Paylocity (PCTY) Backed by TD Cowen’s Positive View and Healthy Earnings Forecasts

Paylocity Holding Corporation (NASDAQ:PCTY) is one of the best software application stocks to buy according to Hedge Funds.

On January 8, TD Cowen analyst Jared Levine reaffirmed his optimism for Paylocity Holding Corporation (NASDAQ:PCTY). He assigned a Buy rating to the stock and, in the process, raised his price target from $184 to $188. Levine’s upward revision now leads to an upside potential of almost 33%.

Levine’s rating is based on revised forecasts before Paylocity Holding Corporation’s (NASDAQ:PCTY) second-quarter results announcements. These forecasts also incorporate recent expectations regarding the Fed Funds rate.

Back on December 23, Steve Enders from Citi also reiterated his bullish stance on Paylocity Holding Corporation (NASDAQ:PCTY), giving a Buy call on the stock. Enders also raised his price target from $175 to $179, which now yields a 26% upside potential for investors.

Enders’ upward adjustment to the price target is part of Citi’s broader revisions to software application stocks, following their meetings with company managements. Companies within this segment are currently subject to stable yet uncertain demand dynamics. However, the reopening of the U.S. government has provided some relief.

Paylocity Holding Corporation (NASDAQ:PCTY) delivers cloud-based solutions for human capital, payroll, and spend management functions. With a focus on medium-sized organizations, they enable efficient business operations through tax services, payroll systems, workforce management, compliance tracking, and more.

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Disclosure: None. This article is originally published at Insider Monkey.