KeyCorp Boosts Paylocity (NASDAQ:PCTY) Price Target to $187.00

Paylocity (NASDAQ:PCTY) had its price target lifted by KeyCorp from $182.00 to $187.00 in a research note published on Friday morning, Benzinga reports. KeyCorp currently has an overweight rating on the software maker’s stock.

Several other equities research analysts have also commented on PCTY. JMP Securities reiterated a “market outperform” rating and issued a $250.00 price objective on shares of Paylocity in a research note on Monday, August 5th. Barclays increased their price target on Paylocity from $156.00 to $174.00 and gave the company an “equal weight” rating in a research report on Friday, October 11th. Truist Financial cut their price objective on Paylocity from $200.00 to $195.00 and set a “buy” rating on the stock in a research report on Wednesday, July 31st. Needham & Company LLC reaffirmed a “buy” rating and set a $200.00 target price on shares of Paylocity in a research report on Thursday, October 17th. Finally, Piper Sandler cut their price target on shares of Paylocity from $194.00 to $172.00 and set an “overweight” rating on the stock in a report on Friday, August 2nd. Five research analysts have rated the stock with a hold rating and ten have given a buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $184.71.

Paylocity Trading Up 0.1 %

NASDAQ PCTY opened at $173.74 on Friday. The company has a fifty day simple moving average of $162.93 and a 200 day simple moving average of $154.54. The company has a market cap of $9.65 billion, a P/E ratio of 47.73, a PEG ratio of 4.23 and a beta of 0.95. Paylocity has a 12-month low of $129.94 and a 12-month high of $184.77.

Paylocity (NASDAQ:PCTY) last issued its quarterly earnings data on Thursday, August 1st. The software maker reported $1.48 earnings per share for the quarter, beating 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 business had revenue of $357.30 million for the quarter, compared to analysts’ expectations of $350.29 million. During the same period last year, the business earned $0.76 EPS. The business’s revenue was up 15.8% on a year-over-year basis. Sell-side analysts predict that Paylocity will post 4.52 EPS for the current year.

Insider Activity at Paylocity

In other Paylocity news, SVP Rachit Lohani sold 658 shares of the business’s stock in a transaction on Wednesday, October 2nd. The shares were sold at an average price of $162.83, for a total transaction of $107,142.14. Following 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 position. The sale was disclosed in a legal filing with the SEC, which is available through this link. 22.50% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Paylocity

Institutional investors and hedge funds have recently modified their holdings of the company. Wellington Management Group LLP lifted its stake in Paylocity by 240.7% in the 4th quarter. Wellington Management Group LLP now owns 41,525 shares of the software maker’s stock worth $6,845,000 after purchasing an additional 29,338 shares in the last quarter. State of Michigan Retirement System raised its holdings in shares of Paylocity by 2.9% in the 1st quarter. State of Michigan Retirement System now owns 10,672 shares of the software maker’s stock valued at $1,834,000 after acquiring an additional 300 shares in the last quarter. Wasatch Advisors LP boosted its position in shares of Paylocity by 35.0% during the 1st quarter. Wasatch Advisors LP now owns 2,396,692 shares of the software maker’s stock valued at $411,895,000 after acquiring an additional 621,946 shares during the last quarter. Peterson Wealth Services bought a new position in shares of Paylocity in the first quarter worth approximately $622,000. Finally, BNP Paribas Financial Markets raised its stake in Paylocity by 55.2% in the first quarter. BNP Paribas Financial Markets now owns 36,818 shares of the software maker’s stock valued at $6,328,000 after purchasing an additional 13,093 shares in the last quarter. 94.76% of the stock is owned by hedge funds and other institutional investors.

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.