Stifel Nicolaus analyst Brad Reback reiterated a Buy rating on Paylocity (NASDAQ: PCTY) yesterday and set a price target of $78. The company’s shares closed yesterday at $64.05, close to its 52-week high of $66.14.
According to TipRanks.com, Reback is a 5-star analyst with an average return of 16.2% and a 68.5% success rate. Reback covers the Technology sector, focusing on stocks such as Ultimate Software, Citrix Systems, and Cloudera Inc.
Currently, the analyst consensus on Paylocity is a Moderate Buy with an average price target of $72.
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Based on Paylocity’s latest earnings release for the quarter ending June 30, the company reported a quarterly GAAP net loss of $1.55 million. In comparison, last year the company had a GAAP net loss of $3.84 million.
Based on the recent corporate insider activity of 69 insiders, corporate insider sentiment is negative on the stock.
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Paylocity Holding Corp. engages in the development and provision of cloud-based software solution. It offers cloud-based payroll, human capital management applications, time labor tracking, benefits administration, and talent management. The company was founded on November 6, 2013 and is headquartered in Arlington Heights, IL.