Raymond James Believes Paylocity (PCTY) Still Has Room to Grow


Raymond James analyst Brian Peterson maintained a Buy rating on Paylocity (NASDAQ: PCTY) today and set a price target of $75. The company’s shares opened today at $67.70, close to its 52-week high of $68.50.

According to TipRanks.com, Peterson is a top 25 analyst with an average return of 36.5% and a 85.4% success rate. Peterson covers the Technology sector, focusing on stocks such as Manhattan Associates, Coupa Software Inc, and Castlight Health.

Paylocity has an analyst consensus of Moderate Buy, with a price target consensus of $70.86, representing a 4.7% upside. In a report issued on August 10, Needham also maintained a Buy rating on the stock with a $80 price target.

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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.

TipRanks has tracked 36,000 company insiders and found that a few of them are better than others when it comes to timing their transactions. See which 3 stocks are most likely to make moves following their insider activities.

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.

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