In a report released yesterday, Brian Peterson from Raymond James assigned a Buy rating to Paylocity (PCTY), with a price target of $240.00. The company’s shares closed last Thursday at $213.06, close to its 52-week high of $218.34.
According to TipRanks.com, Peterson is a top 100 analyst with an average return of 36.5% and a 79.0% success rate. Peterson covers the Technology sector, focusing on stocks such as Duck Creek Technologies, ZoomInfo Technologies, and BigCommerce Holdings.
Paylocity has an analyst consensus of Moderate Buy, with a price target consensus of $212.91, implying a 3.4% upside from current levels. In a report issued on January 26, JMP Securities also maintained a Buy rating on the stock with a $220.00 price target.
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Based on Paylocity’s latest earnings release for the quarter ending September 30, the company reported a quarterly revenue of $136 million and net profit of $12.46 million. In comparison, last year the company earned revenue of $127 million and had a net profit of $13.91 million.
Based on the recent corporate insider activity of 98 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.
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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.
