Citigroup Raises Paylocity (NASDAQ:PCTY) Price Target to $178.00

Paylocity (NASDAQ:PCTY) had its price objective increased by Citigroup from $176.00 to $178.00 in a report released on Wednesday, Benzinga reports. They currently have a neutral rating on the software maker’s stock.

Other equities research analysts have also recently issued reports about the company. BTIG Research started coverage on Paylocity in a research report on Tuesday, February 6th. They issued a buy rating and a $200.00 price objective for the company. TD Cowen decreased their price target on shares of Paylocity from $188.00 to $180.00 and set a buy rating on the stock in a research report on Friday, May 3rd. Truist Financial cut their price objective on shares of Paylocity from $250.00 to $200.00 and set a buy rating for the company in a research report on Friday, February 9th. KeyCorp lifted their target price on Paylocity from $186.00 to $200.00 and gave the stock an overweight rating in a research report on Friday, May 3rd. Finally, Needham & Company LLC reaffirmed a buy rating and issued a $200.00 price target on shares of Paylocity in a report on Friday, May 3rd. Eight research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of Moderate Buy and a consensus target price of $196.40.

Paylocity Price Performance

Shares of PCTY opened at $153.64 on Wednesday. The company has a market capitalization of $8.67 billion, a PE ratio of 44.66, a price-to-earnings-growth ratio of 3.08 and a beta of 0.88. Paylocity has a one year low of $139.40 and a one year high of $230.52. The company’s fifty day moving average price is $165.39 and its 200 day moving average price is $162.60.

Paylocity (NASDAQ:PCTY) last posted its quarterly earnings data on Thursday, May 2nd. The software maker reported $1.57 EPS for the quarter, topping analysts’ consensus estimates of $1.28 by $0.29. Paylocity had a return on equity of 22.08% and a net margin of 14.42%. The business had revenue of $401.28 million for the quarter, compared to analyst estimates of $396.93 million. Analysts anticipate that Paylocity will post 3.85 earnings per share for the current year.

Insider Transactions at Paylocity

In related news, Director Jeffrey T. Diehl sold 1,760 shares of Paylocity stock in a transaction dated Wednesday, March 13th. The shares were sold at an average price of $171.64, for a total transaction of $302,086.40. Following the completion of the transaction, the director now directly owns 14,704 shares of the company’s stock, valued at approximately $2,523,794.56. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other news, SVP Katherine Ross sold 491 shares of the stock in a transaction on Tuesday, March 5th. The stock was sold at an average price of $168.29, for a total transaction of $82,630.39. Following the sale, the senior vice president now owns 15,353 shares in the company, valued at $2,583,756.37. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Jeffrey T. Diehl sold 1,760 shares of Paylocity stock in a transaction dated Wednesday, March 13th. The shares were sold at an average price of $171.64, for a total value of $302,086.40. Following the completion of the transaction, the director now directly owns 14,704 shares of the company’s stock, valued at $2,523,794.56. The disclosure for this sale can be found here. In the last quarter, insiders have sold 30,043 shares of company stock valued at $5,056,642. 22.50% of the stock is owned by insiders.

Institutional Investors Weigh In On Paylocity

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Price T Rowe Associates Inc. MD grew its stake in shares of Paylocity by 3.3% during the first quarter. Price T Rowe Associates Inc. MD now owns 8,833,794 shares of the software maker’s stock valued at $1,518,176,000 after purchasing an additional 278,607 shares during the last quarter. Vanguard Group Inc. lifted its holdings in Paylocity by 0.3% during the 4th quarter. Vanguard Group Inc. now owns 4,158,224 shares of the software maker’s stock worth $685,483,000 after buying an additional 13,962 shares in the last quarter. Wasatch Advisors LP boosted its position in Paylocity by 35.0% in the 1st quarter. Wasatch Advisors LP now owns 2,396,692 shares of the software maker’s stock valued at $411,895,000 after buying an additional 621,946 shares during the last quarter. Capital International Investors increased its stake in shares of Paylocity by 119.0% in the 4th quarter. Capital International Investors now owns 1,211,021 shares of the software maker’s stock valued at $199,637,000 after buying an additional 658,057 shares during the period. Finally, Allspring Global Investments Holdings LLC acquired a new position in shares of Paylocity during the fourth quarter valued at $82,172,000. Institutional investors and hedge funds own 94.76% of the company’s stock.

Paylocity Company Profile

Paylocity Holding Corporation provides cloud-based human capital management and payroll software solutions for workforce in the United States. The company offers Payroll and Tax Services solution to simplifies payroll, automates processes, and manages compliance requirements within one system; and expense management, on demand payment, and garnishment solutions.