Paylocity’s (PCTY) Outperform Rating Reiterated at Raymond James

Raymond James reaffirmed their outperform rating on shares of Paylocity (NASDAQ:PCTY) in a report published on Friday,Benzinga reports. They currently have a $265.00 price target on the software maker’s stock, up from their previous price target of $215.00.

PCTY has been the subject of a number of other research reports. KeyCorp upped their target price on Paylocity from $220.00 to $250.00 and gave the stock an “overweight” rating in a report on Friday. Jefferies Financial Group upped their target price on Paylocity from $215.00 to $240.00 and gave the stock a “buy” rating in a report on Monday, December 9th. JMP Securities upped their target price on Paylocity from $250.00 to $270.00 and gave the stock a “market outperform” rating in a report on Friday. Barclays upped their target price on Paylocity from $174.00 to $180.00 and gave the stock an “equal weight” rating in a report on Thursday, October 31st. Finally, Truist Financial upped their target price on Paylocity from $195.00 to $210.00 and gave the stock a “buy” rating in a report on Friday, November 1st. Two analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the company. Based on data from MarketBeat, Paylocity has an average rating of “Moderate Buy” and an average target price of $233.25.

Paylocity Price Performance

Paylocity 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. Paylocity has a 52 week low of $129.94 and a 52 week high of $223.80. The stock has a market capitalization of $11.48 billion, a P/E ratio of 52.78, a price-to-earnings-growth ratio of 5.19 and a beta of 0.95. The stock has a fifty day moving average of $201.28 and a 200-day moving average of $181.43.

Paylocity (NASDAQ:PCTY) last posted its quarterly earnings results on Thursday, February 6th. The software maker reported $0.82 EPS for the quarter, missing analysts’ consensus estimates of $1.42 by ($0.60). Paylocity had a return on equity of 22.93% and a net margin of 14.76%. On average, sell-side analysts expect that Paylocity will post 4.46 earnings per share for the current fiscal year.

Insider Activity at Paylocity

In other Paylocity news, SVP Andrew Cappotelli sold 247 shares of the stock in a transaction that occurred on Tuesday, November 19th. The stock was sold at an average price of $193.29, for a total value of $47,742.63. Following the transaction, the senior vice president now owns 14,634 shares in the company, valued at approximately $2,828,605.86. This represents a 1.66 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Jeffrey T. Diehl sold 946 shares of the stock in a transaction that occurred on Friday, November 15th. The stock was sold at an average price of $204.74, for a total value of $193,684.04. Following the completion of the transaction, the director now owns 1,767 shares in the company, valued at approximately $361,775.58. The trade was a 34.87 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 127,380 shares of company stock worth $25,830,669 in the last 90 days. Corporate insiders own 21.91% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of PCTY. JPMorgan Chase & Co. lifted its holdings in shares of 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 purchasing an additional 385,625 shares in the last quarter. Point72 Asset Management L.P. lifted its holdings in shares of 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 purchasing an additional 229,057 shares in the last quarter. Victory Capital Management Inc. lifted 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 valued at $19,724,000 after purchasing an additional 89,487 shares in the last quarter. Caisse DE Depot ET Placement DU Quebec lifted 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 valued at $15,904,000 after purchasing an additional 51,276 shares in the last quarter. Finally, Assenagon Asset Management S.A. lifted 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 valued at $7,913,000 after purchasing an additional 45,564 shares in the last quarter. 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.