Needham & Company LLC Issues Positive Forecast for Paylocity (NASDAQ:PCTY) Stock Price

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

Other equities analysts have also issued research reports about the stock. Piper Sandler boosted their price target on shares of Paylocity from $172.00 to $212.00 and gave the company an “overweight” rating in a report on Thursday, October 31st. Barclays boosted their price target on shares of Paylocity from $174.00 to $180.00 and gave the company an “equal weight” rating in a report on Thursday, October 31st. TD Cowen decreased their price target on shares of Paylocity from $235.00 to $228.00 and set a “buy” rating for the company in a report on Monday, January 6th. KeyCorp boosted their price objective on shares of Paylocity from $210.00 to $220.00 and gave the company an “overweight” rating in a research report on Friday, January 31st. Finally, Citigroup raised shares of Paylocity from a “neutral” rating to a “buy” rating and boosted their price objective for the company from $214.00 to $231.00 in a research report on Thursday, January 16th. Two equities research analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $233.25.

Paylocity Price Performance

PCTY opened at $205.84 on Friday. The company has a fifty day moving average price of $201.28 and a two-hundred day moving average price of $181.43. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.32 and a current ratio of 1.32. Paylocity has a 52 week low of $129.94 and a 52 week high of $223.80. The firm has a market capitalization of $11.48 billion, a PE ratio of 52.78, a P/E/G ratio of 5.19 and a beta of 0.95.

Paylocity (NASDAQ:PCTY) last released its earnings results on Thursday, February 6th. The software maker reported $0.82 EPS for the quarter, missing analysts’ consensus estimates of $1.42 by ($0.60). Paylocity had a return on equity of 22.93% and a net margin of 14.76%. As a group, analysts anticipate that Paylocity will post 4.46 earnings per share for the current year.

Insider Activity at Paylocity

In other Paylocity news, SVP Andrew Cappotelli sold 247 shares of the firm’s stock in a transaction on Tuesday, November 19th. The shares were sold at an average price of $193.29, for a total value of $47,742.63. Following the transaction, the senior vice president now directly owns 14,634 shares of the company’s stock, valued at approximately $2,828,605.86. This trade represents a 1.66 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CAO Nicholas Rost sold 212 shares of the firm’s stock in a transaction on Tuesday, November 19th. The shares were sold at an average price of $193.29, for a total transaction of $40,977.48. Following the completion of the transaction, the chief accounting officer now directly owns 7,364 shares in the company, valued at $1,423,387.56. This trade represents a 2.80 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 127,380 shares of company stock valued at $25,830,669 in the last quarter. Insiders own 21.91% of the company’s stock.

Institutional Trading of Paylocity

Several hedge funds have recently added to or reduced their stakes in PCTY. UMB Bank n.a. raised its position in Paylocity by 1,650.0% in the third quarter. UMB Bank n.a. now owns 175 shares of the software maker’s stock worth $29,000 after acquiring an additional 165 shares during the period. SBI Securities Co. Ltd. purchased a new position in shares of Paylocity in the fourth quarter worth about $29,000. Prospera Private Wealth LLC purchased a new position in shares of Paylocity in the third quarter worth about $39,000. Signaturefd LLC increased its stake in shares of Paylocity by 121.0% in 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, Quarry LP increased its stake in shares of Paylocity by 149.2% in the third quarter. Quarry LP now owns 309 shares of the software maker’s stock worth $51,000 after purchasing an additional 185 shares in the last quarter. Institutional investors 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.