Paylocity price target raised to $212 from $172 at Piper Sandler

Piper Sandler raised the firm’s price target on Paylocity (PCTY) to $212 from $172 and keeps an Overweight rating on the shares. The firm notes Paylocity delivered healthy Q1 results, with revenue growth of 14% and EBITDA margins of 35.5%, above consensus of 33.2%. Revenue was driven by balanced growth from new sales as well as wallet share gains with existing clients.