Paylocity (NASDAQ:PCTY) Given New $188.00 Price Target at TD Cowen

by · The Cerbat Gem

Paylocity (NASDAQ:PCTY – Get Free Report) had its target price hoisted by stock analysts at TD Cowen from $184.00 to $188.00 in a note issued to investors on Thursday,Benzinga reports. The brokerage currently has a “buy” rating on the software maker’s stock. TD Cowen’s target price suggests a potential upside of 22.40% from the stock’s current price.

A number of other research firms also recently commented on PCTY. Cantor Fitzgerald set a $190.00 target price on Paylocity in a research report on Wednesday, November 5th. JMP Securities set a $245.00 price target on shares of Paylocity in a research note on Wednesday, November 5th. Citigroup lifted their price objective on shares of Paylocity from $175.00 to $179.00 and gave the stock a “buy” rating in a research note on Tuesday, December 23rd. Citizens Jmp decreased their target price on shares of Paylocity from $270.00 to $245.00 and set a “market outperform” rating on the stock in a research report on Wednesday, November 5th. Finally, Stephens lowered their price target on shares of Paylocity from $200.00 to $170.00 and set an “equal weight” rating for the company in a report on Wednesday, November 5th. One research analyst has rated the stock with a Strong Buy rating, fifteen have issued a Buy rating and six have issued a Hold rating to the stock. Based on data from MarketBeat, Paylocity currently has an average rating of “Moderate Buy” and an average price target of $205.16.

Read Our Latest Research Report on Paylocity

Paylocity Stock Up 0.2%

NASDAQ PCTY traded up $0.36 on Thursday, reaching $153.59. The company had a trading volume of 139,927 shares, compared to its average volume of 452,383. The stock has a market capitalization of $8.35 billion, a PE ratio of 38.49, a price-to-earnings-growth ratio of 4.49 and a beta of 0.56. Paylocity has a 12 month low of $135.46 and a 12 month high of $223.80. The firm’s 50 day moving average price is $147.76 and its 200 day moving average price is $163.26.

Paylocity (NASDAQ:PCTY – Get Free Report) last issued its quarterly earnings data on Tuesday, November 4th. The software maker reported $1.75 earnings per share for the quarter, beating analysts’ consensus estimates of $1.52 by $0.23. Paylocity had a return on equity of 22.07% and a net margin of 13.75%.The firm had revenue of $408.17 million during the quarter, compared to analyst estimates of $399.53 million. During the same quarter last year, the business posted $1.66 earnings per share. The business’s quarterly revenue was up 12.5% compared to the same quarter last year. On average, research analysts expect that Paylocity will post 4.36 EPS for the current year.

Insider Activity

In other news, CFO Ryan Glenn sold 1,737 shares of the company’s stock in a transaction that occurred on Wednesday, November 19th. The stock was sold at an average price of $143.65, for a total transaction of $249,520.05. Following the transaction, the chief financial officer owned 77,229 shares of the company’s stock, valued at approximately $11,093,945.85. This represents a 2.20% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. 19.40% of the stock is owned by company insiders.

Institutional Trading of Paylocity

Several institutional investors and hedge funds have recently made changes to their positions in PCTY. Amiral Gestion increased its stake in shares of Paylocity by 37.6% during the third quarter. Amiral Gestion now owns 84,703 shares of the software maker’s stock valued at $13,491,000 after buying an additional 23,162 shares during the period. Capital Fund Management S.A. purchased a new stake in Paylocity during the second quarter worth $6,877,000. Voya Investment Management LLC lifted its stake in shares of Paylocity by 62.5% during the 1st quarter. Voya Investment Management LLC now owns 44,516 shares of the software maker’s stock worth $8,340,000 after purchasing an additional 17,118 shares during the last quarter. Prudential Financial Inc. grew its position in shares of Paylocity by 342.1% in the 2nd quarter. Prudential Financial Inc. now owns 68,883 shares of the software maker’s stock worth $12,481,000 after buying an additional 53,302 shares during the last quarter. Finally, Hussman Strategic Advisors Inc. acquired a new position in shares of Paylocity during the second quarter worth $2,283,000. 94.76% of the stock is currently owned by institutional investors.

About Paylocity

(Get Free Report)

Paylocity (NASDAQ: PCTY) is a leading provider of cloud-based payroll and human capital management (HCM) software designed to streamline workforce administration for mid-sized organizations. The company’s integrated platform automates core functions such as payroll processing, benefits administration, time and labor tracking, and compliance management, enabling employers to manage employee data more efficiently and reduce administrative burdens.

In addition to payroll and HR capabilities, Paylocity offers talent management solutions including recruiting, onboarding, performance tracking, and learning management.

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