Paylocity (NASDAQ:PCTY) PT Raised to $187.00

Paylocity (NASDAQ:PCTY) had its price target raised by stock analysts at KeyCorp from $182.00 to $187.00 in a research report issued on Friday, Benzinga reports. The brokerage presently has an “overweight” rating on the software maker’s stock. KeyCorp’s price target points to a potential upside of 7.63% from the company’s previous close.

Other analysts also recently issued reports about the company. Piper Sandler decreased their target price on Paylocity from $194.00 to $172.00 and set an “overweight” rating for the company in a research report on Friday, August 2nd. BTIG Research cut their price target on Paylocity from $200.00 to $185.00 and set a “buy” rating for the company in a report on Friday, August 2nd. Jefferies Financial Group raised Paylocity from a “hold” rating to a “buy” rating and raised their price target for the stock from $145.00 to $200.00 in a report on Tuesday, October 22nd. Mizuho raised their price target on Paylocity from $155.00 to $175.00 and gave the stock a “neutral” rating in a report on Monday, October 14th. Finally, JMP Securities reaffirmed a “market outperform” rating and issued a $250.00 price target on shares of Paylocity in a report on Monday, August 5th. Five analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $184.71.

Paylocity Trading Up 0.1 %

Shares of PCTY opened at $173.74 on Friday. The stock has a 50 day moving average of $162.93 and a 200 day moving average of $154.54. Paylocity has a 12 month low of $129.94 and a 12 month high of $184.77. The company has a market capitalization of $9.65 billion, a price-to-earnings ratio of 47.73, a PEG ratio of 4.23 and a beta of 0.95.

Paylocity (NASDAQ:PCTY) last released its earnings results on Thursday, August 1st. The software maker reported $1.48 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.29 by $0.19. Paylocity had a return on equity of 22.17% and a net margin of 14.74%. The business had revenue of $357.30 million during the quarter, compared to the consensus estimate of $350.29 million. During the same period last year, the business posted $0.76 earnings per share. The business’s revenue for the quarter was up 15.8% on a year-over-year basis. As a group, equities research analysts predict that Paylocity will post 4.52 earnings per share for the current year.

Insiders Place Their Bets

In other Paylocity news, SVP Rachit Lohani sold 658 shares of Paylocity stock in a transaction dated Wednesday, October 2nd. The stock was sold at an average price of $162.83, for a total transaction of $107,142.14. Following the completion of the sale, the senior vice president now owns 39,764 shares of the company’s stock, valued at $6,474,772.12. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Corporate insiders own 22.50% of the company’s stock.

Institutional Investors Weigh In On Paylocity

Several hedge funds have recently added to or reduced their stakes in PCTY. Wellington Management Group LLP increased its holdings in shares of Paylocity by 240.7% in the fourth quarter. Wellington Management Group LLP now owns 41,525 shares of the software maker’s stock worth $6,845,000 after buying an additional 29,338 shares during the period. State of Michigan Retirement System increased its holdings in shares of Paylocity by 2.9% in the first quarter. State of Michigan Retirement System now owns 10,672 shares of the software maker’s stock worth $1,834,000 after buying an additional 300 shares during the period. Wasatch Advisors LP increased its holdings in shares of Paylocity by 35.0% in the first quarter. Wasatch Advisors LP now owns 2,396,692 shares of the software maker’s stock worth $411,895,000 after buying an additional 621,946 shares during the period. Peterson Wealth Services purchased a new position in shares of Paylocity in the first quarter worth about $622,000. Finally, BNP Paribas Financial Markets increased its holdings in shares of Paylocity by 55.2% in the first quarter. BNP Paribas Financial Markets now owns 36,818 shares of the software maker’s stock worth $6,328,000 after buying an additional 13,093 shares during the period. 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.