Paylocity (NASDAQ:PCTY) Price Target Raised to $265.00 at Cowen

Paylocity (NASDAQ:PCTY – Get Rating) had its target price boosted by Cowen from $240.00 to $265.00 in a research report report published on Friday morning, The Fly reports.

Other analysts also recently issued reports about the company. Jefferies Financial Group dropped their price objective on Paylocity from $255.00 to $200.00 in a research report on Monday, May 23rd. Cowen dropped their price objective on Paylocity from $265.00 to $240.00 in a research report on Friday, May 6th. Piper Sandler upped their target price on Paylocity from $195.00 to $269.00 and gave the stock an overweight rating in a report on Friday. KeyCorp upped their target price on Paylocity from $205.00 to $285.00 and gave the stock an overweight rating in a report on Friday. Finally, Robert W. Baird upped their target price on Paylocity from $274.00 to $305.00 and gave the stock an outperform rating in a report on Friday. Three equities research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company. According to MarketBeat, the stock has a consensus rating of Moderate Buy and a consensus target price of $264.38.

Paylocity Stock Performance

NASDAQ:PCTY opened at $255.26 on Friday. The stock has a fifty day moving average price of $185.12 and a 200-day moving average price of $191.38. The company has a market cap of $14.07 billion, a price-to-earnings ratio of 158.55 and a beta of 1.27. Paylocity has a fifty-two week low of $152.01 and a fifty-two week high of $314.49.

Paylocity (NASDAQ:PCTY – Get Rating) last released its earnings results on Thursday, August 4th. The software maker reported $0.80 earnings per share for the quarter, beating analysts’ consensus estimates of $0.52 by $0.28. Paylocity had a return on equity of 18.13% and a net margin of 10.65%. The firm had revenue of $228.95 million during the quarter, compared to the consensus estimate of $217.96 million. During the same period in the prior year, the company posted $0.24 EPS. The company’s revenue was up 36.7% compared to the same quarter last year. Research analysts predict that Paylocity will post 1.56 EPS for the current fiscal year.

Insider Activity

In related news, CEO Steven R. Beauchamp sold 49,658 shares of the business’s stock in a transaction on Friday, July 8th. The shares were sold at an average price of $200.00, for a total transaction of $9,931,600.00. Following the transaction, the chief executive officer now owns 1,780,014 shares in the company, valued at approximately $356,002,800. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other Paylocity news, COO Michael R. Haske sold 33,355 shares of the company’s stock in a transaction on Friday, July 8th. The shares were sold at an average price of $200.00, for a total transaction of $6,671,000.00. Following the transaction, the chief operating officer now owns 775,885 shares in the company, valued at $155,177,000. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, CEO Steven R. Beauchamp sold 49,658 shares of the company’s stock in a transaction on Friday, July 8th. The stock was sold at an average price of $200.00, for a total transaction of $9,931,600.00. Following the transaction, the chief executive officer now owns 1,780,014 shares in the company, valued at approximately $356,002,800. The disclosure for this sale can be found here. In the last three months, insiders have sold 133,443 shares of company stock valued at $24,884,062. 28.80% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of the business. Parallel Advisors LLC raised its holdings in shares of Paylocity by 101.7% in the first quarter. Parallel Advisors LLC now owns 121 shares of the software maker’s stock valued at $25,000 after purchasing an additional 61 shares during the last quarter. Covestor Ltd purchased a new stake in shares of Paylocity in the fourth quarter valued at about $42,000. Signaturefd LLC grew its position in Paylocity by 1,730.0% during the first quarter. Signaturefd LLC now owns 183 shares of the software maker’s stock valued at $38,000 after buying an additional 173 shares during the period. Masso Torrence Wealth Management Inc. bought a new position in Paylocity during the fourth quarter valued at about $45,000. Finally, Northwestern Mutual Wealth Management Co. bought a new position in Paylocity during the first quarter valued at about $41,000. Institutional investors and hedge funds own 69.01% of the company’s stock.

Paylocity Company Profile

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Paylocity Holding Corporation provides cloud-based payroll and human capital management software solutions for medium-sized organizations in the United States. The company offers Payroll and Tax Services solution to simplify payroll, automate processes and manage compliance requirements within one system; expense management, on demand payment, and garnishment solutions; human capital management and employee self-service solutions, document library, compliance dashboard, and HR edge; time and attendance solution, which tracks time and attendance data, eliminating the need for manual tracking of accruals and reducing administrative tasks; schedule tracking services; and time collection devices, including kiosks, time clocks, and mobile and web applications.