Paylocity’s (PCTY) Outperform Rating Reiterated at Raymond James

Paylocity (NASDAQ:PCTY)‘s stock had its “outperform” rating reissued by research analysts at Raymond James in a report released on Friday,Benzinga reports. They presently have a $265.00 price target on the software maker’s stock, up from their prior price target of $215.00. Raymond James’ price target would indicate a potential upside of 28.73% from the stock’s previous close.

Several other analysts also recently weighed in on the company. TD Cowen decreased their price objective on Paylocity from $235.00 to $228.00 and set a “buy” rating for the company in a report on Monday, January 6th. BMO Capital Markets lifted their price objective on Paylocity from $175.00 to $203.00 and gave the company an “outperform” rating in a report on Thursday, October 31st. KeyCorp boosted their target price on shares of Paylocity from $220.00 to $250.00 and gave the stock an “overweight” rating in a report on Friday. Jefferies Financial Group boosted their target price on shares of Paylocity from $215.00 to $240.00 and gave the stock a “buy” rating in a report on Monday, December 9th. Finally, Truist Financial boosted their target price on shares of Paylocity from $195.00 to $210.00 and gave the stock a “buy” rating in a report on Friday, November 1st. Two investment analysts have rated the stock with a hold rating and fifteen have given a buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $229.13.

Paylocity Trading Down 2.9 %

NASDAQ PCTY traded down $6.16 on Friday, hitting $205.86. 593,348 shares of the stock were exchanged, compared to its average volume of 512,868. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.32 and a current ratio of 1.32. The stock has a fifty day moving average price of $201.32 and a two-hundred day moving average price of $180.76. The firm has a market capitalization of $11.48 billion, a P/E ratio of 52.73, a P/E/G ratio of 5.03 and a beta of 0.95. Paylocity has a 52-week low of $129.94 and a 52-week high of $223.80.

Paylocity (NASDAQ:PCTY) last issued its earnings results on Thursday, February 6th. The software maker reported $0.82 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.42 by ($0.60). Paylocity had a net margin of 15.32% and a return on equity of 22.92%. Research analysts forecast that Paylocity will post 4.46 EPS for the current fiscal year.

Insider Buying and Selling at Paylocity

In other Paylocity news, Director Steven I. Sarowitz sold 12,226 shares of the stock in a transaction dated Monday, November 18th. The stock was sold at an average price of $196.29, for a total value of $2,399,841.54. Following the sale, the director now owns 9,300,847 shares of the company’s stock, valued at $1,825,663,257.63. This trade represents a 0.13 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CFO Ryan Glenn sold 2,600 shares of the firm’s stock in a transaction dated Monday, December 2nd. The stock was sold at an average price of $205.40, for a total value of $534,040.00. Following the sale, the chief financial officer now directly owns 48,150 shares in the company, valued at $9,890,010. This trade represents a 5.12 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 127,380 shares of company stock valued at $25,830,669 in the last quarter. Corporate insiders own 21.91% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the company. International Assets Investment Management LLC increased its position in Paylocity by 16,397.9% during the third quarter. International Assets Investment Management LLC now owns 7,754 shares of the software maker’s stock worth $1,279,000 after buying an additional 7,707 shares during the period. Edgestream Partners L.P. increased its position in Paylocity by 222.3% during the third quarter. Edgestream Partners L.P. now owns 10,837 shares of the software maker’s stock worth $1,788,000 after buying an additional 7,475 shares during the period. Barclays PLC grew its stake in shares of Paylocity by 14.3% in the 3rd quarter. Barclays PLC now owns 44,897 shares of the software maker’s stock valued at $7,407,000 after purchasing an additional 5,609 shares during the last quarter. Nisa Investment Advisors LLC grew its stake in shares of Paylocity by 5,742.0% in the 4th quarter. Nisa Investment Advisors LLC now owns 5,842 shares of the software maker’s stock valued at $1,165,000 after purchasing an additional 5,742 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. grew its stake in shares of Paylocity by 1.7% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 282,426 shares of the software maker’s stock valued at $46,592,000 after purchasing an additional 4,697 shares during the last quarter. Institutional investors and hedge funds own 94.76% of the company’s stock.

About Paylocity

Paylocity Holding Corporation engages in the provision of cloud-based human capital management and payroll software solutions for workforce in the United States. The company offers payroll software solution for global payroll, expense management, tax services, on demand payment, and garnishment managed services; and time and labor management software for time and attendance, scheduling, and time collection.