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

Paylocity (NASDAQ:PCTY) had its price objective raised by Stifel Nicolaus from $220.00 to $250.00 in a research report report published on Friday,Benzinga reports. The brokerage currently has a buy rating on the software maker’s stock.

PCTY has been the topic of a number of other research reports. Truist Financial lifted their target price on shares of Paylocity from $195.00 to $210.00 and gave the company a “buy” rating in a research note on Friday, November 1st. TD Cowen lowered their target price on shares of Paylocity from $235.00 to $228.00 and set a “buy” rating on the stock in a research note on Monday, January 6th. StockNews.com upgraded shares of Paylocity from a “hold” rating to a “buy” rating in a research note on Saturday, December 7th. Citigroup upgraded shares of Paylocity from a “neutral” rating to a “buy” rating and lifted their target price for the company from $214.00 to $231.00 in a research note on Thursday, January 16th. Finally, 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. Two equities research analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the company’s stock. Based on data from MarketBeat, Paylocity currently has a consensus rating of “Moderate Buy” and a consensus price target of $233.25.

Paylocity Trading Down 2.9 %

Shares of PCTY stock opened at $205.84 on Friday. Paylocity has a 1 year low of $129.94 and a 1 year high of $223.80. The firm has a fifty day moving average price of $201.28 and a 200-day moving average price of $181.43. 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 company has a market cap of $11.48 billion, a price-to-earnings ratio of 52.78, a PEG ratio of 5.19 and a beta of 0.95.

Paylocity (NASDAQ:PCTY) last issued its quarterly earnings data on Thursday, February 6th. The software maker reported $0.82 earnings per share (EPS) 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%. As a group, equities analysts predict that Paylocity will post 4.46 earnings per share for the current year.

Insiders Place Their Bets

In other news, SVP Andrew Cappotelli sold 247 shares of the stock in a transaction that occurred on Tuesday, November 19th. The shares were sold at an average price of $193.29, for a total transaction of $47,742.63. Following the transaction, the senior vice president now directly owns 14,634 shares in the company, valued at approximately $2,828,605.86. This trade represents a 1.66 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Steven I. Sarowitz sold 10,237 shares of the stock in a transaction that occurred on Wednesday, November 27th. The shares were 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. This represents a 0.11 % 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. Corporate insiders own 21.91% of the company’s stock.

Institutional Investors Weigh In On Paylocity

A number of hedge funds and other institutional investors have recently bought and sold shares of PCTY. JPMorgan Chase & Co. lifted its position in Paylocity by 81.9% during the third quarter. JPMorgan Chase & Co. now owns 856,536 shares of the software maker’s stock valued at $141,303,000 after acquiring an additional 385,625 shares during the last quarter. Point72 Asset Management L.P. lifted its position 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 valued at $51,101,000 after acquiring an additional 229,057 shares during the last quarter. Victory Capital Management Inc. raised its holdings in shares of Paylocity by 297.6% in the third 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 last quarter. Caisse DE Depot ET Placement DU Quebec raised its holdings in shares of 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 worth $15,904,000 after buying an additional 51,276 shares during the last quarter. Finally, Assenagon Asset Management S.A. raised its holdings in shares of Paylocity by 1,896.9% in the third quarter. Assenagon Asset Management S.A. now owns 47,966 shares of the software maker’s stock worth $7,913,000 after buying an additional 45,564 shares during the last quarter. Hedge funds and other institutional investors 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.