Paylocity price target raised to $258 from $254 at Piper Sandler

Piper Sandler raised the firm’s price target on Paylocity (PCTY) to $258 from $254 and keeps an Overweight rating on the shares. The firm says Paylocity continued its cadence of beating/raising, with robust performance across the board. Revenues of $455M came in well ahead of consensus $442M driven by good momentum, compelling product expansion, which drove wallet share gains at existing clients and new client signups, and modest upside from workforce levels, Piper adds.