Jefferies Financial Group Increases Paylocity (NASDAQ:PCTY) Price Target to $215.00

Paylocity (NASDAQ:PCTY) had its target price upped by equities researchers at Jefferies Financial Group from $200.00 to $215.00 in a note issued to investors on Thursday, Benzinga reports. The brokerage currently has a “buy” rating on the software maker’s stock. Jefferies Financial Group’s target price points to a potential upside of 12.12% from the company’s current price.

PCTY has been the subject of several other reports. BMO Capital Markets increased their price objective on Paylocity from $175.00 to $203.00 and gave the company an “outperform” rating in a report on Thursday. Piper Sandler raised their price objective on shares of Paylocity from $172.00 to $212.00 and gave the stock an “overweight” rating in a research report on Thursday. BTIG Research dropped their price objective on shares of Paylocity from $200.00 to $185.00 and set a “buy” rating on the stock in a research note on Friday, August 2nd. KeyCorp increased their target price on shares of Paylocity from $182.00 to $187.00 and gave the stock an “overweight” rating in a research note on Friday, October 25th. Finally, JMP Securities restated a “market outperform” rating and issued a $250.00 price target on shares of Paylocity in a research report on Monday, August 5th. Four research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $193.87.

Paylocity Trading Up 3.9 %

Shares of Paylocity stock opened at $191.76 on Thursday. The company has a fifty day simple moving average of $165.67 and a 200-day simple moving average of $155.10. The stock has a market cap of $10.69 billion, a price-to-earnings ratio of 49.04, a PEG ratio of 4.31 and a beta of 0.95. Paylocity has a 12-month low of $129.94 and a 12-month high of $192.61.

Paylocity (NASDAQ:PCTY) last announced its 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. The firm had revenue of $357.30 million during the quarter, compared to analysts’ expectations of $350.29 million. Paylocity had a return on equity of 23.29% and a net margin of 15.32%. The business’s revenue was up 15.8% on a year-over-year basis. During the same period in the prior year, the firm earned $0.76 EPS. On average, analysts forecast that Paylocity will post 4.51 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, SVP Rachit Lohani sold 658 shares of Paylocity stock in a transaction that occurred on Wednesday, October 2nd. The shares were 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 21.91% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Paylocity

Several hedge funds have recently added to or reduced their stakes in PCTY. State of Michigan Retirement System increased its position in Paylocity by 2.9% during the first quarter. State of Michigan Retirement System now owns 10,672 shares of the software maker’s stock worth $1,834,000 after buying an additional 300 shares in the last quarter. Peterson Wealth Services acquired a new stake in Paylocity in the 1st quarter worth about $622,000. BNP Paribas Financial Markets grew its holdings in Paylocity by 55.2% in the 1st quarter. BNP Paribas Financial Markets now owns 36,818 shares of the software maker’s stock valued at $6,328,000 after buying an additional 13,093 shares during the period. Janney Montgomery Scott LLC increased its stake in shares of Paylocity by 12.6% during the 1st quarter. Janney Montgomery Scott LLC now owns 6,343 shares of the software maker’s stock valued at $1,090,000 after acquiring an additional 708 shares during the last quarter. Finally, Hardy Reed LLC purchased a new position in shares of Paylocity during the 1st quarter worth about $205,000. 94.76% of the stock is currently owned by hedge funds and other institutional investors.

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.