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

Paylocity (NASDAQ:PCTY) had its price objective boosted by KeyCorp from $171.00 to $182.00 in a report issued on Wednesday, Benzinga reports. KeyCorp currently has an overweight rating on the software maker’s stock.

Several other equities analysts have also recently weighed in on PCTY. Truist Financial dropped their price objective on Paylocity from $200.00 to $195.00 and set a buy rating on the stock in a research note on Wednesday, July 31st. Stifel Nicolaus cut their price target on shares of Paylocity from $205.00 to $185.00 and set a buy rating on the stock in a report on Wednesday, June 5th. JMP Securities reaffirmed a market outperform rating and issued a $250.00 price objective on shares of Paylocity in a research report on Monday, August 5th. Jefferies Financial Group dropped their target price on shares of Paylocity from $180.00 to $145.00 and set a hold rating on the stock in a research report on Monday, June 24th. Finally, BTIG Research reduced their target price on Paylocity from $200.00 to $185.00 and set a buy rating for the company in a report on Friday, August 2nd. Seven analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of Moderate Buy and a consensus target price of $179.87.

Paylocity Trading Up 2.0 %

PCTY opened at $170.23 on Wednesday. The company has a market cap of $9.61 billion, a price-to-earnings ratio of 49.49, a PEG ratio of 3.91 and a beta of 0.95. The company’s fifty day moving average price is $157.87 and its two-hundred day moving average price is $154.68. Paylocity has a 1-year low of $129.94 and a 1-year high of $206.28.

Paylocity (NASDAQ:PCTY) last announced its quarterly earnings results 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. The business had revenue of $357.30 million for the quarter, compared to analysts’ expectations of $350.29 million. Paylocity had a net margin of 14.74% and a return on equity of 22.17%. The firm’s revenue for the quarter was up 15.8% compared to the same quarter last year. During the same quarter last year, the firm earned $0.76 EPS. As a group, equities analysts forecast that Paylocity will post 4.51 earnings per share for the current fiscal year.

Insider Buying and Selling at Paylocity

In related news, CEO Steven R. Beauchamp sold 49,442 shares of the firm’s stock in a transaction that occurred on Monday, July 22nd. The shares were sold at an average price of $142.68, for a total value of $7,054,384.56. Following the completion of the transaction, the chief executive officer now directly owns 1,745,022 shares of the company’s stock, valued at approximately $248,979,738.96. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, CEO Steven R. Beauchamp sold 49,442 shares of the business’s stock in a transaction 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 in the company, valued at approximately $248,979,738.96. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO Ryan Glenn sold 1,400 shares of the stock in a transaction dated Monday, July 15th. The stock was sold at an average price of $140.06, for a total value of $196,084.00. Following the sale, the chief financial officer now directly 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. Insiders have sold a total of 51,632 shares of company stock valued at $7,379,399 over the last three months. 22.50% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Paylocity

Hedge funds have recently bought and sold shares of the company. Price T Rowe Associates Inc. MD grew its position in shares of Paylocity by 3.3% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 8,833,794 shares of the software maker’s stock valued at $1,518,176,000 after purchasing an additional 278,607 shares in the last quarter. Vanguard Group Inc. grew its position in Paylocity by 0.3% during the fourth quarter. Vanguard Group Inc. now owns 4,158,224 shares of the software maker’s stock worth $685,483,000 after buying an additional 13,962 shares in the last quarter. Wasatch Advisors LP increased its stake in Paylocity by 35.0% in the 1st quarter. Wasatch Advisors LP now owns 2,396,692 shares of the software maker’s stock worth $411,895,000 after acquiring an additional 621,946 shares during the last quarter. Capital International Investors raised its holdings in shares of Paylocity by 119.0% in the 4th quarter. Capital International Investors now owns 1,211,021 shares of the software maker’s stock valued at $199,637,000 after acquiring an additional 658,057 shares in the last quarter. Finally, Liontrust Investment Partners LLP boosted its position in shares of Paylocity by 27.1% during the 2nd quarter. Liontrust Investment Partners LLP now owns 810,314 shares of the software maker’s stock valued at $106,840,000 after acquiring an additional 172,807 shares during the last quarter. Hedge funds and other institutional investors own 94.76% of the company’s stock.

Paylocity Company Profile

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.