Paylocity (NASDAQ:PCTY) Rating Reiterated by Needham & Company LLC

Paylocity (NASDAQ:PCTY - Get Free Report)'s stock had its "buy" rating reaffirmed by equities researchers at Needham & Company LLC in a report issued on Friday, Benzinga reports. They presently have a $200.00 target price on the software maker's stock. Needham & Company LLC's price objective points to a potential upside of 19.31% from the company's previous close.

A number of other equities research analysts have also recently commented on PCTY. Piper Sandler reduced their price target on shares of Paylocity from $210.00 to $194.00 and set an "overweight" rating for the company in a report on Friday. BTIG Research began coverage on shares of Paylocity in a report on Tuesday, February 6th. They set a "buy" rating and a $200.00 price objective for the company. Citigroup lifted their price objective on shares of Paylocity from $180.00 to $182.00 and gave the company a "neutral" rating in a report on Wednesday, January 31st. TD Cowen reduced their price objective on shares of Paylocity from $188.00 to $180.00 and set a "buy" rating for the company in a report on Friday. Finally, Truist Financial reduced their price objective on shares of Paylocity from $250.00 to $200.00 and set a "buy" rating for the company in a report on Friday, February 9th. Eight analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $201.88.

Paylocity Price Performance

NASDAQ PCTY traded up $18.03 during mid-day trading on Friday, reaching $167.63. 2,044,482 shares of the stock were exchanged, compared to its average volume of 493,071. Paylocity has a one year low of $139.40 and a one year high of $230.52. The stock has a 50 day simple moving average of $165.30 and a 200-day simple moving average of $163.52. The stock has a market cap of $9.44 billion, a P/E ratio of 56.63, a P/E/G ratio of 3.24 and a beta of 0.88.

Paylocity (NASDAQ:PCTY - Get Free Report) last announced its earnings results on Thursday, February 8th. The software maker reported $0.71 earnings per share for the quarter, topping analysts' consensus estimates of $0.63 by $0.08. Paylocity had a net margin of 12.96% and a return on equity of 21.37%. The business had revenue of $326.36 million during the quarter, compared to the consensus estimate of $324.34 million. Sell-side analysts anticipate that Paylocity will post 3.48 EPS for the current fiscal year.

Insiders Place Their Bets

In other Paylocity news, SVP Katherine Ross sold 491 shares of Paylocity stock in a transaction dated Tuesday, March 5th. The shares were sold at an average price of $168.29, for a total value of $82,630.39. Following the sale, the senior vice president now owns 15,353 shares of the company's stock, valued at $2,583,756.37. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other news, CEO Steven R. Beauchamp sold 7,760 shares of the business's stock in a transaction that occurred on Friday, March 1st. The shares were sold at an average price of $166.95, for a total value of $1,295,532.00. Following the sale, the chief executive officer now owns 1,746,468 shares of the company's stock, valued at $291,572,832.60. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, SVP Katherine Ross sold 491 shares of the business's stock in a transaction that occurred on Tuesday, March 5th. The shares were sold at an average price of $168.29, for a total transaction of $82,630.39. Following the completion of the sale, the senior vice president now directly owns 15,353 shares in the company, valued at approximately $2,583,756.37. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 54,547 shares of company stock valued at $9,356,359. Company insiders own 22.50% of the company's stock.

Institutional Trading of Paylocity

Several hedge funds and other institutional investors have recently modified their holdings of the business. RiverPark Advisors LLC grew its stake in Paylocity by 152.0% during the first quarter. RiverPark Advisors LLC now owns 383 shares of the software maker's stock valued at $66,000 after acquiring an additional 231 shares in the last quarter. Central Pacific Bank Trust Division purchased a new position in Paylocity during the first quarter valued at approximately $219,000. FORA Capital LLC purchased a new position in Paylocity during the first quarter valued at approximately $1,540,000. Daiwa Securities Group Inc. grew its stake in Paylocity by 3.6% during the first quarter. Daiwa Securities Group Inc. now owns 2,900 shares of the software maker's stock valued at $498,000 after acquiring an additional 100 shares in the last quarter. Finally, Hardy Reed LLC purchased a new position in Paylocity during the first quarter valued at approximately $205,000. Institutional investors 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.