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

Jefferies Financial Group upgraded shares of Paylocity (NASDAQ:PCTY) from a hold rating to a buy rating in a research report released on Tuesday, Marketbeat Ratings reports. Jefferies Financial Group currently has $200.00 price target on the software maker’s stock, up from their previous price target of $145.00.

Several other equities analysts have also commented on PCTY. Barclays increased their price objective 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 decreased their price target on shares of Paylocity from $200.00 to $195.00 and set a “buy” rating on the stock in a research note on Wednesday, July 31st. KeyCorp lifted their price objective on Paylocity from $171.00 to $182.00 and gave the stock an “overweight” rating in a report on Wednesday, October 2nd. JMP Securities restated a “market outperform” rating and set a $250.00 target price on shares of Paylocity in a report on Monday, August 5th. Finally, Needham & Company LLC reaffirmed a “buy” rating and issued a $200.00 price target on shares of Paylocity in a research note on Thursday, October 17th. Six investment analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. According to MarketBeat.com, Paylocity currently has an average rating of “Moderate Buy” and a consensus price target of $186.07.

Paylocity Stock Up 0.2 %

NASDAQ:PCTY opened at $173.57 on Tuesday. Paylocity has a twelve month low of $129.94 and a twelve month high of $184.77. The stock has a market cap of $9.65 billion, a P/E ratio of 47.68, a PEG ratio of 4.23 and a beta of 0.95. The business’s 50-day moving average price is $162.53 and its two-hundred day moving average price is $154.63.

Paylocity (NASDAQ:PCTY) last posted its quarterly earnings data 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 net margin of 14.74% and a return on equity of 22.17%. The company had revenue of $357.30 million during the quarter, compared to the consensus estimate of $350.29 million. During the same period in the previous year, the firm posted $0.76 EPS. The firm’s revenue was up 15.8% compared to the same quarter last year. On average, equities research analysts expect that Paylocity will post 4.52 EPS for the current fiscal year.

Insider Buying and Selling at Paylocity

In other news, SVP Rachit Lohani sold 658 shares of Paylocity stock in a transaction dated 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 approximately $6,474,772.12. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders own 22.50% of the company’s stock.

Hedge Funds Weigh In On Paylocity

A number of institutional investors have recently added to or reduced their stakes in the company. UMB Bank n.a. boosted its position in shares of Paylocity by 1,650.0% in the 3rd quarter. UMB Bank n.a. now owns 175 shares of the software maker’s stock worth $29,000 after purchasing an additional 165 shares in the last quarter. J.Safra Asset Management Corp grew its stake in shares of Paylocity by 80.0% in the first quarter. J.Safra Asset Management Corp now owns 243 shares of the software maker’s stock worth $42,000 after acquiring an additional 108 shares during the last quarter. Rothschild Investment LLC bought a new position in shares of Paylocity during the second quarter valued at $40,000. GAMMA Investing LLC boosted its stake 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 purchasing an additional 78 shares in the last quarter. Finally, Signaturefd LLC grew 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 valued at $50,000 after buying an additional 167 shares during the last quarter. 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.