DA Davidson Upgrades Paylocity Holding (PCTY)

On March 30, 2023,
DA Davidson
upgraded
their outlook for Paylocity Holding (NASDAQ:PCTY) from Neutral to Buy.

Analyst Price Forecast Suggests 48.03% Upside

As of March 30, 2023,
the average one-year price target for Paylocity Holding is $283.62.
The forecasts range from a low of $232.30 to a high of $341.25.
The average price target represents an increase of 48.03% from its latest reported closing price of $191.60.

See our leaderboard of companies with the largest price target upside.

The projected annual revenue for Paylocity Holding
is $1,147MM, an increase of 14.56%.

The projected annual non-GAAP EPS
is $4.22.

What are Large Shareholders Doing?

Price T Rowe Associates
holds 5,781K shares

representing 10.37% ownership of the company.

In it’s prior filing, the firm reported owning 7,751K shares, representing
a decrease
of 34.08%.

The firm

decreased

its portfolio allocation in PCTY by 41.11% over the last quarter.

PRNHX – T. Rowe Price New Horizons Fund
holds 3,817K shares

representing 6.84% ownership of the company.

In it’s prior filing, the firm reported owning 5,457K shares, representing
a decrease
of 42.97%.

The firm

decreased

its portfolio allocation in PCTY by 42.39% over the last quarter.

T. Rowe Price Investment Management
holds 1,721K shares

representing 3.09% ownership of the company.

In it’s prior filing, the firm reported owning 1,564K shares, representing
an increase
of 9.12%.

The firm

decreased

its portfolio allocation in PCTY by 15.02% over the last quarter.

Invesco
holds 1,606K shares

representing 2.88% ownership of the company.

In it’s prior filing, the firm reported owning 1,626K shares, representing
a decrease
of 1.24%.

The firm

decreased

its portfolio allocation in PCTY by 99.99% over the last quarter.

Wasatch Advisors
holds 1,325K shares

representing 2.38% ownership of the company.

In it’s prior filing, the firm reported owning 1,335K shares, representing
a decrease
of 0.74%.

The firm

decreased

its portfolio allocation in PCTY by 22.68% over the last quarter.

What is the Fund Sentiment?

There are 963 funds or institutions reporting positions in Paylocity Holding.

This is an increase
of
84
owner(s) or 9.56% in the last quarter.

Average portfolio weight of all funds dedicated to PCTY is 0.35%,
a decrease
of 23.64%.

Total shares owned by institutions increased
in the last three months by 1.36% to 49,681K shares.

The put/call ratio of PCTY is 2.25, indicating a

bearish
outlook.

Paylocity Holding Background Information
(This description is provided by the company.)

Paylocity is a leading provider of cloud-based HR and payroll software solutions headquartered in Schaumburg, IL. Founded in 1997, Paylocity offers an intuitive, easy-to-use product suite that helps businesses tackle today’s challenges while moving them toward the promise of tomorrow. Known for its unique culture and consistently recognized as one of the best places to work, Paylocity accompanies its clients on the journey to create great workplaces and help people achieve their best through automation, data-driven insights, and engagement.

This story originally appeared on Fintel.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.