Paylocity’s (PCTY) Overweight Rating Reaffirmed at Piper Sandler

Piper Sandler reaffirmed their overweight rating on shares of Paylocity (NASDAQ:PCTY) in a research note issued to investors on Thursday,Benzinga reports. The firm currently has a $254.00 price target on the software maker’s stock, up from their previous price target of $212.00.

PCTY has been the topic of several other research reports. StockNews.com raised shares of Paylocity from a “hold” rating to a “buy” rating in a research report on Saturday, December 7th. BMO Capital Markets upped their price objective on Paylocity from $175.00 to $203.00 and gave the company an “outperform” rating in a research note on Thursday, October 31st. Jefferies Financial Group raised their target price on Paylocity from $215.00 to $240.00 and gave the stock a “buy” rating in a research report on Monday, December 9th. KeyCorp upped their price target on Paylocity from $210.00 to $220.00 and gave the company an “overweight” rating in a research report on Friday, January 31st. Finally, Barclays lifted their price objective on Paylocity from $174.00 to $180.00 and gave the stock an “equal weight” rating in a report on Thursday, October 31st. One research analyst has rated the stock with a hold rating and fourteen have given a buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $219.00.

Paylocity Stock Up 1.4 %

Shares of NASDAQ:PCTY opened at $212.01 on Thursday. The company has a quick ratio of 1.32, a current ratio of 1.32 and a debt-to-equity ratio of 0.29. The business’s 50 day moving average is $201.28 and its 200 day moving average is $180.54. Paylocity has a 12-month low of $129.94 and a 12-month high of $215.68. The stock has a market cap of $11.82 billion, a price-to-earnings ratio of 54.22, a PEG ratio of 5.03 and a beta of 0.95.

Paylocity (NASDAQ:PCTY) last released its quarterly earnings results on Thursday, February 6th. The software maker reported $0.82 earnings per share for the quarter, missing analysts’ consensus estimates of $1.42 by ($0.60). Paylocity had a net margin of 15.32% and a return on equity of 22.92%. On average, sell-side analysts forecast that Paylocity will post 4.46 earnings per share for the current fiscal year.

Insider Buying and Selling at Paylocity

In related news, Director Jeffrey T. Diehl sold 946 shares of Paylocity stock in a transaction on Friday, November 15th. The stock was sold at an average price of $204.74, for a total transaction of $193,684.04. Following the completion of the sale, the director now owns 1,767 shares of the company’s stock, valued at approximately $361,775.58. This trade represents a 34.87 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CAO Nicholas Rost sold 212 shares of the company’s stock in a transaction dated Tuesday, November 19th. The stock was sold at an average price of $193.29, for a total value of $40,977.48. Following the completion of the transaction, the chief accounting officer now owns 7,364 shares in the company, valued at $1,423,387.56. This represents a 2.80 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 127,380 shares of company stock valued at $25,830,669 in the last three months. Company insiders own 21.91% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of PCTY. International Assets Investment Management LLC boosted its holdings in Paylocity by 16,397.9% during the 3rd quarter. International Assets Investment Management LLC now owns 7,754 shares of the software maker’s stock valued at $1,279,000 after acquiring an additional 7,707 shares during the period. Edgestream Partners L.P. boosted its stake in shares of Paylocity by 222.3% during the third quarter. Edgestream Partners L.P. now owns 10,837 shares of the software maker’s stock valued at $1,788,000 after purchasing an additional 7,475 shares during the period. Barclays PLC grew its holdings in shares of Paylocity by 14.3% in the third quarter. Barclays PLC now owns 44,897 shares of the software maker’s stock worth $7,407,000 after purchasing an additional 5,609 shares during the last quarter. Nisa Investment Advisors LLC increased its stake in shares of Paylocity by 5,742.0% in the fourth quarter. Nisa Investment Advisors LLC now owns 5,842 shares of the software maker’s stock worth $1,165,000 after buying an additional 5,742 shares during the period. Finally, Charles Schwab Investment Management Inc. raised its holdings in Paylocity by 1.7% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 282,426 shares of the software maker’s stock valued at $46,592,000 after buying an additional 4,697 shares during the last quarter. 94.76% of the stock is owned by 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.