Paylocity (NASDAQ:PCTY) had its price target dropped by research analysts at Raymond James from $240.00 to $205.00 in a research note issued to investors on Friday, Fintech Zoom reports. The firm presently has an “outperform” rating on the software maker’s stock. Raymond James’ price target would indicate a potential upside of 19.83% from the company’s current price.
Other equities research analysts have also issued research reports about the company. Citigroup upped their target price on Paylocity from $210.00 to $217.00 and gave the company a “neutral” rating in a research note on Friday, February 5th. Zacks Investment Research lowered shares of Paylocity from a “buy” rating to a “hold” rating and set a $224.00 price target on the stock. in a report on Wednesday, February 10th. JMP Securities raised their target price on Paylocity from $195.00 to $220.00 and gave the company an “outperform” rating in a report on Tuesday, January 26th. Finally, Wolfe Research assumed coverage on Paylocity in a research note on Wednesday, April 28th. They issued a “peer perform” rating and a $200.00 price target on the stock. Seven investment analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. The stock currently has an average rating of “Buy” and a consensus target price of $190.39.
Paylocity stock opened at $171.07 on Friday. The company has a market capitalization of $9.30 billion, a P/E ratio of 151.39, a PEG ratio of 12.76 and a beta of 1.36. Paylocity has a fifty-two week low of $105.49 and a fifty-two week high of $218.34. The stock has a 50-day simple moving average of $186.11 and a 200-day simple moving average of $192.80. The company has a debt-to-equity ratio of 0.26, a quick ratio of 1.16 and a current ratio of 1.16.
Paylocity (NASDAQ:PCTY) last posted its quarterly earnings results on Wednesday, February 3rd. The software maker reported $0.39 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.25 by $0.14. The firm had revenue of $146.33 million during the quarter, compared to analysts’ expectations of $143.47 million. Paylocity had a net margin of 11.05% and a return on equity of 16.89%. As a group, analysts forecast that Paylocity will post 0.76 earnings per share for the current year.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in PCTY. Norges Bank bought a new stake in Paylocity during the 4th quarter valued at approximately $65,724,000. Federated Hermes Inc. increased its holdings in shares of Paylocity by 1,002.3% in the 4th quarter. Federated Hermes Inc. now owns 134,160 shares of the software maker’s stock worth $27,625,000 after purchasing an additional 121,989 shares in the last quarter. BlackRock Inc. lifted its stake in Paylocity by 2.9% during the 4th quarter. BlackRock Inc. now owns 3,565,639 shares of the software maker’s stock valued at $734,201,000 after acquiring an additional 99,655 shares during the period. Berkshire Capital Holdings Inc. grew its position in Paylocity by 729,500.0% in the 4th quarter. Berkshire Capital Holdings Inc. now owns 72,960 shares of the software maker’s stock worth $15,023,000 after purchasing an additional 72,950 shares during the period. Finally, Lord Abbett & CO. LLC boosted its position in Paylocity by 23.4% in the fourth quarter. Lord Abbett & CO. LLC now owns 368,051 shares of the software maker’s stock worth $75,785,000 after purchasing an additional 69,850 shares during the last quarter. Institutional investors and hedge funds own 68.69% of the company’s stock.
Paylocity Company Profile
Paylocity Holding Corporation provides cloud-based payroll and human capital management software solutions for medium-sized organizations in the United States. The company offers Payroll module that enables clients to automate key payroll processes and manage compliance; Core HR module, which provides a set of HR capabilities enabling clients to manage HR data; and Talent module that enable clients to manage their talent throughout employees’ tenures, starting at recruiting and carrying through onboarding, learning, and performance management.
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