BTIG Research Initiates Coverage on Paylocity (NASDAQ:PCTY)

Equities researchers at BTIG Research assumed coverage on shares of Paylocity (NASDAQ:PCTY) in a research report issued to clients and investors on Tuesday, Marketbeat Ratings reports. The firm set a “buy” rating and a $180.00 price target on the software maker’s stock. BTIG Research’s target price points to a potential upside of 19.21% from the stock’s current price.

Several other analysts have also recently commented on PCTY. Cantor Fitzgerald set a $190.00 price target on Paylocity in a report on Wednesday, November 5th. Weiss Ratings reaffirmed a “hold (c-)” rating on shares of Paylocity in a report on Monday. TD Cowen reduced their target price on Paylocity from $192.00 to $172.00 and set a “buy” rating for the company in a report on Wednesday, November 5th. Citizens Jmp lowered their price target on shares of Paylocity from $270.00 to $245.00 and set a “market outperform” rating on the stock in a research note on Wednesday, November 5th. Finally, Barclays cut their price target on shares of Paylocity from $195.00 to $175.00 and set an “equal weight” rating for the company in a report on Tuesday, October 21st. One research analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating and six have given a Hold rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $206.37.

Paylocity Price Performance

Paylocity stock opened at $151.00 on Tuesday. The company has a debt-to-equity ratio of 0.07, a current ratio of 1.07 and a quick ratio of 1.07. The business has a 50 day simple moving average of $147.32 and a 200-day simple moving average of $166.66. Paylocity has a 12 month low of $135.46 and a 12 month high of $223.80. The stock has a market capitalization of $8.21 billion, a PE ratio of 37.72, a price-to-earnings-growth ratio of 4.44 and a beta of 0.57.

Paylocity (NASDAQ:PCTY) last announced its quarterly earnings data on Tuesday, November 4th. The software maker reported $1.75 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.52 by $0.23. Paylocity had a net margin of 13.75% and a return on equity of 22.07%. The company had revenue of $408.17 million for the quarter, compared to analysts’ expectations of $399.53 million. During the same period in the previous year, the company posted $1.66 EPS. Paylocity’s revenue was up 12.5% compared to the same quarter last year. Equities analysts predict that Paylocity will post 4.36 earnings per share for the current year.

Insiders Place Their Bets

In other Paylocity news, CFO Ryan Glenn sold 1,737 shares of the firm’s stock in a transaction dated Wednesday, November 19th. The shares were sold at an average price of $143.65, for a total transaction of $249,520.05. Following the sale, the chief financial officer directly owned 77,229 shares of the company’s stock, valued at $11,093,945.85. This trade represents a 2.20% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders own 19.40% of the company’s stock.

Hedge Funds Weigh In On Paylocity

Institutional investors have recently modified their holdings of the company. Advisory Services Network LLC purchased a new stake in Paylocity in the 3rd quarter worth approximately $38,000. SBI Securities Co. Ltd. boosted its holdings in shares of Paylocity by 47.4% during the second quarter. SBI Securities Co. Ltd. now owns 252 shares of the software maker’s stock worth $46,000 after purchasing an additional 81 shares during the last quarter. Pilgrim Partners Asia Pte Ltd purchased a new stake in shares of Paylocity in the third quarter valued at $41,000. Employees Retirement System of Texas purchased a new stake in shares of Paylocity in the second quarter valued at $51,000. Finally, Allworth Financial LP increased its stake in Paylocity by 88.0% in the third quarter. Allworth Financial LP now owns 282 shares of the software maker’s stock valued at $45,000 after purchasing an additional 132 shares during the last quarter. Institutional investors and hedge funds own 94.76% of the company’s stock.

Paylocity Company Profile

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.