Paylocity Holding Corporation (NASDAQ:PCTY) Stock Has Consensus Price Target of $165.53

Key Points

• Paylocity has a “Moderate Buy” consensus rating from 17 analysts, with 12 buy ratings and five holds. The average 12-month price target is $165.53.
• The company exceeded quarterly expectations, reporting $1.84 in EPS versus the $1.62 consensus estimate and revenue of $444.73 million, up 11% year over year.
• Paylocity shares opened at $170.06, near their 12-month high of $171.53. Insiders sold $14.65 million of stock over the last quarter, while institutional investors own 94.76% of outstanding shares.

Paylocity Holding Corporation (NASDAQ:PCTY - Get Free Report) has received a consensus rating of "Moderate Buy" from the seventeen research firms that are currently covering the firm, MarketBeat reports. Five investment analysts have rated the stock with a hold rating and twelve have given a buy rating to the company. The average 1-year price target among brokers that have issued ratings on the stock in the last year is $165.53.

Several research firms have issued reports on PCTY. BTIG Research lifted their target price on Paylocity from $150.00 to $180.00 and gave the company a "buy" rating in a research note on Wednesday, August 5th. KeyCorp increased their price target on shares of Paylocity from $172.00 to $178.00 and gave the company an "overweight" rating in a research report on Wednesday, August 5th. Truist Financial decreased their price target on shares of Paylocity from $180.00 to $165.00 and set a "buy" rating for the company in a research report on Monday, June 29th. TD Cowen lifted their price objective on shares of Paylocity from $168.00 to $177.00 and gave the stock a "buy" rating in a research report on Thursday, August 20th. Finally, Cantor Fitzgerald boosted their price objective on shares of Paylocity from $140.00 to $165.00 and gave the stock an "overweight" rating in a research note on Wednesday, August 5th.

Insider Buying and Selling

In other Paylocity news, Director Craig Conway sold 3,145 shares of Paylocity stock in a transaction on Thursday, August 27th. The shares were sold at an average price of $156.80, for a total value of $493,136.00. Following the transaction, the director directly owned 2,207 shares of the company's stock, valued at approximately $346,057.60. The trade was a 58.76% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP Andrew Cappotelli sold 2,550 shares of Paylocity stock in a transaction on Wednesday, August 19th. The stock was sold at an average price of $149.83, for a total transaction of $382,066.50. Following the completion of the transaction, the senior vice president directly owned 44,329 shares in the company, valued at $6,641,814.07. This represents a 5.44% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 92,408 shares of company stock valued at $14,647,821 over the last quarter. Insiders own 19.40% of the company's stock.

Institutional Trading of Paylocity

A number of institutional investors have recently made changes to their positions in PCTY. Nisa Investment Advisors LLC increased its stake in shares of Paylocity by 50.6% in the 3rd quarter. Nisa Investment Advisors LLC now owns 1,532 shares of the software maker's stock valued at $218,000 after purchasing an additional 515 shares in the last quarter. Abel Hall LLC acquired a new position in Paylocity in the 3rd quarter worth about $273,000. Curated Wealth Partners LLC purchased a new position in Paylocity during the third quarter worth approximately $498,000. WealthPlan Investment Management LLC purchased a new position in Paylocity during the third quarter worth approximately $203,000. Finally, Seelaus Asset Management LLC purchased a new position in Paylocity during the third quarter worth approximately $304,000. Institutional investors and hedge funds own 94.76% of the company's stock.

Paylocity Stock Up 2.3%

Shares of NASDAQ PCTY opened at $170.06 on Wednesday. The company has a current ratio of 1.09, a quick ratio of 1.09 and a debt-to-equity ratio of 0.07. The stock has a market capitalization of $9.02 billion, a PE ratio of 34.36, a price-to-earnings-growth ratio of 1.97 and a beta of 0.50. The stock's fifty day simple moving average is $150.59 and its two-hundred day simple moving average is $126.81. Paylocity has a 12-month low of $92.99 and a 12-month high of $171.53.

Paylocity (NASDAQ:PCTY - Get Free Report) last released its quarterly earnings results on Tuesday, August 4th. The software maker reported $1.84 EPS for the quarter, topping the consensus estimate of $1.62 by $0.22. The firm had revenue of $444.73 million during the quarter, compared to analyst estimates of $431.46 million. Paylocity had a return on equity of 27.02% and a net margin of 15.23%. The business's revenue for the quarter was up 11.0% compared to the same quarter last year. During the same period in the previous year, the company posted $1.56 EPS. As a group, analysts expect that Paylocity will post 6.92 EPS for the current fiscal year.

About Paylocity

Paylocity Holding Corporation NASDAQ: PCTY provides cloud-based human capital management (HCM) and payroll software for organizations. Its platform is designed to help employers manage payroll, human resources, employee benefits, talent acquisition, onboarding, performance, learning, and workforce administration through an integrated system.

The company also offers tools for time and labor management, scheduling, employee communications, engagement, surveys, expense management, and other workplace activities.

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