On Nov 01, major Wall Street analysts update their ratings for $Paylocity (PCTY.US)$, with price targets ranging from $180 to $250.
BofA Securities analyst Michael Funk maintains with a hold rating, and adjusts the target price from $195 to $205.
Barclays analyst Raimo Lenschow maintains with a hold rating, and adjusts the target price from $174 to $180.
UBS analyst Kevin Mcveigh maintains with a hold rating, and adjusts the target price from $175 to $184.
Jefferies analyst Samad Samana maintains with a buy rating, and adjusts the target price from $200 to $215.
TD Cowen analyst Jared Levine maintains with a buy rating, and maintains the target price at $208.
Furthermore, according to the comprehensive report, the opinions of $Paylocity (PCTY.US)$'s main analysts recently are as follows:
The firm views Paylocity's fiscal first quarter as slightly beneficial for the stock. Following a reduction in sales forecasts in the previous quarter, Paylocity reported a robust performance and outlook improvement, according to the analyst's notes to investors.
The firm has adjusted its estimates in light of Paylocity's improved Q1 performance and a more optimistic growth prognosis for both ex-float and float revenue streams.
Paylocity's Q1 financial results surpassed expectations, with the sales/demand commentary appearing significantly improved and more consistent compared to recent quarters. The company's business is showing a return to its usual predictability, demonstrating a more regular pattern of outperforming and elevating forecasts, even amidst challenging macro sales conditions.
Investor sentiment was positive for Paylocity heading into its Q1 results, which were reinforced by a strong quarter exceeding expectations and subsequent raised forecasts, demonstrating solid underlying execution. The acquisition of Airbase is seen as strategically beneficial for the long-term positioning of the company, with Paylocity also maintaining commendable discipline in leveraging its underlying margins as it navigates a climate of potentially lower rates.
Paylocity's solid performance in Q1, surpassing expectations for both revenue and earnings, is largely due to robust sales execution and enhanced cost management. The company has revised its FY25 revenue outlook upwards to include contributions from Airbase, and has added a modest increase for potential organic growth. Nevertheless, EBITDA projections have been marginally adjusted to accommodate for potential headwinds from interest rate reductions and the dilutive impact of Airbase.
Here are the latest investment ratings and price targets for $Paylocity (PCTY.US)$ from 13 analysts:
Note:
TipRanks, an independent third party, provides analysis data from financial analysts and calculates the Average Returns and Success Rates of the analysts' recommendations. The information presented is not an investment recommendation and is intended for informational purposes only.
Success rate is the number of the analyst's successful ratings, divided by his/her total number of ratings over the past year. A successful rating is one based on if TipRanks' virtual portfolio earned a positive return from the stock. Total average return is the average rate of return that the TipRanks' virtual portfolio has earned over the past year. These portfolios are established based on the analyst's preliminary rating and are adjusted according to the changes in the rating.
TipRanks provides a ranking of each analyst up to 5 stars, which is representative of all recommendations from the analyst. An analyst's past performance is evaluated on a scale of 1 to 5 stars, with more stars indicating better performance. The star level is determined by his/her total success rate and average return.
