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

Needham & Company LLC restated their buy rating on shares of Paylocity (NASDAQ:PCTY) in a research note released on Friday, Benzinga reports. Needham & Company LLC currently has a $200.00 price target on the software maker’s stock.

Several other research analysts also recently weighed in on PCTY. TD Cowen cut their price target on Paylocity from $188.00 to $180.00 and set a buy rating for the company in a report on Friday. Jefferies Financial Group reiterated a hold rating and issued a $180.00 target price (down from $240.00) on shares of Paylocity in a research note on Friday, January 5th. BTIG Research started coverage on Paylocity in a research note on Tuesday, February 6th. They issued a buy rating and a $200.00 price target on the stock. Piper Sandler dropped their price objective on shares of Paylocity from $210.00 to $194.00 and set an overweight rating for the company in a research note on Friday. Finally, Mizuho cut their price objective on shares of Paylocity from $170.00 to $155.00 and set a neutral rating on the stock in a report on Friday, February 9th. Eight investment analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of Moderate Buy and a consensus target price of $201.88.

Paylocity Trading Up 12.1 %

Shares of NASDAQ:PCTY traded up $18.03 on Friday, hitting $167.63. The company had a trading volume of 2,044,545 shares, compared to its average volume of 443,692. The company has a market cap of $9.44 billion, a PE ratio of 48.73, a PEG ratio of 3.24 and a beta of 0.88. The business has a 50 day moving average of $165.30 and a 200 day moving average of $163.52. Paylocity has a 52-week low of $139.40 and a 52-week high of $230.52.

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. The company had revenue of $326.36 million for the quarter, compared to analysts’ expectations of $324.34 million. Paylocity had a net margin of 14.42% and a return on equity of 23.25%. As a group, equities analysts predict that Paylocity will post 3.48 EPS for the current year.

Insider Activity at Paylocity

In other news, Director Jeffrey T. Diehl sold 20,032 shares of the company’s stock in a transaction dated Monday, March 11th. The stock was sold at an average price of $168.55, for a total value of $3,376,393.60. Following the completion of the sale, the director now owns 16,391 shares of the company’s stock, valued at $2,762,703.05. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In other news, Director Jeffrey T. Diehl sold 20,032 shares of the business’s stock in a transaction on Monday, March 11th. The shares were sold at an average price of $168.55, for a total transaction of $3,376,393.60. Following the transaction, the director now directly owns 16,391 shares of the company’s stock, valued at $2,762,703.05. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Steven I. Sarowitz sold 24,504 shares of the firm’s stock in a transaction on Monday, February 12th. The shares were sold at an average price of $175.47, for a total transaction of $4,299,716.88. Following the sale, the director now directly owns 9,587,872 shares of the company’s stock, valued at $1,682,383,899.84. The disclosure for this sale can be found here. In the last three months, insiders sold 54,547 shares of company stock worth $9,356,359. Corporate insiders own 22.50% of the company’s stock.

Institutional Investors Weigh In On Paylocity

Hedge funds have recently bought and sold shares of the business. Venturi Wealth Management LLC grew its position in shares of Paylocity by 144.1% during the first quarter. Venturi Wealth Management LLC now owns 166 shares of the software maker’s stock worth $29,000 after buying an additional 98 shares in the last quarter. American National Bank bought a new position in Paylocity during the 4th quarter valued at $31,000. GAMMA Investing LLC acquired a new stake in shares of Paylocity during the 4th quarter valued at approximately $36,000. Principal Securities Inc. bought a new position in Paylocity during the fourth quarter worth $41,000. Finally, RiverPark Advisors LLC acquired a new position in Paylocity in the third quarter worth $43,000. 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.