Paylocity Holding

PCTY · NASDAQ

$170.06+$3.89 (+2.34%)TodayMarket closed · Oct 20, 7:30 PM ET

Prev close $166.17

PCTY analyst rating

BuyConsensus of 15 analysts over the last 12 months. 80% rate it a buy.

Strong buy0
Buy12
Hold3
Underperform0
Sell0

12-month price target · 23 analysts

Average $173.16 (+1.8% upside)

Low: $121.20
Now: $170.06
High: $262.50

Upgrades and downgrades

The latest rating actions, newest first

PCTY analyst upgrades, downgrades and rating actions
Firm	Date	Action	Rating	Price target	Hit rate
Citizens	Oct 20, 2026	Maintains	Market Outperform	$150.00 → $180.00	48%
Barclays	Oct 13, 2026	Maintains	Equal-Weight	$154.00 → $162.00	56%
TD Cowen	Aug 20, 2026	Maintains	Buy	$168.00 → $177.00	67%
Barclays	Aug 6, 2026	Maintains	Equal-Weight	$128.00 → $154.00	56%
TD Cowen	Aug 5, 2026	Maintains	Buy	$137.00 → $168.00	67%
Keybanc	Aug 5, 2026	Maintains	Overweight	$172.00 → $178.00	53%
Cantor Fitzgerald	Aug 5, 2026	Maintains	Overweight	$140.00 → $165.00	54%
BTIG	Aug 5, 2026	Maintains	Buy	$150.00 → $180.00	70%
UBS	Jul 22, 2026	Maintains	Neutral	$122.00 → $128.00	45%
Truist Securities	Jun 29, 2026	Maintains	Buy	$180.00 → $165.00	50%

The case for and against

Updated Oct 14, 2026

Bull case

Paylocity Holding is attractive because it combines mission-critical payroll and HCM workflows with a subscription model, high recurring revenue, and a midmarket U.S. customer base that is still modernizing back-office operations. Its latest reported results showed revenue of $502 million, recurring revenue growth of 11.6%, adjusted EBITDA of $220 million, and free cash flow of $191.8 million, while FY26 guidance implies about 10% total revenue growth and 11%-12% recurring revenue growth. The outlook is further supported by 92%+ retention, roughly 44,400 customers, AI-enabled product and service enhancements, and acquisitions that expand its TAM into recruitment, finance, and IT management.

Bear case

Paylocity Holding is exposed to a slowing macro backdrop that can reduce small-business formation, increase closures, and pressure midmarket clients to cut payroll and HCM spend, while delayed SaaS adoption can lengthen sales cycles and add quarter-to-quarter volatility. Its highly fragmented market is crowded with ADP, Ceridian, Paychex, UKG, Workday, Paycom, and Paycor, creating pricing pressure and raising the risk that AI-native or better-funded entrants erode its competitive position and margins. Despite revenue of $503.3 million, up 11% year over year, recurring and other revenue of $469.9 million, up 12%, and nearly 44,400 customers as of fiscal 2026, weak retention, frequent product-update demands, and reliance on a direct-sales model leave execution risk elevated.

Information on this page is provided for informational purposes only and is not a recommendation to buy, sell or hold any security. Investing involves risk, including possible loss of principal. Market data is delayed at least 15 minutes and is provided without warranty. Analyst ratings, price targets and company data come from third-party sources. Past performance does not guarantee future results.