Barclays Boosts Paylocity (NASDAQ:PCTY) Price Target to $178.00

Paylocity (NASDAQ:PCTY) had its price objective hoisted by Barclays from $166.00 to $178.00 in a report issued on Friday morning, Benzinga reports. They currently have an equal weight rating on the software maker’s stock.

Several other research firms also recently commented on PCTY. BTIG Research began coverage on shares of Paylocity in a research note on Tuesday, February 6th. They set a buy rating and a $200.00 price objective for the company. Needham & Company LLC reiterated a buy rating and set a $200.00 price objective on shares of Paylocity in a research note on Friday, February 9th. Mizuho lowered their price objective on shares of Paylocity from $170.00 to $155.00 and set a neutral rating for the company in a research note on Friday, February 9th. Citigroup boosted their target price on shares of Paylocity from $180.00 to $182.00 and gave the company a neutral rating in a research report on Wednesday, January 31st. Finally, KeyCorp decreased their target price on shares of Paylocity from $197.00 to $186.00 and set an overweight rating for the company in a research report on Friday, February 9th. Eight research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. According to MarketBeat, Paylocity has a consensus rating of Moderate Buy and a consensus target price of $196.67.

Paylocity Trading Up 2.0 %

NASDAQ PCTY opened at $171.06 on Friday. The firm’s fifty day simple moving average is $165.30 and its two-hundred day simple moving average is $162.81. Paylocity has a 12-month low of $139.40 and a 12-month high of $230.52. The firm has a market capitalization of $9.64 billion, a P/E ratio of 49.73, a P/E/G ratio of 3.63 and a beta of 0.88.

Paylocity (NASDAQ:PCTY) last released its quarterly earnings results on Thursday, February 8th. The software maker reported $0.71 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.63 by $0.08. Paylocity had a net margin of 14.42% and a return on equity of 22.08%. The business had revenue of $326.36 million for the quarter, compared to analyst estimates of $324.34 million. As a group, sell-side analysts predict that Paylocity will post 3.48 earnings per share for the current fiscal year.

Insider Activity at Paylocity

In related news, SVP Katherine Ross sold 491 shares of the company’s stock in a transaction dated Tuesday, March 5th. The shares were sold at an average price of $168.29, for a total transaction of $82,630.39. Following the completion of the sale, the senior vice president now owns 15,353 shares of the company’s stock, valued at approximately $2,583,756.37. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In other news, Director Steven I. Sarowitz sold 24,504 shares of the stock in a transaction that occurred on Monday, February 12th. The shares were sold at an average price of $175.47, for a total value of $4,299,716.88. Following the completion of the sale, the director now owns 9,587,872 shares of the company’s stock, valued at approximately $1,682,383,899.84. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, SVP Katherine Ross sold 491 shares of the company’s stock in a transaction that occurred 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 completion of the transaction, the senior vice president now owns 15,353 shares in the company, valued at $2,583,756.37. The disclosure for this sale can be found here. In the last quarter, insiders sold 54,547 shares of company stock valued at $9,356,359. Corporate insiders own 22.50% of the company’s stock.

Hedge Funds Weigh In On Paylocity

Large investors have recently made changes to their positions in the stock. Venturi Wealth Management LLC lifted its holdings in shares of Paylocity by 144.1% in the 1st quarter. Venturi Wealth Management LLC now owns 166 shares of the software maker’s stock worth $29,000 after acquiring an additional 98 shares during the last quarter. American National Bank acquired a new position in shares of Paylocity in the 4th quarter worth approximately $31,000. GAMMA Investing LLC acquired a new position in shares of Paylocity in the 4th quarter worth approximately $36,000. RiverPark Advisors LLC acquired a new position in shares of Paylocity in the 3rd quarter worth approximately $43,000. Finally, Principal Securities Inc. acquired a new position in shares of Paylocity in the 4th quarter worth approximately $41,000. 94.76% of the stock is currently owned by institutional investors and hedge funds.

About Paylocity

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.