Paylocity (NASDAQ:PCTY) Given New $220.00 Price Target at KeyCorp

Paylocity (NASDAQ:PCTY) had its price target boosted by KeyCorp from $210.00 to $220.00 in a report published on Friday,Benzinga reports. They currently have an overweight rating on the software maker’s stock.

A number of other research analysts have also recently issued reports on the stock. Piper Sandler lifted their price target on shares of Paylocity from $172.00 to $212.00 and gave the company an “overweight” rating in a research report on Thursday, October 31st. BMO Capital Markets boosted their price target on Paylocity from $175.00 to $203.00 and gave the stock an “outperform” rating in a research report on Thursday, October 31st. Needham & Company LLC reaffirmed a “buy” rating and set a $220.00 price objective on shares of Paylocity in a research report on Wednesday, January 15th. Jefferies Financial Group lifted their price objective on Paylocity from $215.00 to $240.00 and gave the company a “buy” rating in a research note on Monday, December 9th. Finally, Mizuho raised Paylocity from a “neutral” rating to an “outperform” rating and increased their target price for the stock from $200.00 to $235.00 in a research note on Friday. One research analyst has rated the stock with a hold rating and fourteen have assigned a buy rating to the company. Based on data from MarketBeat.com, Paylocity has a consensus rating of “Moderate Buy” and an average target price of $213.86.

Paylocity Price Performance

PCTY opened at $205.52 on Friday. Paylocity has a 12-month low of $129.94 and a 12-month high of $215.68. The company has a market cap of $11.46 billion, a price-to-earnings ratio of 52.56, a price-to-earnings-growth ratio of 4.98 and a beta of 0.93. The company has a current ratio of 1.32, a quick ratio of 1.32 and a debt-to-equity ratio of 0.29. The stock has a fifty day simple moving average of $201.39 and a two-hundred day simple moving average of $179.00.

Insider Activity at Paylocity

In other news, SVP Andrew Cappotelli sold 247 shares of the stock in a transaction that occurred on Tuesday, November 19th. The shares were 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 $2,828,605.86. This represents a 1.66 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CAO Nicholas Rost sold 212 shares of the business’s stock in a transaction that occurred 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 sale, the chief accounting officer now owns 7,364 shares of the company’s stock, valued at $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. Insiders have sold a total of 157,486 shares of company stock worth $31,751,368 over the last quarter. Company insiders own 21.91% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of the business. Convergence Investment Partners LLC purchased a new position in shares of Paylocity during the 4th quarter valued at about $553,000. Venturi Wealth Management LLC boosted its position in shares of Paylocity by 165.8% in the fourth quarter. Venturi Wealth Management LLC now owns 1,446 shares of the software maker’s stock worth $288,000 after purchasing an additional 902 shares during the period. Truist Financial Corp increased its stake in shares of Paylocity by 6.8% in the fourth quarter. Truist Financial Corp now owns 22,033 shares of the software maker’s stock worth $4,395,000 after purchasing an additional 1,398 shares in the last quarter. CIBC Asset Management Inc raised its position in shares of Paylocity by 5.6% during the 4th quarter. CIBC Asset Management Inc now owns 1,745 shares of the software maker’s stock valued at $348,000 after purchasing an additional 93 shares during the period. Finally, Sanctuary Advisors LLC lifted its stake in shares of Paylocity by 1,659.5% during the 4th quarter. Sanctuary Advisors LLC now owns 23,208 shares of the software maker’s stock valued at $4,675,000 after buying an additional 21,889 shares in the last quarter. Hedge funds and other institutional investors 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.