Paylocity (NASDAQ:PCTY) PT Raised to $200.00 at KeyCorp

Paylocity (NASDAQ:PCTY) had its price objective raised by KeyCorp from $186.00 to $200.00 in a research note issued to investors on Friday, Benzinga reports. They currently have an overweight rating on the software maker’s stock.

Other equities research analysts also recently issued research reports about the company. Citigroup raised their price target on Paylocity from $180.00 to $182.00 and gave the company a neutral rating in a report on Wednesday, January 31st. Needham & Company LLC reaffirmed a buy rating and set a $200.00 target price on shares of Paylocity in a report on Friday. Barclays upped their price target on shares of Paylocity from $166.00 to $178.00 and gave the company an equal weight rating in a research note on Friday. JMP Securities restated a market outperform rating and set a $250.00 price objective on shares of Paylocity in a research report on Monday, January 22nd. Finally, Truist Financial decreased their target price on Paylocity from $250.00 to $200.00 and set a buy rating on the stock in a research report on Friday, February 9th. Eight research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. According to MarketBeat, Paylocity has an average rating of Moderate Buy and a consensus price target of $201.88.

Paylocity Trading Up 12.1 %

Shares of PCTY traded up $18.03 during midday trading on Friday, reaching $167.63. The stock had a trading volume of 2,044,545 shares, compared to its average volume of 443,692. The firm has a market cap of $9.44 billion, a PE ratio of 48.73, a P/E/G ratio of 3.24 and a beta of 0.88. The firm has a 50 day simple moving average of $165.30 and a 200-day simple moving average of $163.52. Paylocity has a one year low of $139.40 and a one year high of $230.52.

Paylocity (NASDAQ:PCTY) last posted its quarterly earnings results on Thursday, February 8th. The software maker reported $0.71 EPS for the quarter, topping analysts’ consensus estimates of $0.63 by $0.08. The business had revenue of $326.36 million during the quarter, compared to analysts’ expectations of $324.34 million. Paylocity had a return on equity of 23.25% and a net margin of 14.42%. As a group, research analysts forecast that Paylocity will post 3.48 EPS for the current fiscal year.

Insider Transactions at Paylocity

In other Paylocity news, Director Steven I. Sarowitz sold 24,504 shares of the company’s stock in a transaction dated Monday, February 12th. The stock was sold at an average price of $175.47, for a total value of $4,299,716.88. Following the completion of the transaction, the director now owns 9,587,872 shares of the company’s stock, valued at approximately $1,682,383,899.84. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. In related news, Director Jeffrey T. Diehl sold 20,032 shares of the business’s stock in a transaction on Monday, March 11th. The shares were sold at an average price of $168.55, for a total value of $3,376,393.60. Following the sale, the director now owns 16,391 shares of the company’s stock, valued at $2,762,703.05. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Director Steven I. Sarowitz sold 24,504 shares of the firm’s stock in a transaction on Monday, February 12th. The stock was sold at an average price of $175.47, for a total value of $4,299,716.88. Following the transaction, the director now directly owns 9,587,872 shares of the company’s stock, valued at $1,682,383,899.84. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 54,547 shares of company stock worth $9,356,359. Corporate insiders own 22.50% of the company’s stock.

Institutional Investors Weigh In On Paylocity

Several institutional investors and hedge funds have recently made changes to their positions in PCTY. Fjarde AP Fonden Fourth Swedish National Pension Fund increased its position in Paylocity by 33.0% during the 3rd quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund now owns 14,100 shares of the software maker’s stock valued at $2,562,000 after purchasing an additional 3,500 shares during the period. Xponance Inc. lifted its holdings in Paylocity by 2.5% in the third quarter. Xponance Inc. now owns 9,767 shares of the software maker’s stock valued at $1,775,000 after buying an additional 236 shares during the period. Bank of New York Mellon Corp lifted its holdings in Paylocity by 2.4% in the third quarter. Bank of New York Mellon Corp now owns 461,992 shares of the software maker’s stock valued at $83,944,000 after buying an additional 11,025 shares during the period. Park Avenue Securities LLC acquired a new stake in Paylocity during the 3rd quarter worth about $991,000. Finally, State of Michigan Retirement System grew its holdings in Paylocity by 1.0% during the 3rd quarter. State of Michigan Retirement System now owns 10,272 shares of the software maker’s stock worth $1,866,000 after acquiring an additional 100 shares during the period. Institutional investors and hedge funds own 94.76% of the company’s stock.

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.