Needham & Company LLC restated their buy rating on shares of Paylocity (NASDAQ:PCTY - Free Report) in a research report sent to investors on Friday morning,Benzinga reports. The firm currently has a $250.00 target price on the software maker's stock.
A number of other brokerages also recently weighed in on PCTY. KeyCorp cut their price target on shares of Paylocity from $250.00 to $220.00 and set an "overweight" rating on the stock in a report on Tuesday, April 22nd. JMP Securities reissued a "market outperform" rating and set a $270.00 target price on shares of Paylocity in a research report on Tuesday, April 29th. Scotiabank initiated coverage on shares of Paylocity in a report on Wednesday, April 16th. They issued a "sector perform" rating and a $190.00 price target on the stock. Mizuho dropped their price objective on Paylocity from $245.00 to $220.00 and set an "outperform" rating on the stock in a research note on Tuesday, April 15th. Finally, Barclays decreased their target price on Paylocity from $231.00 to $204.00 and set an "equal weight" rating for the company in a research report on Monday, April 21st. Four analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $223.00.
View Our Latest Research Report on PCTY
Paylocity Stock Down 3.5 %
Paylocity stock traded down $6.83 during midday trading on Friday, hitting $187.33. 804,587 shares of the stock were exchanged, compared to its average volume of 470,298. Paylocity has a 52-week low of $129.94 and a 52-week high of $223.80. 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 price is $188.97 and its 200-day moving average price is $196.52. The stock has a market capitalization of $10.47 billion, a price-to-earnings ratio of 48.03, a price-to-earnings-growth ratio of 4.49 and a beta of 0.58.
Paylocity (NASDAQ:PCTY - Get Free Report) last announced its earnings results on Thursday, May 1st. The software maker reported $2.43 earnings per share for the quarter, topping analysts' consensus estimates of $2.09 by $0.34. The firm had revenue of $454.55 million for the quarter, compared to the consensus estimate of $441.77 million. Paylocity had a return on equity of 22.45% and a net margin of 14.76%. The company's revenue was up 13.3% compared to the same quarter last year. During the same quarter in the previous year, the business earned $2.21 EPS. On average, research analysts expect that Paylocity will post 4.36 EPS for the current fiscal year.
Insider Transactions at Paylocity
In other Paylocity news, Director Steven I. Sarowitz sold 26,252 shares of the stock in a transaction that occurred on Monday, March 24th. The shares were sold at an average price of $194.91, for a total value of $5,116,777.32. Following the sale, the director now directly owns 420,000 shares in the company, valued at $81,862,200. This represents a 5.88 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Insiders own 21.91% of the company's stock.
Institutional Investors Weigh In On Paylocity
A number of institutional investors and hedge funds have recently made changes to their positions in the business. Barclays PLC increased its stake in Paylocity by 14.3% in the 3rd quarter. Barclays PLC now owns 44,897 shares of the software maker's stock worth $7,407,000 after acquiring an additional 5,609 shares during the last quarter. Tidal Investments LLC grew its holdings in shares of Paylocity by 207.0% during the third quarter. Tidal Investments LLC now owns 8,836 shares of the software maker's stock worth $1,458,000 after purchasing an additional 5,958 shares in the last quarter. GAMMA Investing LLC increased its position in shares of Paylocity by 43.3% in the fourth quarter. GAMMA Investing LLC now owns 384 shares of the software maker's stock worth $77,000 after purchasing an additional 116 shares during the last quarter. Everence Capital Management Inc. purchased a new stake in Paylocity in the fourth quarter valued at approximately $231,000. Finally, CWA Asset Management Group LLC bought a new stake in Paylocity during the fourth quarter valued at approximately $1,237,000. Hedge funds and other institutional investors own 94.76% of the company's stock.
About Paylocity
(
Get Free Report)
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.
See Also
Before you consider Paylocity, you'll want to hear this.
MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Paylocity wasn't on the list.
While Paylocity currently has a Moderate Buy rating among analysts, top-rated analysts believe these five stocks are better buys.
View The Five Stocks Here
With the proliferation of data centers and electric vehicles, the electric grid will only get more strained. Download this report to learn how energy stocks can play a role in your portfolio as the global demand for energy continues to grow.
Get This Free Report
Like this article? Share it with a colleague.
Link copied to clipboard.
