Paylocity (NASDAQ:PCTY) PT Raised to $182.00 at KeyCorp

Paylocity (NASDAQ:PCTY) had its target price hoisted by analysts at KeyCorp from $171.00 to $182.00 in a research report issued to clients and investors on Wednesday, Benzinga reports. The firm currently has an “overweight” rating on the software maker’s stock. KeyCorp’s price objective points to a potential upside of 9.08% from the stock’s current price.

A number of other equities research analysts have also recently weighed in on PCTY. Barclays dropped their price target on shares of Paylocity from $160.00 to $156.00 and set an “equal weight” rating for the company in a research report on Monday, August 5th. Jefferies Financial Group lowered their price target on Paylocity from $180.00 to $145.00 and set a “hold” rating for the company in a research report on Monday, June 24th. Truist Financial cut their price objective on Paylocity from $200.00 to $195.00 and set a “buy” rating on the stock in a report on Wednesday, July 31st. Stifel Nicolaus dropped their target price on Paylocity from $205.00 to $185.00 and set a “buy” rating for the company in a research report on Wednesday, June 5th. Finally, Robert W. Baird lowered their price objective on shares of Paylocity from $225.00 to $195.00 and set an “outperform” rating for the company in a research note on Tuesday, June 18th. Seven research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. Based on data from MarketBeat.com, Paylocity currently has an average rating of “Moderate Buy” and a consensus target price of $179.87.

Paylocity Price Performance

Paylocity stock opened at $166.85 on Wednesday. The stock has a market cap of $9.27 billion, a price-to-earnings ratio of 48.50, a price-to-earnings-growth ratio of 3.91 and a beta of 0.94. The firm has a 50 day simple moving average of $157.45 and a 200-day simple moving average of $154.67. Paylocity has a 1-year low of $129.94 and a 1-year high of $206.28.

Paylocity (NASDAQ:PCTY) last posted its earnings results on Thursday, August 1st. The software maker reported $1.48 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.29 by $0.19. Paylocity had a return on equity of 22.17% and a net margin of 14.74%. The company had revenue of $357.30 million during the quarter, compared to analysts’ expectations of $350.29 million. During the same quarter last year, the firm earned $0.76 earnings per share. The firm’s quarterly revenue was up 15.8% compared to the same quarter last year. Equities analysts expect that Paylocity will post 4.51 earnings per share for the current fiscal year.

Insider Transactions at Paylocity

In other Paylocity news, CFO Ryan Glenn sold 1,400 shares of the firm’s stock in a transaction dated Monday, July 15th. The stock was sold at an average price of $140.06, for a total transaction of $196,084.00. Following the transaction, the chief financial officer now owns 31,074 shares of the company’s stock, valued at $4,352,224.44. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. In other Paylocity news, CFO Ryan Glenn sold 1,400 shares of the business’s stock in a transaction that occurred on Monday, July 15th. The stock was sold at an average price of $140.06, for a total value of $196,084.00. Following the completion of the sale, the chief financial officer now owns 31,074 shares in the company, valued at $4,352,224.44. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, CEO Steven R. Beauchamp sold 49,442 shares of the firm’s stock in a transaction that occurred on Monday, July 22nd. The stock was sold at an average price of $142.68, for a total transaction of $7,054,384.56. Following the transaction, the chief executive officer now owns 1,745,022 shares in the company, valued at $248,979,738.96. The disclosure for this sale can be found here. In the last quarter, insiders sold 50,974 shares of company stock worth $7,272,256. 22.50% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Paylocity

Institutional investors and hedge funds have recently made changes to their positions in the business. SG Americas Securities LLC increased its holdings in shares of Paylocity by 20.7% in the third quarter. SG Americas Securities LLC now owns 7,053 shares of the software maker’s stock valued at $1,164,000 after purchasing an additional 1,210 shares during the period. Sanctuary Advisors LLC purchased a new position in Paylocity during the 2nd quarter worth $194,000. Point72 Asset Management L.P. acquired a new stake in shares of Paylocity in the 2nd quarter worth $10,641,000. Scientech Research LLC purchased a new stake in shares of Paylocity in the second quarter valued at about $1,318,000. Finally, Millennium Management LLC increased its stake in shares of Paylocity by 435.2% during the second quarter. Millennium Management LLC now owns 331,253 shares of the software maker’s stock worth $43,676,000 after acquiring an additional 269,354 shares during the period. 94.76% of the stock is owned by hedge funds and other institutional investors.

Paylocity Company Profile

Paylocity Holding Corporation provides cloud-based human capital management and payroll software solutions for workforce in the United States. The company offers Payroll and Tax Services solution to simplifies payroll, automates processes, and manages compliance requirements within one system; and expense management, on demand payment, and garnishment solutions.