Paylocity’s (PCTY) Market Outperform Rating Reaffirmed at JMP Securities

JMP Securities restated their market outperform rating on shares of Paylocity (NASDAQ:PCTY) in a research report report published on Tuesday morning,Benzinga reports. JMP Securities currently has a $270.00 price objective on the software maker’s stock.

Other research analysts have also recently issued research reports about the stock. KeyCorp decreased their target price on shares of Paylocity from $250.00 to $220.00 and set an “overweight” rating on the stock in a research report on Tuesday, April 22nd. UBS Group lifted their price objective on Paylocity from $211.00 to $220.00 and gave the company a “neutral” rating in a research note on Friday, February 7th. StockNews.com lowered Paylocity from a “buy” rating to a “hold” rating in a research note on Monday, February 10th. Citigroup raised 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 report on Thursday, January 16th. Finally, Barclays lowered their price objective on shares of Paylocity from $231.00 to $204.00 and set an “equal weight” rating for the company in a research note on Monday, April 21st. Four research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $226.12.

Paylocity Stock Performance

NASDAQ PCTY opened at $192.33 on Tuesday. Paylocity has a fifty-two week low of $129.94 and a fifty-two week high of $223.80. The firm has a market capitalization of $10.75 billion, a P/E ratio of 49.32, a price-to-earnings-growth ratio of 4.49 and a beta of 0.76. The stock’s fifty day moving average is $189.82 and its two-hundred day moving average is $195.88. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.14 and a current ratio of 1.14.

Paylocity (NASDAQ:PCTY) last announced 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 22.45%. On average, research analysts anticipate that Paylocity will post 4.36 earnings per share for the current year.

Insiders Place Their Bets

In related news, Director Steven I. Sarowitz sold 26,252 shares of Paylocity stock in a transaction on Monday, March 24th. The shares were sold at an average price of $194.91, for a total transaction of $5,116,777.32. Following the sale, the director now directly owns 420,000 shares in the company, valued at $81,862,200. This trade represents a 5.88 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 21.91% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Paylocity

Several hedge funds have recently made changes to their positions in the company. Certuity LLC purchased a new position in Paylocity during the 4th quarter worth approximately $232,000. Barclays PLC boosted its holdings in shares of Paylocity by 14.3% in the third quarter. Barclays PLC now owns 44,897 shares of the software maker’s stock valued at $7,407,000 after acquiring an additional 5,609 shares during the period. Nisa Investment Advisors LLC grew its position in shares of Paylocity by 5,742.0% during the fourth quarter. Nisa Investment Advisors LLC now owns 5,842 shares of the software maker’s stock worth $1,165,000 after acquiring an additional 5,742 shares during the last quarter. SBI Securities Co. Ltd. acquired a new position in shares of Paylocity in the 4th quarter valued at $29,000. Finally, Park Avenue Securities LLC raised its position in Paylocity by 63.3% in the 4th quarter. Park Avenue Securities LLC now owns 5,590 shares of the software maker’s stock valued at $1,115,000 after purchasing an additional 2,167 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.