Paylocity (NASDAQ:PCTY) Price Target Raised to $210.00

Paylocity (NASDAQ:PCTY) had its target price lifted by KeyCorp from $187.00 to $210.00 in a research report report published on Thursday, Benzinga reports. The firm currently has an overweight rating on the software maker’s stock.

Several other brokerages have also recently weighed in on PCTY. Barclays raised their target price on Paylocity from $174.00 to $180.00 and gave the company an “equal weight” rating in a research note on Thursday. BMO Capital Markets raised their price objective on shares of Paylocity from $175.00 to $203.00 and gave the company an “outperform” rating in a research report on Thursday. JMP Securities reiterated a “market outperform” rating and issued a $250.00 target price on shares of Paylocity in a report on Monday, August 5th. Truist Financial reduced their target price on shares of Paylocity from $200.00 to $195.00 and set a “buy” rating for the company in a report on Wednesday, July 31st. Finally, BTIG Research dropped their price target on Paylocity from $200.00 to $185.00 and set a “buy” rating on the stock in a report on Friday, August 2nd. Four equities research analysts have rated the stock with a hold rating and twelve have given a buy rating to the stock. According to data from MarketBeat, Paylocity currently has a consensus rating of “Moderate Buy” and a consensus target price of $193.87.

Paylocity Trading Up 3.9 %

Shares of NASDAQ:PCTY opened at $191.76 on Thursday. The company has a 50 day moving average of $165.67 and a 200-day moving average of $155.07. The company has a current ratio of 1.32, a quick ratio of 1.13 and a debt-to-equity ratio of 0.29. The firm has a market cap of $10.69 billion, a P/E ratio of 49.04, a P/E/G ratio of 4.46 and a beta of 0.93. Paylocity has a twelve month low of $129.94 and a twelve month high of $192.61.

Paylocity (NASDAQ:PCTY) last issued its quarterly earnings results on Thursday, August 1st. The software maker reported $1.48 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.29 by $0.19. Paylocity had a return on equity of 22.92% and a net margin of 15.32%. The firm had revenue of $357.30 million during the quarter, compared to analyst estimates of $350.29 million. During the same period last year, the company posted $0.76 EPS. The firm’s quarterly revenue was up 15.8% on a year-over-year basis. As a group, analysts anticipate that Paylocity will post 4.51 earnings per share for the current fiscal year.

Insider Activity

In other Paylocity news, SVP Rachit Lohani sold 658 shares of the firm’s stock in a transaction dated Wednesday, October 2nd. The stock was sold at an average price of $162.83, for a total transaction of $107,142.14. Following the completion of the sale, the senior vice president now directly owns 39,764 shares in the company, valued at approximately $6,474,772.12. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. 21.91% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Paylocity

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. FORA Capital LLC acquired a new position in shares of Paylocity in the first quarter worth $1,540,000. BNP Paribas Financial Markets grew 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. Cetera Advisors LLC purchased a new position in Paylocity in the first quarter valued at about $729,000. Price T Rowe Associates Inc. MD increased its position in Paylocity by 3.3% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 8,833,794 shares of the software maker’s stock worth $1,518,176,000 after purchasing an additional 278,607 shares during the last quarter. Finally, Capital Research Global Investors purchased a new stake in shares of Paylocity during the 1st quarter worth about $46,902,000. Hedge funds and other institutional investors own 94.76% of the company’s stock.

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.