Paylocity (NASDAQ:PCTY) Stock Price Expected to Rise, BMO Capital Markets Analyst Says

Paylocity (NASDAQ:PCTY) had its price objective lifted by analysts at BMO Capital Markets from $210.00 to $226.00 in a note issued to investors on Friday, MarketBeat Ratings reports. The brokerage presently has an “outperform” rating on the software maker’s stock. BMO Capital Markets’ price target would indicate a potential upside of 20.64% from the company’s previous close.

A number of other analysts have also issued reports on the stock. KeyCorp reduced their price target on shares of Paylocity from $250.00 to $220.00 and set an “overweight” rating for the company in a research report on Tuesday, April 22nd. Stifel Nicolaus lifted their target price on shares of Paylocity from $220.00 to $250.00 and gave the company a “buy” rating in a research note on Friday, February 7th. UBS Group upped their price target on shares of Paylocity from $211.00 to $220.00 and gave the stock a “neutral” rating in a research note on Friday, February 7th. Scotiabank began coverage on Paylocity in a research report on Wednesday, April 16th. They set a “sector perform” rating and a $190.00 price objective for the company. Finally, Mizuho dropped their target price on Paylocity from $245.00 to $220.00 and set an “outperform” rating on the stock in a research report on Tuesday, April 15th. Four research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $223.00.

Paylocity Stock Down 3.5 %

PCTY stock opened at $187.33 on Friday. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.14 and a quick ratio of 1.14. The firm has a market capitalization of $10.47 billion, a P/E ratio of 48.03, a P/E/G ratio of 4.49 and a beta of 0.58. Paylocity has a 52-week low of $129.94 and a 52-week high of $223.80. The company’s 50 day simple moving average is $188.97 and its 200-day simple moving average is $196.33.

Paylocity (NASDAQ:PCTY) last released its 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 company had revenue of $454.55 million during the quarter, compared to analyst estimates of $441.77 million. Paylocity had a return on equity of 22.45% and a net margin of 14.76%. The company’s revenue for the quarter was up 13.3% on a year-over-year basis. During the same quarter in the prior year, the company earned $2.21 earnings per share. As a group, equities research analysts anticipate that Paylocity will post 4.36 EPS for the current year.

Insiders Place Their Bets

In other news, Director Steven I. Sarowitz sold 26,252 shares of Paylocity stock in a transaction dated Monday, March 24th. The stock was sold at an average price of $194.91, for a total value of $5,116,777.32. Following the transaction, the director now directly owns 420,000 shares in the company, valued at approximately $81,862,200. The trade was a 5.88 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Company insiders own 21.91% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in PCTY. FMR LLC grew its stake in shares of Paylocity by 138.5% in the fourth quarter. FMR LLC now owns 650,599 shares of the software maker’s stock worth $129,775,000 after acquiring an additional 377,835 shares during the last quarter. Invesco Ltd. grew its position in Paylocity by 31.7% in the 4th quarter. Invesco Ltd. now owns 1,332,213 shares of the software maker’s stock worth $265,737,000 after purchasing an additional 320,319 shares during the last quarter. American Century Companies Inc. increased its holdings in shares of Paylocity by 190.0% during the 4th quarter. American Century Companies Inc. now owns 349,797 shares of the software maker’s stock worth $69,774,000 after purchasing an additional 229,179 shares during the period. TimesSquare Capital Management LLC acquired a new position in shares of Paylocity during the first quarter valued at about $37,085,000. Finally, Tudor Investment Corp ET AL lifted its stake in shares of Paylocity by 6,025.6% in the fourth quarter. Tudor Investment Corp ET AL now owns 125,758 shares of the software maker’s stock valued at $25,085,000 after buying an additional 123,705 shares during the period. 94.76% of the stock is owned by institutional investors.

About Paylocity

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.