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Paylocity (PCTY) Receives a Buy from Stifel Nicolaus

Stifel Nicolaus analyst Brad Reback maintained a Buy rating on Paylocity (PCTYResearch Report) yesterday and set a price target of $260.00. The company’s shares closed last Wednesday at $219.25.

According to TipRanks.com, Reback is a 5-star analyst with an average return of 18.2% and a 63.3% success rate. Reback covers the Technology sector, focusing on stocks such as CrowdStrike Holdings, Cognyte Software, and ServiceNow.

The word on The Street in general, suggests a Strong Buy analyst consensus rating for Paylocity with a $260.33 average price target, which is a 21.4% upside from current levels. In a report issued on February 1, BMO Capital also initiated coverage with a Buy rating on the stock with a $230.00 price target.

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Based on Paylocity’s latest earnings release for the quarter ending December 31, the company reported a quarterly revenue of $196 million and net profit of $9.85 million. In comparison, last year the company earned revenue of $146 million and had a net profit of $9.64 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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