Paylocity (NASDAQ:PCTY) Price Target Raised to $231.00

Paylocity (NASDAQ:PCTY) had its price objective hoisted by Barclays from $214.00 to $231.00 in a report issued on Friday,Benzinga reports. Barclays currently has an equal weight rating on the software maker’s stock.

A number of other research firms have also recently issued reports on PCTY. UBS Group lifted their target price on shares of Paylocity from $211.00 to $220.00 and gave the company a “neutral” rating in a research note on Friday. JMP Securities lifted their target price on shares of Paylocity from $250.00 to $270.00 and gave the company a “market outperform” rating in a research note on Friday. KeyCorp lifted their target price on shares of Paylocity from $220.00 to $250.00 and gave the company an “overweight” rating in a research note on Friday. Jefferies Financial Group lifted their target price on shares of Paylocity from $240.00 to $255.00 and gave the company a “buy” rating in a research note on Friday. Finally, Raymond James restated an “outperform” rating and issued a $265.00 price objective (up from $215.00) on shares of Paylocity in a research note on Friday. Two research analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the stock. According to MarketBeat.com, Paylocity currently has an average rating of “Moderate Buy” and an average target price of $233.25.

Paylocity Stock Performance

PCTY stock opened at $205.84 on Friday. 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 market cap of $11.48 billion, a P/E ratio of 52.78, a P/E/G ratio of 5.19 and a beta of 0.95. The firm has a 50 day simple moving average of $201.28 and a 200 day simple moving average of $181.43. Paylocity has a 52 week low of $129.94 and a 52 week high of $223.80.

Paylocity (NASDAQ:PCTY) last posted its quarterly earnings results on Thursday, February 6th. The software maker reported $0.82 EPS 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%. Research analysts anticipate that Paylocity will post 4.46 earnings per share for the current fiscal year.

Insider Transactions at Paylocity

In related news, CAO Nicholas Rost sold 212 shares of the company’s stock in a transaction dated Tuesday, November 19th. The shares were sold at an average price of $193.29, for a total transaction of $40,977.48. Following the transaction, the chief accounting officer now owns 7,364 shares in the company, valued at $1,423,387.56. This represents a 2.80 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Steven I. Sarowitz sold 2,600 shares of the company’s stock in a transaction dated Monday, December 30th. The stock was sold at an average price of $200.14, for a total transaction of $520,364.00. Following the transaction, the director now owns 8,332,347 shares in the company, valued at approximately $1,667,635,928.58. This trade represents a 0.03 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 127,380 shares of company stock valued at $25,830,669. 21.91% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. UMB Bank n.a. lifted its position in Paylocity by 1,650.0% during the 3rd quarter. UMB Bank n.a. now owns 175 shares of the software maker’s stock valued at $29,000 after purchasing an additional 165 shares during the period. SBI Securities Co. Ltd. acquired a new position in Paylocity during the 4th quarter valued at about $29,000. Prospera Private Wealth LLC acquired a new position in Paylocity during the 3rd quarter valued at about $39,000. Signaturefd LLC lifted its position in Paylocity by 121.0% during the 3rd quarter. Signaturefd LLC now owns 305 shares of the software maker’s stock valued at $50,000 after purchasing an additional 167 shares during the period. Finally, Quarry LP lifted its position in Paylocity by 149.2% during the 3rd quarter. Quarry LP now owns 309 shares of the software maker’s stock valued at $51,000 after purchasing an additional 185 shares during the period. 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.