Paylocity’s (PCTY) Outperform Rating Reaffirmed at Raymond James

Raymond James restated their outperform rating on shares of Paylocity (NASDAQ:PCTY) in a research report sent to investors on Friday morning,Benzinga reports. They currently have a $265.00 target price on the software maker’s stock, up from their previous target price of $215.00.

PCTY has been the topic of a number of other research reports. KeyCorp upped their target price on Paylocity from $220.00 to $250.00 and gave the company an “overweight” rating in a research note on Friday. Stifel Nicolaus upped their price objective on Paylocity from $220.00 to $250.00 and gave the company a “buy” rating in a research report on Friday. JMP Securities lifted their target price on Paylocity from $250.00 to $270.00 and gave the stock a “market outperform” rating in a research report on Friday. UBS Group upped their price target on shares of Paylocity from $211.00 to $220.00 and gave the stock a “neutral” rating in a report on Friday. Finally, Truist Financial lifted their price objective on shares of Paylocity from $195.00 to $210.00 and gave the company a “buy” rating in a report on Friday, November 1st. Two analysts have rated the stock with a hold rating and fifteen have given a buy rating to the stock. Based on data from MarketBeat, Paylocity currently has a consensus rating of “Moderate Buy” and a consensus target price of $233.25.

Paylocity Stock Performance

NASDAQ:PCTY opened at $205.84 on Friday. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.32 and a current ratio of 1.32. The stock’s fifty day moving average is $201.32 and its 200 day moving average is $180.76. The firm has a market capitalization of $11.48 billion, a PE ratio of 52.78, a PEG ratio of 5.19 and a beta of 0.95. Paylocity has a fifty-two week low of $129.94 and a fifty-two week high of $223.80.

Paylocity (NASDAQ:PCTY) last released its earnings results on Thursday, February 6th. The software maker reported $0.82 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.42 by ($0.60). Paylocity had a return on equity of 22.93% and a net margin of 14.76%. On average, sell-side analysts anticipate that Paylocity will post 4.46 earnings per share for the current year.

Insiders Place Their Bets

In other Paylocity news, Director Steven I. Sarowitz sold 2,600 shares of the stock in a transaction dated Monday, December 30th. The shares were sold at an average price of $200.14, for a total transaction of $520,364.00. Following the completion of the sale, the director now directly owns 8,332,347 shares of the company’s stock, valued at approximately $1,667,635,928.58. This represents a 0.03 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, SVP Andrew Cappotelli sold 247 shares of Paylocity stock in a transaction that occurred on Tuesday, November 19th. The stock was sold at an average price of $193.29, for a total transaction of $47,742.63. Following the completion of the transaction, the senior vice president now directly owns 14,634 shares in the company, valued at approximately $2,828,605.86. The trade was a 1.66 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 127,380 shares of company stock worth $25,830,669 over the last 90 days. Company insiders own 21.91% of the company’s stock.

Institutional Trading of Paylocity

Several hedge funds and other institutional investors have recently made changes to their positions in PCTY. UMB Bank n.a. increased its position in Paylocity by 1,650.0% during the 3rd quarter. UMB Bank n.a. now owns 175 shares of the software maker’s stock valued at $29,000 after buying an additional 165 shares in the last quarter. SBI Securities Co. Ltd. acquired a new position in shares of Paylocity during the fourth quarter valued at about $29,000. Prospera Private Wealth LLC purchased a new position in shares of Paylocity in the 3rd quarter valued at approximately $39,000. Signaturefd LLC boosted its stake in Paylocity by 121.0% in the 3rd quarter. Signaturefd LLC now owns 305 shares of the software maker’s stock worth $50,000 after purchasing an additional 167 shares in the last quarter. Finally, Quarry LP grew its position in Paylocity by 149.2% during the 3rd quarter. Quarry LP now owns 309 shares of the software maker’s stock worth $51,000 after purchasing an additional 185 shares during the last quarter. Hedge funds and other 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.