Paylocity (NASDAQ:PCTY) Price Target Raised to $250.00

Paylocity (NASDAQ:PCTY) had its price objective upped by stock analysts at KeyCorp from $220.00 to $250.00 in a research report issued to clients and investors on Friday,Benzinga reports. The brokerage presently has an “overweight” rating on the software maker’s stock. KeyCorp’s price target would suggest a potential upside of 20.50% from the company’s previous close.

Several other brokerages have also recently commented on PCTY. Piper Sandler reaffirmed an “overweight” rating and issued a $254.00 target price (up previously from $212.00) on shares of Paylocity in a research report on Thursday. Mizuho raised Paylocity from a “neutral” rating to an “outperform” rating and boosted their target price for the stock from $200.00 to $235.00 in a report on Friday, January 31st. Needham & Company LLC boosted their price objective on shares of Paylocity from $220.00 to $250.00 and gave the stock a “buy” rating in a research report on Friday. Truist Financial boosted their price target on shares of Paylocity from $195.00 to $210.00 and gave the company a “buy” rating in a report on Friday, November 1st. Finally, Citigroup raised shares of Paylocity from a “neutral” rating to a “buy” rating and upped their target price for the stock from $214.00 to $231.00 in a research note on Thursday, January 16th. One investment analyst has rated the stock with a hold rating and fourteen have issued a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $221.14.

Paylocity Stock Down 2.1 %

PCTY traded down $4.54 on Friday, reaching $207.47. The company’s stock had a trading volume of 145,181 shares, compared to its average volume of 495,027. The stock has a market cap of $11.57 billion, a price-to-earnings ratio of 53.11, a price-to-earnings-growth ratio of 5.03 and a beta of 0.95. Paylocity has a 1 year low of $129.94 and a 1 year high of $223.80. The company has a debt-to-equity ratio of 0.29, a current ratio of 1.32 and a quick ratio of 1.32. The business’s 50 day moving average is $201.28 and its 200 day moving average is $180.54.

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

Insiders Place Their Bets

In other Paylocity news, Director Jeffrey T. Diehl sold 946 shares of Paylocity stock in a transaction dated Friday, November 15th. The shares were sold at an average price of $204.74, for a total value of $193,684.04. Following the completion of the transaction, the director now directly owns 1,767 shares of the company’s stock, valued at approximately $361,775.58. The trade was a 34.87 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Steven I. Sarowitz sold 2,600 shares of Paylocity stock in a transaction that occurred on Monday, December 30th. The stock was sold at an average price of $200.14, for a total transaction of $520,364.00. Following the completion of the sale, the director now owns 8,332,347 shares of the company’s stock, valued at $1,667,635,928.58. This represents a 0.03 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 127,380 shares of company stock worth $25,830,669 in the last three months. 21.91% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Paylocity

A number of hedge funds have recently modified their holdings of PCTY. Sanctuary Advisors LLC bought a new position in shares of Paylocity in the second quarter worth about $194,000. SG Americas Securities LLC boosted its holdings in Paylocity by 20.7% in the 3rd quarter. SG Americas Securities LLC now owns 7,053 shares of the software maker’s stock worth $1,164,000 after buying an additional 1,210 shares during the last quarter. UMB Bank n.a. lifted its stake in Paylocity by 1,650.0% in the 3rd quarter. UMB Bank n.a. now owns 175 shares of the software maker’s stock worth $29,000 after purchasing an additional 165 shares in the last quarter. Creative Planning purchased a new stake in shares of Paylocity during the 3rd quarter valued at approximately $267,000. Finally, NBC Securities Inc. purchased a new stake in shares of Paylocity during the 3rd quarter valued at approximately $290,000. 94.76% of the stock is currently owned by institutional investors.

Paylocity Company Profile

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.