Paylocity (NASDAQ:PCTY – Get Free Report) had its target price decreased by research analysts at JMP Securities from $320.00 to $250.00 in a research report issued to clients and investors on Friday, Benzinga reports. The firm presently has a “market outperform” rating on the software maker’s stock. JMP Securities’ price objective would suggest a potential upside of 72.11% from the company’s previous close.
PCTY has been the subject of several other reports. Barclays increased their price objective on Paylocity from $213.00 to $223.00 and gave the company an “equal weight” rating in a research note on Thursday, October 12th. Needham & Company LLC cut their target price on Paylocity from $325.00 to $200.00 and set a “buy” rating for the company in a research note on Friday. TD Cowen raised their target price on Paylocity from $253.00 to $260.00 and gave the stock an “outperform” rating in a research note on Friday, August 4th. Bank of America assumed coverage on Paylocity in a research note on Thursday, October 26th. They issued a “neutral” rating and a $210.00 target price for the company. Finally, Piper Sandler cut their target price on Paylocity from $249.00 to $207.00 and set an “overweight” rating for the company in a research note on Friday. Six analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $230.13.
Check Out Our Latest Stock Analysis on PCTY
Paylocity Stock Performance
Paylocity (NASDAQ:PCTY – Get Free Report) last posted its quarterly earnings data on Thursday, August 3rd. The software maker reported $0.76 EPS for the quarter, beating the consensus estimate of $0.61 by $0.15. Paylocity had a return on equity of 21.89% and a net margin of 11.99%. The firm had revenue of $308.45 million during the quarter, compared to the consensus estimate of $301.43 million. As a group, sell-side analysts predict that Paylocity will post 3.49 EPS for the current fiscal year.
Insider Transactions at Paylocity
In other news, SVP Joshua Scutt sold 1,206 shares of the stock in a transaction on Friday, October 6th. The stock was sold at an average price of $200.00, for a total transaction of $241,200.00. Following the completion of the transaction, the senior vice president now directly owns 30,367 shares in the company, valued at approximately $6,073,400. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. In related news, Director Steven I. Sarowitz sold 61,763 shares of the firm’s stock in a transaction dated Wednesday, August 30th. The stock was sold at an average price of $201.28, for a total transaction of $12,431,656.64. Following the completion of the transaction, the director now directly owns 9,784,126 shares in the company, valued at approximately $1,969,348,881.28. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, SVP Joshua Scutt sold 1,206 shares of the firm’s stock in a transaction dated Friday, October 6th. The shares were sold at an average price of $200.00, for a total value of $241,200.00. Following the transaction, the senior vice president now owns 30,367 shares of the company’s stock, valued at $6,073,400. The disclosure for this sale can be found here. In the last ninety days, insiders sold 172,189 shares of company stock worth $33,943,823. 26.50% of the stock is currently owned by company insiders.
Hedge Funds Weigh In On Paylocity
A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Harvest Fund Management Co. Ltd acquired a new stake in Paylocity in the 1st quarter valued at about $33,000. BI Asset Management Fondsmaeglerselskab A S raised its position in Paylocity by 135.1% in the 1st quarter. BI Asset Management Fondsmaeglerselskab A S now owns 174 shares of the software maker’s stock valued at $35,000 after purchasing an additional 100 shares in the last quarter. Coppell Advisory Solutions Corp. acquired a new stake in Paylocity in the 4th quarter valued at about $44,000. V Square Quantitative Management LLC acquired a new stake in Paylocity in the 2nd quarter valued at about $47,000. Finally, Benjamin Edwards Inc. acquired a new stake in Paylocity in the 2nd quarter valued at about $47,000. 73.65% of the stock is currently owned by hedge funds and other institutional investors.
Paylocity Company Profile
Paylocity Holding Corporation provides cloud-based human capital management and payroll software solutions for workforce in the United States. The company offers Payroll and Tax Services solution to simplifies payroll, automates processes, and manages compliance requirements within one system; and expense management, on demand payment, and garnishment solutions.
See Also
- Five stocks we like better than Paylocity
- What is the FTSE 100 index?
- MarketBeat Week in Review – 10/30 – 11/3
- What Are Dividends? Buy the Best Dividend Stocks
- Shocking uranium play that hedge funds kept hidden
- How to Invest in Artificial Intelligence
- Dependable dividends: Why utility stocks are on fire
Receive News & Ratings for Paylocity Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Paylocity and related companies with MarketBeat.com's FREE daily email newsletter.
