Paylocity (NASDAQ:PCTY) Price Target Raised to $220.00

Paylocity (NASDAQ:PCTY) had its target price boosted by UBS Group from $211.00 to $220.00 in a research report released on Friday morning,Benzinga reports. UBS Group currently has a neutral rating on the software maker’s stock.

A number of other research analysts have also recently weighed in on PCTY. Mizuho upgraded shares of Paylocity from a “neutral” rating to an “outperform” rating and boosted their price objective for the company from $200.00 to $235.00 in a research report on Friday, January 31st. Truist Financial boosted their price objective on shares of Paylocity from $195.00 to $210.00 and gave the company a “buy” rating in a research report on Friday, November 1st. StockNews.com upgraded shares of Paylocity from a “hold” rating to a “buy” rating in a research report on Saturday, December 7th. Piper Sandler reiterated 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. Finally, Jefferies Financial Group boosted their target price on shares of Paylocity from $215.00 to $240.00 and gave the company a “buy” rating in a research note on Monday, December 9th. Two research analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the company. According to MarketBeat, Paylocity has a consensus rating of “Moderate Buy” and an average target price of $233.25.

Paylocity Trading Down 2.9 %

Paylocity stock opened at $205.84 on Friday. The stock has a market cap of $11.48 billion, a P/E ratio of 52.78, a PEG ratio of 5.19 and a beta of 0.95. The company has a debt-to-equity ratio of 0.29, a current ratio of 1.32 and a quick ratio of 1.32. Paylocity has a 1 year low of $129.94 and a 1 year high of $223.80. The firm’s 50 day moving average price is $201.28 and its 200-day moving average price is $181.43.

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 the consensus estimate of $1.42 by ($0.60). Paylocity had a return on equity of 22.93% and a net margin of 14.76%. On average, equities analysts predict that Paylocity will post 4.46 earnings per share for the current fiscal year.

Insider Buying and Selling at Paylocity

In related news, CAO Nicholas Rost sold 212 shares of the firm’s stock in a transaction dated Tuesday, November 19th. The stock was sold at an average price of $193.29, for a total transaction of $40,977.48. Following the completion of the sale, the chief accounting officer now directly owns 7,364 shares of the company’s stock, valued at approximately $1,423,387.56. This trade represents a 2.80 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, SVP Andrew Cappotelli sold 247 shares of the firm’s stock in a transaction dated Tuesday, November 19th. The stock was sold at an average price of $193.29, for a total value of $47,742.63. Following the sale, the senior vice president now directly owns 14,634 shares of the company’s stock, valued at $2,828,605.86. The trade was a 1.66 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 127,380 shares of company stock worth $25,830,669. Corporate insiders own 21.91% of the company’s stock.

Hedge Funds Weigh In On Paylocity

Hedge funds and other institutional investors have recently bought and sold shares of the company. JPMorgan Chase & Co. boosted its stake in shares of Paylocity by 81.9% in the 3rd quarter. JPMorgan Chase & Co. now owns 856,536 shares of the software maker’s stock valued at $141,303,000 after buying an additional 385,625 shares during the period. Point72 Asset Management L.P. lifted its stake in Paylocity by 283.8% during the third quarter. Point72 Asset Management L.P. now owns 309,761 shares of the software maker’s stock worth $51,101,000 after purchasing an additional 229,057 shares during the last quarter. Victory Capital Management Inc. lifted its stake in Paylocity by 297.6% during the third quarter. Victory Capital Management Inc. now owns 119,560 shares of the software maker’s stock worth $19,724,000 after purchasing an additional 89,487 shares during the last quarter. Caisse DE Depot ET Placement DU Quebec lifted its stake in Paylocity by 113.6% during the third quarter. Caisse DE Depot ET Placement DU Quebec now owns 96,406 shares of the software maker’s stock worth $15,904,000 after purchasing an additional 51,276 shares during the last quarter. Finally, Assenagon Asset Management S.A. lifted 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 purchasing an additional 45,564 shares during the last quarter. 94.76% of the stock is currently owned by hedge funds and other institutional investors.

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.