Paylocity (NASDAQ:PCTY) PT Raised to $182.00 at KeyCorp

Paylocity (NASDAQ:PCTY) had its price target lifted by equities researchers at KeyCorp from $171.00 to $182.00 in a research report issued on Wednesday, Benzinga reports. The brokerage presently has an “overweight” rating on the software maker’s stock. KeyCorp’s price target would indicate a potential upside of 11.75% from the company’s previous close.

Other research analysts have also issued research reports about the company. Needham & Company LLC reaffirmed a “buy” rating and set a $200.00 price objective on shares of Paylocity in a report on Thursday, September 5th. Stifel Nicolaus decreased their target price on shares of Paylocity from $205.00 to $185.00 and set a “buy” rating on the stock in a research report on Wednesday, June 5th. TD Cowen cut their price target on shares of Paylocity from $180.00 to $153.00 and set a “buy” rating for the company in a report on Thursday, June 20th. Jefferies Financial Group decreased their price objective on shares of Paylocity from $180.00 to $145.00 and set a “hold” rating on the stock in a report on Monday, June 24th. Finally, Robert W. Baird lowered their price target on Paylocity from $225.00 to $195.00 and set an “outperform” rating on the stock in a report on Tuesday, June 18th. Seven research analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. Based on data from MarketBeat.com, Paylocity has an average rating of “Moderate Buy” and an average price target of $179.87.

Paylocity Stock Performance

PCTY stock opened at $162.87 on Wednesday. The stock has a market capitalization of $9.19 billion, a PE ratio of 47.35, a price-to-earnings-growth ratio of 4.01 and a beta of 0.94. The company has a fifty day moving average of $156.57 and a 200-day moving average of $154.49. Paylocity has a one year low of $129.94 and a one year high of $206.28.

Paylocity (NASDAQ:PCTY) last announced its quarterly earnings data on Thursday, August 1st. The software maker reported $1.48 EPS for the quarter, beating analysts’ consensus estimates of $1.29 by $0.19. Paylocity had a net margin of 14.74% and a return on equity of 22.17%. The firm had revenue of $357.30 million during the quarter, compared to the consensus estimate of $350.29 million. During the same quarter last year, the firm earned $0.76 earnings per share. The firm’s revenue was up 15.8% compared to the same quarter last year. Equities analysts forecast that Paylocity will post 4.51 earnings per share for the current fiscal year.

Insider Activity

In related news, CFO Ryan Glenn sold 1,400 shares of the firm’s stock in a transaction that occurred on Monday, July 15th. The stock was sold at an average price of $140.06, for a total value of $196,084.00. Following the transaction, the chief financial officer now directly owns 31,074 shares of the company’s stock, valued at approximately $4,352,224.44. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, CEO Steven R. Beauchamp sold 49,442 shares of the firm’s stock in a transaction dated Monday, July 22nd. The stock was sold at an average price of $142.68, for a total value of $7,054,384.56. Following the sale, the chief executive officer now directly owns 1,745,022 shares of the company’s stock, valued at $248,979,738.96. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CFO Ryan Glenn sold 1,400 shares of Paylocity stock in a transaction dated Monday, July 15th. The stock was sold at an average price of $140.06, for a total value of $196,084.00. Following the completion of the transaction, the chief financial officer now owns 31,074 shares in the company, valued at $4,352,224.44. The disclosure for this sale can be found here. Insiders sold a total of 50,974 shares of company stock worth $7,272,256 in the last three months. 22.50% of the stock is owned by insiders.

Institutional Trading of Paylocity

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in PCTY. Norges Bank acquired a new stake in shares of Paylocity in the fourth quarter worth $9,643,000. Hsbc Holdings PLC lifted its position in shares of Paylocity by 427.3% during the fourth quarter. Hsbc Holdings PLC now owns 27,760 shares of the software maker’s stock worth $4,595,000 after purchasing an additional 22,495 shares in the last quarter. Treasurer of the State of North Carolina raised its position in Paylocity by 1.0% in the 4th quarter. Treasurer of the State of North Carolina now owns 18,625 shares of the software maker’s stock worth $3,070,000 after purchasing an additional 180 shares during the last quarter. Bank of Nova Scotia bought a new stake in Paylocity during the 4th quarter worth about $252,000. Finally, California State Teachers Retirement System raised its stake in shares of Paylocity by 12.4% during the fourth quarter. California State Teachers Retirement System now owns 71,160 shares of the software maker’s stock worth $11,731,000 after buying an additional 7,830 shares during the last quarter. Institutional investors and hedge funds own 94.76% of the company’s stock.

Paylocity Company Profile

Paylocity Holding Corporation provides cloud-based human capital management and payroll software solutions for workforce in the United States. The company offers Payroll and Tax Services solution to simplifies payroll, automates processes, and manages compliance requirements within one system; and expense management, on demand payment, and garnishment solutions.