Analyst Scott Berg of Needham reiterated a Buy rating on Paylocity (PCTY – Research Report), retaining the price target of $250.00.
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Scott Berg has given his Buy rating due to a combination of factors including Paylocity’s strategic product development and its ability to consistently release new products. After meeting with Board Chairman Steve Beauchamp, Berg noted the company’s impressive track record in maintaining a robust product strategy, which has been instrumental in building an industry-leading HCM platform over the past 15 years.
Despite not requiring new products to achieve its financial objectives in the near term, Paylocity’s introduction of offerings like Airbase and a new Asset Management module is expected to extend its growth potential into 2030. These new modules are anticipated to further engage the office of the CFO and may deviate from the traditional pricing model, indicating a strategic approach to capturing additional market opportunities.
Based on the recent corporate insider activity of 177 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.