Paylocity (NASDAQ:PCTY) Rating Increased to Buy at Jefferies Financial Group

Paylocity (NASDAQ:PCTY) was upgraded by investment analysts at Jefferies Financial Group from a “hold” rating to a “buy” rating in a research note issued on Tuesday, MarketBeat.com reports. The brokerage currently has a $200.00 price target on the software maker’s stock, up from their prior price target of $145.00. Jefferies Financial Group’s price objective indicates a potential upside of 15.50% from the company’s previous close.

Several other research analysts have also weighed in on the company. Piper Sandler reduced their price objective on Paylocity from $194.00 to $172.00 and set an “overweight” rating for the company in a research note on Friday, August 2nd. KeyCorp increased their price target on shares of Paylocity from $171.00 to $182.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 2nd. Needham & Company LLC reaffirmed a “buy” rating and set a $200.00 price objective on shares of Paylocity in a research report on Thursday, October 17th. Truist Financial cut their target price on shares of Paylocity from $200.00 to $195.00 and set a “buy” rating for the company in a research report on Wednesday, July 31st. Finally, BTIG Research lowered their price target on shares of Paylocity from $200.00 to $185.00 and set a “buy” rating on the stock in a report on Friday, August 2nd. Six equities research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. According to MarketBeat.com, Paylocity presently has a consensus rating of “Moderate Buy” and an average target price of $186.07.

Paylocity Trading Down 1.1 %

NASDAQ PCTY opened at $173.16 on Tuesday. Paylocity has a 1 year low of $129.94 and a 1 year high of $194.65. The stock’s 50-day moving average price is $162.18 and its two-hundred day moving average price is $154.50. The company has a market cap of $9.62 billion, a PE ratio of 47.57, a PEG ratio of 4.17 and a beta of 0.95.

Paylocity (NASDAQ:PCTY) last issued its quarterly earnings results on Thursday, August 1st. The software maker reported $1.48 EPS for the quarter, beating the consensus estimate of $1.29 by $0.19. Paylocity had a net margin of 14.74% and a return on equity of 22.17%. The business had revenue of $357.30 million during the quarter, compared to the consensus estimate of $350.29 million. During the same quarter in the prior year, the firm earned $0.76 EPS. The firm’s quarterly revenue was up 15.8% on a year-over-year basis. Research analysts forecast that Paylocity will post 4.51 EPS for the current fiscal year.

Insider Buying and Selling

In other Paylocity news, SVP Rachit Lohani sold 658 shares of the stock in a transaction that occurred on Wednesday, October 2nd. The stock was sold at an average price of $162.83, for a total transaction of $107,142.14. Following the transaction, the senior vice president now owns 39,764 shares in the company, valued at $6,474,772.12. This trade represents 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 the SEC website. Corporate insiders own 22.50% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. UMB Bank n.a. grew its position in shares of Paylocity by 1,650.0% in the third quarter. UMB Bank n.a. now owns 175 shares of the software maker’s stock valued at $29,000 after purchasing an additional 165 shares during the last quarter. J.Safra Asset Management Corp boosted its stake in Paylocity by 80.0% during the 1st quarter. J.Safra Asset Management Corp now owns 243 shares of the software maker’s stock valued at $42,000 after purchasing an additional 108 shares during the period. Rothschild Investment LLC acquired a new stake in Paylocity in the 2nd quarter valued at approximately $40,000. GAMMA Investing LLC increased its position in Paylocity by 34.7% in the 1st quarter. GAMMA Investing LLC now owns 303 shares of the software maker’s stock worth $52,000 after buying an additional 78 shares during the period. Finally, Signaturefd LLC lifted its holdings in shares of Paylocity by 121.0% during the third quarter. Signaturefd LLC now owns 305 shares of the software maker’s stock worth $50,000 after buying an additional 167 shares during the last quarter. 94.76% of the stock is currently owned by institutional investors and hedge funds.

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.