Paylocity (NASDAQ:PCTY) Receives Buy Rating from Needham & Company LLC

Needham & Company LLC restated their buy rating on shares of Paylocity (NASDAQ:PCTY - Free Report) in a research note issued to investors on Friday,Benzinga reports. They currently have a $250.00 price objective on the software maker's stock.

PCTY has been the topic of a number of other reports. Piper Sandler reissued an "overweight" rating and set a $258.00 price target (up from $254.00) on shares of Paylocity in a research note on Friday, May 2nd. Stifel Nicolaus lowered their target price on Paylocity from $250.00 to $235.00 and set a "buy" rating for the company in a report on Friday, May 2nd. Citigroup lowered their target price on Paylocity from $246.00 to $225.00 and set a "buy" rating for the company in a report on Tuesday, April 29th. Barclays boosted their price objective on Paylocity from $204.00 to $209.00 and gave the company an "equal weight" rating in a report on Friday, May 2nd. Finally, Wall Street Zen upgraded Paylocity from a "hold" rating to a "buy" rating in a report on Monday, May 12th. Four equities research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $221.76.

Paylocity Stock Performance

PCTY traded down $4.99 during trading on Friday, reaching $181.39. 385,031 shares of the company's stock were exchanged, compared to its average volume of 449,744. Paylocity has a fifty-two week low of $140.06 and a fifty-two week high of $223.80. The company has a quick ratio of 1.13, a current ratio of 1.13 and a debt-to-equity ratio of 0.20. The business has a 50 day moving average price of $186.77 and a 200 day moving average price of $192.29. The company has a market capitalization of $10.02 billion, a P/E ratio of 45.23, a PEG ratio of 3.66 and a beta of 0.50.

Paylocity (NASDAQ:PCTY - Get Free Report) last issued its quarterly earnings results on Thursday, May 1st. The software maker reported $2.43 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.09 by $0.34. The business had revenue of $454.55 million for the quarter, compared to the consensus estimate of $441.77 million. Paylocity had a net margin of 14.65% and a return on equity of 22.90%. The firm's quarterly revenue was up 13.3% on a year-over-year basis. During the same quarter in the prior year, the company earned $2.21 EPS. As a group, analysts predict that Paylocity will post 4.36 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, SVP Andrew Cappotelli sold 1,717 shares of the business's stock in a transaction dated Monday, June 23rd. The shares were sold at an average price of $176.74, for a total transaction of $303,462.58. Following the completion of the sale, the senior vice president owned 11,953 shares of the company's stock, valued at $2,112,573.22. This represents a 12.56% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 21.91% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. grew its position in Paylocity by 7.0% in the 1st quarter. Vanguard Group Inc. now owns 4,312,832 shares of the software maker's stock worth $807,966,000 after purchasing an additional 283,430 shares during the last quarter. Price T Rowe Associates Inc. MD lifted its holdings in Paylocity by 3.4% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 4,287,514 shares of the software maker's stock valued at $803,224,000 after purchasing an additional 141,705 shares during the last quarter. T. Rowe Price Investment Management Inc. lifted its holdings in Paylocity by 0.3% during the 1st quarter. T. Rowe Price Investment Management Inc. now owns 3,987,037 shares of the software maker's stock valued at $746,932,000 after purchasing an additional 13,027 shares during the last quarter. Invesco Ltd. lifted its holdings in Paylocity by 31.7% during the 4th quarter. Invesco Ltd. now owns 1,332,213 shares of the software maker's stock valued at $265,737,000 after purchasing an additional 320,319 shares during the last quarter. Finally, Geode Capital Management LLC increased its position in Paylocity by 2.4% in the 4th quarter. Geode Capital Management LLC now owns 1,073,988 shares of the software maker's stock valued at $214,275,000 after acquiring an additional 25,182 shares in the last quarter. Institutional investors and hedge funds own 94.76% of the company's stock.

Paylocity Company Profile

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.