J.Safra Asset Management Corp grew its position in shares of Paylocity by 80.0% during the first 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 in the last quarter. Signaturefd LLC grew its position in shares of Paylocity by 121.0% during the third quarter. Signaturefd LLC now owns 305 shares of the software maker’s stock worth $50,000 after purchasing an additional 167 shares in the last quarter. Finally, RiverPark Advisors LLC grew its position in shares of Paylocity by 152.0% during the first quarter. RiverPark Advisors LLC now owns 383 shares of the software maker’s stock worth $66,000 after purchasing an additional 231 shares in the last quarter. Hedge funds and other institutional investors own 94.76% of the company’s stock.

Paylocity Company Profile

(Get Free Report)

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.

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