Paylocity Holding Co. (NASDAQ:PCTY) Receives Average Recommendation of "Moderate Buy" from Brokerages

Paylocity Holding Co. (NASDAQ:PCTY - Get Free Report) has been assigned a consensus rating of "Moderate Buy" from the sixteen brokerages that are covering the stock, Marketbeat Ratings reports. Two investment analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company. The average 12-month target price among analysts that have issued ratings on the stock in the last year is $233.25.

Several research firms recently weighed in on PCTY. TD Cowen cut their price target on shares of Paylocity from $235.00 to $228.00 and set a "buy" rating on the stock in a report on Monday, January 6th. Piper Sandler reaffirmed an "overweight" rating and set a $254.00 target price (up previously from $212.00) on shares of Paylocity in a research note on Thursday, February 6th. Mizuho raised shares of Paylocity from a "neutral" rating to an "outperform" rating and increased their price target for the stock from $200.00 to $235.00 in a research note on Friday, January 31st. Raymond James restated an "outperform" rating and issued a $265.00 price objective (up from $215.00) on shares of Paylocity in a report on Friday, February 7th. Finally, Needham & Company LLC upped their target price on Paylocity from $220.00 to $250.00 and gave the stock a "buy" rating in a report on Friday, February 7th.

Paylocity Trading Up 0.4 %

Shares of NASDAQ:PCTY traded up $0.90 during midday trading on Friday, hitting $205.19. 540,568 shares of the stock traded hands, compared to its average volume of 491,678. The company has a quick ratio of 1.14, a current ratio of 1.14 and a debt-to-equity ratio of 0.28. The business's 50 day moving average is $203.37 and its two-hundred day moving average is $187.88. The stock has a market capitalization of $11.47 billion, a PE ratio of 52.61, a P/E/G ratio of 4.49 and a beta of 0.95. Paylocity has a one year low of $129.94 and a one year high of $223.80.

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Paylocity (NASDAQ:PCTY - Get Free Report) last released its quarterly earnings results on Thursday, February 6th. The software maker reported $0.82 EPS for the quarter, missing analysts' consensus estimates of $1.42 by ($0.60). Paylocity had a net margin of 14.76% and a return on equity of 22.45%. As a group, research analysts forecast that Paylocity will post 4.36 earnings per share for the current year.

Insiders Place Their Bets

In other news, Director Steven I. Sarowitz sold 2,600 shares of the firm's stock in a transaction on Monday, December 30th. The stock was sold at an average price of $200.14, for a total transaction of $520,364.00. Following the completion of the transaction, the director now directly owns 8,332,347 shares in the company, valued at $1,667,635,928.58. This trade represents a 0.03 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Over the last three months, insiders have sold 63,849 shares of company stock valued at $12,982,226. 21.91% of the stock is currently owned by corporate insiders.

Institutional Trading of Paylocity

Several institutional investors have recently bought and sold shares of the company. Mackenzie Financial Corp bought a new position in Paylocity in the 4th quarter valued at approximately $713,000. Amiral Gestion bought a new position in shares of Paylocity during the fourth quarter valued at $7,352,000. Castleark Management LLC boosted its position in shares of Paylocity by 1,755.2% during the fourth quarter. Castleark Management LLC now owns 30,240 shares of the software maker's stock valued at $6,032,000 after buying an additional 28,610 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its position in shares of Paylocity by 24.6% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 128,794 shares of the software maker's stock valued at $25,691,000 after buying an additional 25,414 shares during the last quarter. Finally, Sone Capital Management LLC bought a new stake in Paylocity in the 4th quarter worth about $1,948,000. 94.76% of the stock is owned by hedge funds and other 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.