Paylocity (NASDAQ:PCTY) Price Target Raised to $255.00

Paylocity (NASDAQ:PCTY) had its price objective lifted by Jefferies Financial Group from $240.00 to $255.00 in a research note released on Friday morning,Benzinga reports. The brokerage currently has a buy rating on the software maker’s stock.

PCTY has been the topic of several other reports. Truist Financial upped their price target on shares of Paylocity from $195.00 to $210.00 and gave the company a “buy” rating in a report on Friday, November 1st. Barclays upped their price objective on shares of Paylocity from $174.00 to $180.00 and gave the stock an “equal weight” rating in a research report on Thursday, October 31st. Citigroup upgraded shares of Paylocity from a “neutral” rating to a “buy” rating and upped their price objective for the stock from $214.00 to $231.00 in a research report on Thursday, January 16th. StockNews.com upgraded shares of Paylocity from a “hold” rating to a “buy” rating in a research report on Saturday, December 7th. Finally, TD Cowen decreased their price objective on shares of Paylocity from $235.00 to $228.00 and set a “buy” rating for the company in a research report on Monday, January 6th. Two investment analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $233.25.

Paylocity Stock Performance

Shares of PCTY stock opened at $205.84 on Friday. The business’s fifty day simple moving average is $201.28 and its 200-day simple moving average is $181.43. The company has a market cap of $11.48 billion, a PE ratio of 52.78, a PEG ratio of 5.19 and a beta of 0.95. The company has a current ratio of 1.32, a quick ratio of 1.32 and a debt-to-equity ratio of 0.29. Paylocity has a 12-month low of $129.94 and a 12-month high of $223.80.

Paylocity (NASDAQ:PCTY) last announced 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%. Analysts expect that Paylocity will post 4.46 earnings per share for the current fiscal year.

Insider Buying and Selling

In related 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 completion of the transaction, the senior vice president now owns 14,634 shares of the company’s stock, valued at approximately $2,828,605.86. This trade represents a 1.66 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Steven I. Sarowitz sold 15,444 shares of the firm’s stock in a transaction that occurred on Wednesday, November 20th. The shares were sold at an average price of $195.43, for a total transaction of $3,018,220.92. Following the completion of the transaction, the director now directly owns 9,272,906 shares of the company’s stock, valued at $1,812,204,019.58. This represents a 0.17 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 127,380 shares of company stock valued at $25,830,669. Company insiders own 21.91% of the company’s stock.

Institutional Investors Weigh In On Paylocity

Hedge funds and other institutional investors have recently modified their holdings of the company. Geode Capital Management LLC raised its stake in Paylocity by 3.6% during the 3rd quarter. Geode Capital Management LLC now owns 1,048,806 shares of the software maker’s stock worth $173,053,000 after acquiring an additional 36,590 shares in the last quarter. JPMorgan Chase & Co. raised its stake in Paylocity by 81.9% during the 3rd quarter. JPMorgan Chase & Co. now owns 856,536 shares of the software maker’s stock worth $141,303,000 after acquiring an additional 385,625 shares in the last quarter. Janus Henderson Group PLC raised its stake in Paylocity by 3.5% during the 3rd quarter. Janus Henderson Group PLC now owns 517,931 shares of the software maker’s stock worth $85,444,000 after acquiring an additional 17,560 shares in the last quarter. GW&K Investment Management LLC raised its stake in Paylocity by 0.6% during the 4th quarter. GW&K Investment Management LLC now owns 381,010 shares of the software maker’s stock worth $76,000,000 after acquiring an additional 2,193 shares in the last quarter. Finally, Point72 Asset Management L.P. raised its stake in Paylocity by 283.8% during the 3rd quarter. Point72 Asset Management L.P. now owns 309,761 shares of the software maker’s stock worth $51,101,000 after acquiring an additional 229,057 shares in the last quarter. 94.76% of the stock is currently owned by institutional investors and hedge funds.

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.