Paylocity (NASDAQ:PCTY) Price Target Raised to $188.00 at TD Cowen

Paylocity (NASDAQ:PCTY) had its target price boosted by TD Cowen from $184.00 to $188.00 in a research report sent to investors on Thursday morning,Benzinga reports. The firm currently has a buy rating on the software maker’s stock.

A number of other research firms have also weighed in on PCTY. Cowen reaffirmed a “buy” rating on shares of Paylocity in a report on Thursday. Guggenheim raised shares of Paylocity from a “neutral” rating to a “buy” rating and set a $180.00 price target on the stock in a report on Monday, November 10th. Jefferies Financial Group lowered their price objective on Paylocity from $225.00 to $180.00 and set a “buy” rating on the stock in a research report on Wednesday, November 5th. Stephens reduced their target price on Paylocity from $200.00 to $170.00 and set an “equal weight” rating for the company in a research report on Wednesday, November 5th. Finally, BMO Capital Markets decreased their target price on Paylocity from $200.00 to $185.00 and set an “outperform” rating on the stock in a research note on Wednesday, November 5th. One equities research analyst has rated the stock with a Strong Buy rating, fifteen have given a Buy rating and six have issued a Hold rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $205.16.

Paylocity Stock Performance

Shares of NASDAQ PCTY opened at $153.73 on Thursday. Paylocity has a fifty-two week low of $135.46 and a fifty-two week high of $223.80. The stock has a market cap of $8.36 billion, a PE ratio of 38.53, a price-to-earnings-growth ratio of 4.51 and a beta of 0.56. The stock has a fifty day moving average of $148.01 and a 200-day moving average of $163.20.

Paylocity (NASDAQ:PCTY) last issued its quarterly earnings data on Tuesday, November 4th. The software maker reported $1.75 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.52 by $0.23. The business had revenue of $408.17 million for the quarter, compared to analysts’ expectations of $399.53 million. Paylocity had a return on equity of 22.07% and a net margin of 13.75%.The firm’s quarterly revenue was up 12.5% on a year-over-year basis. During the same quarter in the prior year, the firm posted $1.66 EPS. On average, sell-side analysts predict that Paylocity will post 4.36 EPS for the current year.

Insider Activity

In other news, CFO Ryan Glenn sold 1,737 shares of Paylocity stock in a transaction dated Wednesday, November 19th. The stock was sold at an average price of $143.65, for a total value of $249,520.05. Following the transaction, the chief financial officer owned 77,229 shares in the company, valued at approximately $11,093,945.85. The trade was a 2.20% 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. Company insiders own 19.40% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the company. Millennium Management LLC raised its holdings in Paylocity by 97.7% during the 3rd quarter. Millennium Management LLC now owns 748,803 shares of the software maker’s stock valued at $119,262,000 after buying an additional 369,975 shares during the last quarter. Alyeska Investment Group L.P. purchased a new position in shares of Paylocity in the third quarter valued at about $104,657,000. Dimensional Fund Advisors LP raised its stake in shares of Paylocity by 14.2% during the third quarter. Dimensional Fund Advisors LP now owns 616,747 shares of the software maker’s stock valued at $98,237,000 after acquiring an additional 76,603 shares during the last quarter. JPMorgan Chase & Co. boosted its holdings in shares of Paylocity by 22.1% during the third quarter. JPMorgan Chase & Co. now owns 555,393 shares of the software maker’s stock worth $88,459,000 after purchasing an additional 100,400 shares during the period. Finally, Qube Research & Technologies Ltd grew its stake in shares of Paylocity by 61.3% in the third quarter. Qube Research & Technologies Ltd now owns 552,313 shares of the software maker’s stock worth $87,967,000 after purchasing an additional 209,897 shares during the last quarter. Institutional investors own 94.76% of the company’s stock.

Paylocity Company Profile

Paylocity (NASDAQ: PCTY) is a leading provider of cloud-based payroll and human capital management (HCM) software designed to streamline workforce administration for mid-sized organizations. The company’s integrated platform automates core functions such as payroll processing, benefits administration, time and labor tracking, and compliance management, enabling employers to manage employee data more efficiently and reduce administrative burdens.

In addition to payroll and HR capabilities, Paylocity offers talent management solutions including recruiting, onboarding, performance tracking, and learning management.