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

Paylocity (NASDAQ:PCTY) had its price target hoisted by KeyCorp from $171.00 to $182.00 in a research note published on Wednesday, Benzinga reports. They currently have an overweight rating on the software maker’s stock.

Several other equities analysts have also commented on the stock. BTIG Research reduced their target price 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. JMP Securities reiterated a market outperform rating and issued a $250.00 price objective on shares of Paylocity in a report on Monday, August 5th. Piper Sandler dropped their target price on Paylocity from $194.00 to $172.00 and set an overweight rating for the company in a report on Friday, August 2nd. Citigroup decreased their price target on Paylocity from $178.00 to $155.00 and set a neutral rating on the stock in a research note on Tuesday, June 18th. Finally, Truist Financial lowered their price objective on Paylocity from $200.00 to $195.00 and set a buy rating for the company in a research report on Wednesday, July 31st. Seven equities research analysts have rated the stock with a hold rating and nine have given a buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of Moderate Buy and a consensus price target of $179.87.

Paylocity Stock Up 2.0 %

NASDAQ PCTY opened at $170.23 on Wednesday. The stock’s 50-day simple moving average is $157.87 and its two-hundred day simple moving average is $154.68. Paylocity has a twelve month low of $129.94 and a twelve month high of $206.28. The company has a market capitalization of $9.61 billion, a price-to-earnings ratio of 49.49, a PEG ratio of 3.91 and a beta of 0.95.

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

Insiders Place Their Bets

In related news, CEO Steven R. Beauchamp sold 49,442 shares of the business’s stock in a transaction dated Monday, July 22nd. The shares were 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 trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other Paylocity news, CEO Steven R. Beauchamp sold 49,442 shares of Paylocity 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 sale, the chief executive officer now directly owns 1,745,022 shares of the company’s stock, valued at approximately $248,979,738.96. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CFO Ryan Glenn sold 1,400 shares of the company’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 transaction, the chief financial officer now owns 31,074 shares in the company, valued at $4,352,224.44. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 51,632 shares of company stock worth $7,379,399. 22.50% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Paylocity

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. GAMMA Investing LLC lifted its position in Paylocity by 34.7% during the 1st quarter. GAMMA Investing LLC now owns 303 shares of the software maker’s stock valued at $52,000 after acquiring an additional 78 shares during the period. Daiwa Securities Group Inc. increased its stake in shares of Paylocity by 3.6% during the first quarter. Daiwa Securities Group Inc. now owns 2,900 shares of the software maker’s stock valued at $498,000 after purchasing an additional 100 shares in the last quarter. King Luther Capital Management Corp lifted its holdings in shares of Paylocity by 1.0% during the second quarter. King Luther Capital Management Corp now owns 9,981 shares of the software maker’s stock valued at $1,316,000 after purchasing an additional 103 shares during the last quarter. J.Safra Asset Management Corp boosted its position in shares of Paylocity by 80.0% in the 1st quarter. J.Safra Asset Management Corp now owns 243 shares of the software maker’s stock worth $42,000 after purchasing an additional 108 shares in the last quarter. Finally, SkyOak Wealth LLC grew its stake in shares of Paylocity by 7.1% in the 2nd quarter. SkyOak Wealth LLC now owns 1,837 shares of the software maker’s stock worth $242,000 after buying an additional 122 shares during the last quarter. Hedge funds and other institutional investors own 94.76% of the company’s stock.

About Paylocity

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.