Paylocity price target raised to $220 from $200 at Needham

Needham raised the firm’s price target on Paylocity (PCTY) to $220 from $200 and keeps a Buy rating on the shares. The company reported better than expected Q1 financial results as sales/demand commentary seemed notably better and more predictable than recent quarters, the analyst tells investors in a research note. Paylocity business has returned to its traditional predictability with a more consistent beat and raise cadence even in a difficult sales macro, the firm adds.