Needham Believes Paylocity (PCTY) Won’t Stop Here


Needham analyst Scott Berg assigned a Buy rating to Paylocity (PCTY) today and set a price target of $220.00. The company’s shares closed last Thursday at $191.02, close to its 52-week high of $207.67.

According to TipRanks.com, Berg is a top 100 analyst with an average return of 26.8% and a 70.9% success rate. Berg covers the Technology sector, focusing on stocks such as GTY Technology Holdings, Cornerstone Ondemand, and BigCommerce Holdings.

Currently, the analyst consensus on Paylocity is a Moderate Buy with an average price target of $190.27, representing a -7.8% downside. In a report issued on October 23, KeyBanc also resumed coverage with a Buy rating on the stock with a $230.00 price target.

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Paylocity’s market cap is currently $10.36B and has a P/E ratio of 161.90. The company has a Price to Book ratio of 31.42.

Based on the recent corporate insider activity of 104 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of PCTY in relation to earlier this year.

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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