Paylocity Holding Corporation (NASDAQ:PCTY) Receives $160.28 Average Price Target from Analysts

Shares of Paylocity Holding Corporation (NASDAQ:PCTY) have earned a consensus rating of “Moderate Buy” from the nineteen ratings firms that are presently covering the stock, MarketBeat.com reports. One research analyst has rated the stock with a sell rating, three have issued a hold rating, fourteen have given a buy rating and one has assigned a strong buy rating to the company. The average twelve-month price target among brokers that have updated their coverage on the stock in the last year is $160.2778.

PCTY has been the subject of several analyst reports. BTIG Research decreased their price target on shares of Paylocity from $180.00 to $150.00 and set a “buy” rating for the company in a research report on Friday, February 6th. Citizens Jmp decreased their price target on shares of Paylocity from $170.00 to $150.00 and set a “market outperform” rating for the company in a research report on Friday, May 8th. Robert W. Baird set a $193.00 price target on shares of Paylocity in a research report on Friday, May 8th. Barclays increased their price target on shares of Paylocity from $120.00 to $128.00 and gave the company an “equal weight” rating in a research report on Monday, May 11th. Finally, Jefferies Financial Group set a $135.00 price objective on shares of Paylocity in a research report on Saturday, May 9th.

Paylocity Stock Performance

PCTY stock opened at $114.93 on Friday. The firm has a market cap of $6.15 billion, a price-to-earnings ratio of 24.51 and a beta of 0.49. The firm has a 50-day simple moving average of $106.53 and a two-hundred day simple moving average of $124.95. Paylocity has a one year low of $92.99 and a one year high of $197.78. The company has a debt-to-equity ratio of 0.07, a quick ratio of 1.08 and a current ratio of 1.08.

Insider Activity at Paylocity

In related news, SVP Andrew Cappotelli sold 899 shares of the stock in a transaction that occurred on Tuesday, May 19th. The shares were sold at an average price of $115.05, for a total value of $103,429.95. Following the completion of the transaction, the senior vice president directly owned 17,679 shares of the company’s stock, valued at $2,033,968.95. This trade represents a 4.84% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 19.40% of the stock is owned by insiders.

Hedge Funds Weigh In On Paylocity

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Bank of America Corp DE raised its position in shares of Paylocity by 17.8% in the 1st quarter. Bank of America Corp DE now owns 449,722 shares of the software maker’s stock valued at $48,588,000 after purchasing an additional 68,084 shares during the last quarter. Edgestream Partners L.P. raised its position in shares of Paylocity by 30.8% in the 1st quarter. Edgestream Partners L.P. now owns 28,503 shares of the software maker’s stock valued at $3,079,000 after purchasing an additional 6,715 shares during the last quarter. Janus Henderson Group PLC raised its position in shares of Paylocity by 97.0% in the 1st quarter. Janus Henderson Group PLC now owns 452,153 shares of the software maker’s stock valued at $48,857,000 after purchasing an additional 222,593 shares during the last quarter. Bull Harbor Capital LLC purchased a new position in shares of Paylocity in the 1st quarter valued at approximately $350,000. Finally, Smith Group Asset Management LLC raised its position in shares of Paylocity by 159.7% in the 1st quarter. Smith Group Asset Management LLC now owns 6,906 shares of the software maker’s stock valued at $746,000 after purchasing an additional 4,247 shares during the last quarter. 94.76% of the stock is owned by hedge funds and other institutional investors.

About Paylocity

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.