Paylocity (NASDAQ:PCTY) Given New $250.00 Price Target at KeyCorp

Paylocity (NASDAQ:PCTY) had its price objective raised by investment analysts at KeyCorp from $220.00 to $250.00 in a research note issued to investors on Friday,Benzinga reports. The brokerage currently has an “overweight” rating on the software maker’s stock. KeyCorp’s price objective suggests a potential upside of 20.50% from the company’s current price.

PCTY has been the subject of several other reports. Mizuho upgraded Paylocity from a “neutral” rating to an “outperform” rating and raised their target price for the company from $200.00 to $235.00 in a research note on Friday, January 31st. Piper Sandler restated an “overweight” rating and issued a $254.00 target price (up from $212.00) on shares of Paylocity in a research note on Thursday. Needham & Company LLC lifted their price target on Paylocity from $220.00 to $250.00 and gave the company a “buy” rating in a report on Friday. TD Cowen dropped their target price on Paylocity from $235.00 to $228.00 and set a “buy” rating on the stock in a report on Monday, January 6th. Finally, Jefferies Financial Group upped their price target on Paylocity from $215.00 to $240.00 and gave the company a “buy” rating in a report on Monday, December 9th. One equities research analyst has rated the stock with a hold rating and fourteen have given a buy rating to the company’s stock. Based on data from MarketBeat, Paylocity currently has an average rating of “Moderate Buy” and a consensus price target of $221.14.

Paylocity Stock Performance

Shares of PCTY traded down $4.54 during midday trading on Friday, reaching $207.47. 145,181 shares of the stock were exchanged, compared to its average volume of 495,027. The company has a market capitalization of $11.57 billion, a price-to-earnings ratio of 53.11, a PEG ratio of 5.03 and a beta of 0.95. The business’s 50-day moving average price is $201.28 and its 200 day moving average price is $180.54. Paylocity has a twelve month low of $129.94 and a twelve month high of $223.80. 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 (NASDAQ:PCTY) last announced its 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 net margin of 15.32% and a return on equity of 22.92%. On average, sell-side analysts expect that Paylocity will post 4.46 EPS for the current fiscal year.

Insiders Place Their Bets

In other Paylocity news, Director Steven I. Sarowitz sold 2,600 shares of the firm’s stock in a transaction on Monday, December 30th. The shares were sold at an average price of $200.14, for a total value of $520,364.00. Following the transaction, the director now directly owns 8,332,347 shares of the company’s stock, valued at approximately $1,667,635,928.58. This trade represents a 0.03 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, SVP Andrew Cappotelli sold 247 shares of the firm’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 owns 14,634 shares of the company’s stock, valued at $2,828,605.86. This trade represents a 1.66 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 127,380 shares of company stock valued at $25,830,669 in the last ninety days. 21.91% of the stock is currently owned by insiders.

Institutional Trading of Paylocity

Hedge funds and other institutional investors have recently modified their holdings of the business. UMB Bank n.a. lifted its stake in Paylocity by 1,650.0% during the 3rd quarter. UMB Bank n.a. now owns 175 shares of the software maker’s stock valued at $29,000 after acquiring an additional 165 shares during the period. SBI Securities Co. Ltd. bought a new stake in Paylocity in the fourth quarter worth $29,000. Prospera Private Wealth LLC bought a new stake in shares of Paylocity during the third quarter worth $39,000. Signaturefd LLC increased its stake in shares of Paylocity by 121.0% during the third quarter. Signaturefd LLC now owns 305 shares of the software maker’s stock valued at $50,000 after buying an additional 167 shares during the period. Finally, Quarry LP grew its stake in Paylocity by 149.2% in the third quarter. Quarry LP now owns 309 shares of the software maker’s stock valued at $51,000 after purchasing an additional 185 shares during the last quarter. 94.76% of the stock is owned by hedge funds and other 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.