UBS Group Increases Paylocity (NASDAQ:PCTY) Price Target to $202.00

Key Points

• UBS Group has raised its price target for Paylocity (NASDAQ:PCTY) to $202.00, indicating a potential upside of 7.07% from the current stock price.
• Paylocity reported $1.56 EPS for the latest quarter, exceeding analysts' expectations by $0.18, and had a revenue of $400.74 million.
• The stock currently holds a consensus rating of "Moderate Buy", with 13 analysts giving it buy ratings and an average target price of $223.81.

Paylocity (NASDAQ:PCTY - Get Free Report) had its price objective hoisted by equities research analysts at UBS Group from $201.00 to $202.00 in a note issued to investors on Wednesday,Benzinga reports. The firm currently has a "neutral" rating on the software maker's stock. UBS Group's target price points to a potential upside of 14.16% from the company's previous close.

PCTY has been the subject of several other reports. Scotiabank initiated coverage on shares of Paylocity in a research report on Wednesday, April 16th. They set a "sector perform" rating and a $190.00 target price for the company. Citigroup decreased their target price on shares of Paylocity from $225.00 to $218.00 and set a "buy" rating for the company in a research report on Monday, July 21st. Stephens started coverage on shares of Paylocity in a research report on Monday, July 21st. They set an "equal weight" rating and a $200.00 target price for the company. BMO Capital Markets boosted their price target on shares of Paylocity from $226.00 to $230.00 and gave the stock an "outperform" rating in a report on Wednesday. Finally, Wall Street Zen upgraded shares of Paylocity from a "hold" rating to a "buy" rating in a report on Monday, May 12th. Four investment analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company. Based on data from MarketBeat, Paylocity has a consensus rating of "Moderate Buy" and a consensus target price of $223.19.

Paylocity Stock Down 3.7%

PCTY traded down $6.75 during midday trading on Wednesday, hitting $176.94. The company had a trading volume of 661,959 shares, compared to its average volume of 545,705. Paylocity has a 52 week low of $146.02 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 0.13. The company has a market capitalization of $9.76 billion, a price-to-earnings ratio of 38.38, a PEG ratio of 3.50 and a beta of 0.54. The stock's 50 day moving average price is $183.48 and its 200 day moving average price is $191.16.

Paylocity (NASDAQ:PCTY - Get Free Report) last posted its quarterly earnings results on Tuesday, August 5th. The software maker reported $1.56 earnings per share for the quarter, beating the consensus estimate of $1.38 by $0.18. Paylocity had a net margin of 14.24% and a return on equity of 22.08%. The firm had revenue of $400.74 million during the quarter, compared to the consensus estimate of $388.25 million. During the same period in the previous year, the firm posted $1.48 earnings per share. The business's revenue was up 12.2% compared to the same quarter last year. On average, research analysts anticipate that Paylocity will post 4.36 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Paylocity 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 value of $303,462.58. Following the transaction, the senior vice president directly owned 11,953 shares in the company, valued at $2,112,573.22. The trade was a 12.56% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 21.91% of the stock is currently owned by insiders.

Institutional Trading of Paylocity

Institutional investors have recently modified their holdings of the business. FMR LLC increased its holdings in Paylocity by 138.5% during the 4th quarter. FMR LLC now owns 650,599 shares of the software maker's stock worth $129,775,000 after acquiring an additional 377,835 shares during the period. Invesco Ltd. increased 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 worth $265,737,000 after acquiring an additional 320,319 shares during the period. Vanguard Group Inc. increased its holdings in Paylocity by 7.0% during the 1st quarter. Vanguard Group Inc. now owns 4,312,832 shares of the software maker's stock worth $807,966,000 after acquiring an additional 283,430 shares during the period. Zurich Insurance Group Ltd FI bought a new stake in Paylocity during the 1st quarter worth approximately $47,998,000. Finally, Livforsakringsbolaget Skandia Omsesidigt increased its holdings in Paylocity by 1,995.2% during the 2nd quarter. Livforsakringsbolaget Skandia Omsesidigt now owns 259,800 shares of the software maker's stock worth $47,073,000 after acquiring an additional 247,400 shares during the period. 94.76% of the stock is currently owned by hedge funds and other institutional investors.

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.