Needham Believes Paylocity (PCTY) Won’t Stop Here


In a report released today, Scott Berg from Needham assigned a Buy rating to Paylocity (PCTY), with a price target of $260.00. The company’s shares closed last Wednesday at $197.75, close to its 52-week high of $218.34.

According to TipRanks.com, Berg is a top 25 analyst with an average return of 34.9% and a 76.8% success rate. Berg covers the Technology sector, focusing on stocks such as GTY Technology Holdings, BigCommerce Holdings, and Cornerstone Ondemand.

Currently, the analyst consensus on Paylocity is a Moderate Buy with an average price target of $223.86.

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Based on Paylocity’s latest earnings release for the quarter ending December 31, the company reported a quarterly revenue of $146 million and net profit of $9.64 million. In comparison, last year the company earned revenue of $132 million and had a net profit of $5.47 million.

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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.

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