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

Paylocity (NASDAQ:PCTY) had its price objective lifted by research analysts at KeyCorp from $182.00 to $187.00 in a research report issued to clients and investors on Friday, Benzinga reports. The brokerage currently has an “overweight” rating on the software maker’s stock. KeyCorp’s price target indicates a potential upside of 7.60% from the stock’s previous close.

A number of other analysts have also commented on PCTY. JMP Securities reaffirmed a “market outperform” rating and issued a $250.00 price target on shares of Paylocity in a research note on Monday, August 5th. BTIG Research dropped their target price on shares of Paylocity from $200.00 to $185.00 and set a “buy” rating for the company in a research report on Friday, August 2nd. Piper Sandler reduced their price target on shares of Paylocity from $194.00 to $172.00 and set an “overweight” rating on the stock in a research report on Friday, August 2nd. Mizuho raised their price objective on shares of Paylocity from $155.00 to $175.00 and gave the stock a “neutral” rating in a report on Monday, October 14th. Finally, Jefferies Financial Group raised Paylocity from a “hold” rating to a “buy” rating and increased their target price for the stock from $145.00 to $200.00 in a research report on Tuesday. Six analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $186.40.

Paylocity Price Performance

PCTY traded up $0.22 during trading on Friday, hitting $173.79. 68,684 shares of the stock traded hands, compared to its average volume of 496,981. The firm has a 50-day moving average of $162.53 and a 200 day moving average of $154.63. Paylocity has a 12-month low of $129.94 and a 12-month high of $184.77. The firm has a market capitalization of $9.66 billion, a P/E ratio of 47.74, a price-to-earnings-growth ratio of 4.23 and a beta of 0.95.

Paylocity (NASDAQ:PCTY) last posted its earnings results on Thursday, August 1st. The software maker reported $1.48 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.29 by $0.19. The company had revenue of $357.30 million for the quarter, compared to analysts’ expectations of $350.29 million. Paylocity had a return on equity of 22.17% and a net margin of 14.74%. Paylocity’s quarterly revenue was up 15.8% on a year-over-year basis. During the same period last year, the firm earned $0.76 earnings per share. As a group, equities analysts predict 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 the company’s stock in a transaction on Wednesday, October 2nd. The stock was sold at an average price of $162.83, for a total transaction of $107,142.14. Following the transaction, the senior vice president now directly owns 39,764 shares of the company’s stock, valued at $6,474,772.12. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Company insiders own 22.50% of the company’s stock.

Hedge Funds Weigh In On Paylocity

Several hedge funds and other institutional investors have recently bought and sold shares of PCTY. Price T Rowe Associates Inc. MD raised its holdings in shares of Paylocity by 3.3% during the first 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 during the last quarter. Wasatch Advisors LP boosted its position in Paylocity by 35.0% in the first quarter. Wasatch Advisors LP now owns 2,396,692 shares of the software maker’s stock worth $411,895,000 after purchasing an additional 621,946 shares during the last quarter. Liontrust Investment Partners LLP grew its stake 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 purchasing an additional 172,807 shares during the period. Van Berkom & Associates Inc. increased its position in shares of Paylocity by 20.5% during the 2nd quarter. Van Berkom & Associates Inc. now owns 579,801 shares of the software maker’s stock valued at $76,447,000 after purchasing an additional 98,478 shares during the last quarter. Finally, Bank of New York Mellon Corp increased its holdings in Paylocity by 4.7% during the second quarter. Bank of New York Mellon Corp now owns 472,686 shares of the software maker’s stock valued at $62,324,000 after buying an additional 21,127 shares during the last quarter. 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.