Paylocity’s (PCTY) “Buy” Rating Reiterated at Needham & Company LLC

Needham & Company LLC reaffirmed their buy rating on shares of Paylocity (NASDAQ:PCTY) in a research note published on Friday,Benzinga reports. Needham & Company LLC currently has a $250.00 price target on the software maker’s stock.

PCTY has been the subject of several other reports. Citigroup cut their target price on shares of Paylocity from $246.00 to $225.00 and set a “buy” rating for the company in a research report on Tuesday, April 29th. Scotiabank initiated coverage on Paylocity in a research report on Wednesday, April 16th. They set a “sector perform” rating and a $190.00 price objective on the stock. KeyCorp decreased their price objective on Paylocity from $250.00 to $220.00 and set an “overweight” rating on the stock in a report on Tuesday, April 22nd. Piper Sandler reaffirmed an “overweight” rating and issued a $258.00 target price (up previously from $254.00) on shares of Paylocity in a research note on Friday, May 2nd. Finally, Mizuho reduced their price target on shares of Paylocity from $245.00 to $220.00 and set an “outperform” rating on the stock in a research report on Tuesday, April 15th. Three equities research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $224.75.

Paylocity Price Performance

Paylocity stock opened at $186.38 on Friday. The stock has a market cap of $10.29 billion, a price-to-earnings ratio of 46.48, a PEG ratio of 3.66 and a beta of 0.50. The company has a quick ratio of 1.13, a current ratio of 1.13 and a debt-to-equity ratio of 0.20. The business has a 50-day simple moving average of $187.12 and a 200 day simple moving average of $192.41. Paylocity has a 52 week low of $140.06 and a 52 week high of $223.80.

Paylocity (NASDAQ:PCTY) last issued its quarterly earnings results on Thursday, May 1st. The software maker reported $2.43 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.09 by $0.34. The firm had revenue of $454.55 million during the quarter, compared to the consensus estimate of $441.77 million. Paylocity had a return on equity of 22.90% and a net margin of 14.65%. The company’s revenue for the quarter was up 13.3% on a year-over-year basis. During the same quarter last year, the company posted $2.21 EPS. On average, research analysts forecast that Paylocity will post 4.36 earnings per share for the current fiscal year.

Insider Buying and Selling at Paylocity

In related news, SVP Andrew Cappotelli sold 1,717 shares of the firm’s stock in a transaction on Monday, June 23rd. The stock was sold at an average price of $176.74, for a total value of $303,462.58. Following the completion of the sale, the senior vice president owned 11,953 shares of the company’s stock, valued at $2,112,573.22. This trade represents a 12.56% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Corporate insiders own 21.91% of the company’s stock.

Hedge Funds Weigh In On Paylocity

A number of institutional investors have recently bought and sold shares of the stock. TCTC Holdings LLC grew its holdings in shares of Paylocity by 115.9% during the 1st quarter. TCTC Holdings LLC now owns 149 shares of the software maker’s stock worth $28,000 after acquiring an additional 80 shares during the period. USA Financial Formulas purchased a new stake in Paylocity in the first quarter worth $29,000. Hughes Financial Services LLC purchased a new stake in Paylocity in the first quarter worth $48,000. Bayforest Capital Ltd raised its holdings in Paylocity by 69.1% in the first quarter. Bayforest Capital Ltd now owns 296 shares of the software maker’s stock worth $55,000 after purchasing an additional 121 shares in the last quarter. Finally, SVB Wealth LLC purchased a new position in Paylocity during the first quarter valued at $61,000. 94.76% of the stock is owned by institutional investors.

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.