Paylocity Holding Co. (NASDAQ:PCTY) Receives $223.00 Consensus Target Price from Brokerages

Shares of Paylocity Holding Co. (NASDAQ:PCTY - Get Free Report) have been assigned a consensus rating of "Moderate Buy" from the seventeen analysts that are currently covering the company, Marketbeat.com reports. Three equities research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company. The average twelve-month price objective among analysts that have covered the stock in the last year is $223.00.

PCTY has been the subject of several research reports. Jefferies Financial Group cut their price objective on Paylocity from $255.00 to $235.00 and set a "buy" rating for the company in a research report on Friday, May 2nd. Wall Street Zen raised shares of Paylocity from a "hold" rating to a "buy" rating in a research note on Monday, May 12th. UBS Group lifted their target price on shares of Paylocity from $195.00 to $200.00 and gave the stock a "neutral" rating in a research note on Friday, May 2nd. Mizuho lowered their target price on shares of Paylocity from $245.00 to $220.00 and set an "outperform" rating for the company in a research note on Tuesday, April 15th. Finally, Scotiabank began coverage on shares of Paylocity in a research note on Wednesday, April 16th. They issued a "sector perform" rating and a $190.00 target price for the company.

Insider Activity

In related news, Director Steven I. Sarowitz sold 23,243 shares of the stock in a transaction on Thursday, March 20th. The stock was sold at an average price of $191.00, for a total value of $4,439,413.00. Following the completion of the sale, the director now directly owns 470,452 shares in the company, valued at approximately $89,856,332. This represents a 4.71% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 21.91% of the company's stock.

Institutional Trading of Paylocity

A number of hedge funds have recently made changes to their positions in the company. TCTC Holdings LLC grew its holdings in Paylocity by 115.9% during the 1st quarter. TCTC Holdings LLC now owns 149 shares of the software maker's stock valued at $28,000 after purchasing an additional 80 shares in the last quarter. SBI Securities Co. Ltd. acquired a new position in Paylocity in the 4th quarter worth $29,000. USA Financial Formulas acquired a new position in Paylocity in the 1st quarter worth $29,000. Hughes Financial Services LLC acquired a new position in Paylocity in the 1st quarter worth $48,000. Finally, EverSource Wealth Advisors LLC lifted its holdings in Paylocity by 489.1% in the 4th quarter. EverSource Wealth Advisors LLC now owns 271 shares of the software maker's stock worth $54,000 after buying an additional 225 shares in the last quarter. Hedge funds and other institutional investors own 94.76% of the company's stock.

Paylocity Price Performance

Shares of PCTY stock traded down $0.87 during midday trading on Friday, reaching $186.08. 555,628 shares of the company traded hands, compared to its average volume of 453,504. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.14 and a quick ratio of 1.14. Paylocity has a 1-year low of $129.94 and a 1-year high of $223.80. The firm has a market cap of $10.28 billion, a PE ratio of 47.71, a price-to-earnings-growth ratio of 4.49 and a beta of 0.53. The firm's 50 day simple moving average is $189.93 and its two-hundred day simple moving average is $196.71.

Paylocity (NASDAQ:PCTY - Get Free Report) last issued its quarterly earnings data 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. Paylocity had a return on equity of 22.45% and a net margin of 14.76%. The firm had revenue of $454.55 million during the quarter, compared to the consensus estimate of $441.77 million. During the same period in the previous year, the firm posted $2.21 EPS. The company's quarterly revenue was up 13.3% compared to the same quarter last year. On average, equities research analysts expect that Paylocity will post 4.36 EPS for the current fiscal year.

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.