Paylocity (NASDAQ:PCTY) Earns “Overweight” Rating from Piper Sandler

Paylocity (NASDAQ:PCTY)‘s stock had its “overweight” rating restated by research analysts at Piper Sandler in a research note issued to investors on Thursday,Benzinga reports. They presently have a $254.00 price target on the software maker’s stock, up from their previous price target of $212.00. Piper Sandler’s target price indicates a potential upside of 23.40% from the stock’s previous close.

A number of other research firms have also recently commented on PCTY. TD Cowen reduced their target price on shares of Paylocity from $235.00 to $228.00 and set a “buy” rating on the stock in a research report on Monday, January 6th. Jefferies Financial Group raised their target price on Paylocity from $215.00 to $240.00 and gave the company a “buy” rating in a research note on Monday, December 9th. Truist Financial raised their price target on shares of Paylocity from $195.00 to $210.00 and gave the stock a “buy” rating in a report on Friday, November 1st. StockNews.com raised shares of Paylocity from a “hold” rating to a “buy” rating in a research report on Saturday, December 7th. Finally, Mizuho upgraded Paylocity from a “neutral” rating to an “outperform” rating and raised their price objective for the stock from $200.00 to $235.00 in a research report on Friday, January 31st. Two investment analysts have rated the stock with a hold rating and fifteen have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $233.25.

Paylocity Trading Down 2.9 %

Shares of PCTY stock opened at $205.84 on Thursday. Paylocity has a 1-year low of $129.94 and a 1-year high of $223.80. The stock has a 50 day simple moving average of $201.32 and a 200-day simple moving average of $180.76. 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 52.64, a PEG ratio of 5.03 and a beta of 0.95.

Paylocity (NASDAQ:PCTY) last released its earnings results 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 15.32% and a return on equity of 22.92%. On average, equities research analysts expect that Paylocity will post 4.46 EPS for the current fiscal year.

Insider Buying and Selling at Paylocity

In other Paylocity news, Director Jeffrey T. Diehl sold 946 shares of the firm’s stock in a transaction dated Friday, November 15th. The stock was sold at an average price of $204.74, for a total value of $193,684.04. Following the sale, the director now directly owns 1,767 shares of the company’s stock, valued at approximately $361,775.58. This trade represents a 34.87 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CAO Nicholas Rost sold 212 shares of Paylocity stock in a transaction on 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. The trade was a 2.80 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 127,380 shares of company stock valued at $25,830,669 in the last 90 days. Company insiders own 21.91% of the company’s stock.

Institutional Trading of Paylocity

A number of institutional investors and hedge funds have recently made changes to their positions in PCTY. International Assets Investment Management LLC grew its position in Paylocity by 16,397.9% during the 3rd quarter. International Assets Investment Management LLC now owns 7,754 shares of the software maker’s stock worth $1,279,000 after acquiring an additional 7,707 shares during the last quarter. Edgestream Partners L.P. raised its stake in shares of Paylocity by 222.3% in the 3rd quarter. Edgestream Partners L.P. now owns 10,837 shares of the software maker’s stock valued at $1,788,000 after purchasing an additional 7,475 shares during the period. Barclays PLC increased its stake in Paylocity by 14.3% in the 3rd quarter. Barclays PLC now owns 44,897 shares of the software maker’s stock valued at $7,407,000 after buying an additional 5,609 shares during the last quarter. Nisa Investment Advisors LLC increased its position in shares of Paylocity by 5,742.0% during the 4th quarter. Nisa Investment Advisors LLC now owns 5,842 shares of the software maker’s stock worth $1,165,000 after purchasing an additional 5,742 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. increased its position in Paylocity by 1.7% during the third quarter. Charles Schwab Investment Management Inc. now owns 282,426 shares of the software maker’s stock worth $46,592,000 after buying an additional 4,697 shares during the last quarter. Institutional investors and hedge funds own 94.76% of the company’s stock.

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.