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

Paylocity (NASDAQ:PCTY) had its target price boosted by KeyCorp from $220.00 to $250.00 in a research note issued to investors on Friday,Benzinga reports. The firm currently has an overweight rating on the software maker’s stock.

Other equities analysts have also issued research reports about the stock. Piper Sandler restated an “overweight” rating and set a $254.00 price objective (up previously from $212.00) on shares of Paylocity in a research report on Thursday. StockNews.com upgraded Paylocity from a “hold” rating to a “buy” rating in a report on Saturday, December 7th. Barclays boosted their price objective on Paylocity from $174.00 to $180.00 and gave the stock an “equal weight” rating in a report on Thursday, October 31st. Jefferies Financial Group raised 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, BMO Capital Markets upped their price target on shares of Paylocity from $175.00 to $203.00 and gave the company an “outperform” rating in a research report on Thursday, October 31st. Two research analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the company’s stock. According to data from MarketBeat, Paylocity has a consensus rating of “Moderate Buy” and an average price target of $233.25.

Paylocity Stock Performance

Shares of NASDAQ PCTY opened at $205.84 on Friday. The stock has a 50 day simple moving average of $201.32 and a 200-day simple moving average of $180.76. The company has a current ratio of 1.32, a quick ratio of 1.32 and a debt-to-equity ratio of 0.29. The company has a market cap of $11.48 billion, a PE ratio of 52.78, a P/E/G ratio of 5.19 and a beta of 0.95. Paylocity has a 12-month low of $129.94 and a 12-month high of $223.80.

Paylocity (NASDAQ:PCTY) last issued its quarterly earnings data 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 net margin of 14.76% and a return on equity of 22.93%. On average, equities research analysts forecast that Paylocity will post 4.46 EPS for the current year.

Insiders Place Their Bets

In other Paylocity news, SVP Andrew Cappotelli sold 247 shares of the stock in a transaction on Tuesday, November 19th. The shares were sold at an average price of $193.29, for a total value of $47,742.63. Following the completion of the sale, the senior vice president now directly owns 14,634 shares of the company’s stock, valued at $2,828,605.86. This represents a 1.66 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Steven I. Sarowitz sold 10,237 shares of the business’s stock in a transaction dated Wednesday, November 27th. The stock was sold at an average price of $210.10, for a total transaction of $2,150,793.70. Following the transaction, the director now owns 9,214,115 shares in the company, valued at approximately $1,935,885,561.50. The trade was a 0.11 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 127,380 shares of company stock valued at $25,830,669 in the last quarter. Insiders own 21.91% of the company’s stock.

Hedge Funds Weigh In On Paylocity

Several large investors have recently added to or reduced their stakes in PCTY. JPMorgan Chase & Co. lifted its position in Paylocity by 81.9% in the third quarter. JPMorgan Chase & Co. now owns 856,536 shares of the software maker’s stock worth $141,303,000 after purchasing an additional 385,625 shares during the period. Point72 Asset Management L.P. increased its stake in Paylocity by 283.8% in the third quarter. Point72 Asset Management L.P. now owns 309,761 shares of the software maker’s stock valued at $51,101,000 after acquiring an additional 229,057 shares during the period. Victory Capital Management Inc. lifted its position in shares of Paylocity by 297.6% during the 3rd quarter. Victory Capital Management Inc. now owns 119,560 shares of the software maker’s stock worth $19,724,000 after buying an additional 89,487 shares during the period. Caisse DE Depot ET Placement DU Quebec grew its position in Paylocity by 113.6% in the third quarter. Caisse DE Depot ET Placement DU Quebec now owns 96,406 shares of the software maker’s stock valued at $15,904,000 after acquiring an additional 51,276 shares during the period. Finally, Assenagon Asset Management S.A. raised its stake in Paylocity by 1,896.9% during the third quarter. Assenagon Asset Management S.A. now owns 47,966 shares of the software maker’s stock worth $7,913,000 after acquiring an additional 45,564 shares in the last quarter. Institutional investors and hedge funds own 94.76% of the company’s stock.

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.