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

Paylocity (NASDAQ:PCTY) had its price target increased by KeyCorp from $220.00 to $250.00 in a research report report published on Friday morning,Benzinga reports. KeyCorp currently has an overweight rating on the software maker’s stock.

Several other analysts also recently commented on PCTY. BMO Capital Markets raised their target price on shares of Paylocity from $175.00 to $203.00 and gave the stock an “outperform” rating in a report on Thursday, October 31st. Jefferies Financial Group raised their target price on shares of Paylocity from $215.00 to $240.00 and gave the stock a “buy” rating in a report on Monday, December 9th. Barclays raised their target price on shares of Paylocity from $174.00 to $180.00 and gave the stock an “equal weight” rating in a report on Thursday, October 31st. Needham & Company LLC raised their target price on shares of Paylocity from $220.00 to $250.00 and gave the stock a “buy” rating in a report on Friday. Finally, Piper Sandler reaffirmed an “overweight” rating and set a $254.00 price target (up from $212.00) on shares of Paylocity in a research note on Thursday. Two research analysts have rated the stock with a hold rating and fifteen have given a buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $233.25.

Paylocity Stock Performance

Shares of NASDAQ:PCTY opened at $205.84 on Friday. The company has a market capitalization of $11.48 billion, a price-to-earnings ratio of 52.78, a P/E/G ratio of 5.19 and a beta of 0.95. The firm’s 50 day simple moving average is $201.28 and its 200 day simple moving average is $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. Paylocity has a fifty-two week low of $129.94 and a fifty-two week high of $223.80.

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 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, sell-side analysts forecast 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 business’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 $47,742.63. Following the sale, the senior vice president now directly owns 14,634 shares in the company, valued at approximately $2,828,605.86. The trade was a 1.66 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CAO Nicholas Rost sold 212 shares of the business’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 $40,977.48. Following the sale, the chief accounting officer now owns 7,364 shares in the company, valued at approximately $1,423,387.56. This trade represents a 2.80 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 127,380 shares of company stock valued at $25,830,669. 21.91% of the stock is currently owned by corporate insiders.

Institutional Trading of Paylocity

Hedge funds and other institutional investors have recently made changes to their positions in the company. Geode Capital Management LLC boosted its holdings in Paylocity by 3.6% in the third quarter. Geode Capital Management LLC now owns 1,048,806 shares of the software maker’s stock valued at $173,053,000 after acquiring an additional 36,590 shares during the last quarter. JPMorgan Chase & Co. boosted its holdings in Paylocity by 81.9% in 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. Janus Henderson Group PLC boosted its holdings in Paylocity by 3.5% in the third quarter. Janus Henderson Group PLC now owns 517,931 shares of the software maker’s stock valued at $85,444,000 after acquiring an additional 17,560 shares during the last quarter. GW&K Investment Management LLC boosted its holdings in Paylocity by 0.6% in the fourth quarter. GW&K Investment Management LLC now owns 381,010 shares of the software maker’s stock valued at $76,000,000 after acquiring an additional 2,193 shares during the last quarter. Finally, Point72 Asset Management L.P. boosted its holdings in Paylocity by 283.8% in 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. 94.76% of the stock is currently owned by 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.