KeyCorp Increases Paylocity (NASDAQ:PCTY) Price Target to $182.00

Paylocity (NASDAQ:PCTY) had its price target upped by stock analysts at KeyCorp from $171.00 to $182.00 in a research report issued on Wednesday, Benzinga reports. The firm presently has an “overweight” rating on the software maker’s stock. KeyCorp’s price objective would indicate a potential upside of 9.08% from the stock’s previous close.

Several other analysts also recently weighed in on PCTY. Citigroup decreased their price target on shares of Paylocity from $178.00 to $155.00 and set a “neutral” rating for the company in a research note on Tuesday, June 18th. Needham & Company LLC restated a “buy” rating and issued a $200.00 price objective on shares of Paylocity in a report on Thursday, September 5th. Piper Sandler dropped their target price on shares of Paylocity from $194.00 to $172.00 and set an “overweight” rating on the stock in a report on Friday, August 2nd. Barclays reduced their price target on shares of Paylocity from $160.00 to $156.00 and set an “equal weight” rating for the company in a report on Monday, August 5th. Finally, BTIG Research cut their price objective on shares of Paylocity from $200.00 to $185.00 and set a “buy” rating on the stock in a report on Friday, August 2nd. Seven investment analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. According to data from MarketBeat.com, Paylocity currently has a consensus rating of “Moderate Buy” and an average target price of $179.87.

Paylocity Trading Down 0.2 %

Shares of NASDAQ:PCTY opened at $166.85 on Wednesday. Paylocity has a 12 month low of $129.94 and a 12 month high of $206.28. The company has a market capitalization of $9.27 billion, a price-to-earnings ratio of 48.50, a PEG ratio of 3.91 and a beta of 0.94. The firm’s 50-day moving average is $157.45 and its 200 day moving average is $154.67.

Paylocity (NASDAQ:PCTY) last issued its quarterly earnings results on Thursday, August 1st. The software maker reported $1.48 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.29 by $0.19. Paylocity had a return on equity of 22.17% and a net margin of 14.74%. The firm had revenue of $357.30 million during the quarter, compared to analyst estimates of $350.29 million. During the same period last year, the company earned $0.76 EPS. Paylocity’s quarterly revenue was up 15.8% compared to the same quarter last year. As a group, equities analysts forecast that Paylocity will post 4.51 EPS for the current fiscal year.

Insider Activity

In other Paylocity news, CEO Steven R. Beauchamp sold 49,442 shares of Paylocity stock in a transaction that occurred on Monday, July 22nd. The shares were sold at an average price of $142.68, for a total transaction of $7,054,384.56. Following the completion of the sale, the chief executive officer now directly owns 1,745,022 shares in the company, valued at approximately $248,979,738.96. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In other news, CEO Steven R. Beauchamp sold 49,442 shares of the business’s stock in a transaction dated Monday, July 22nd. The stock was 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 owns 1,745,022 shares of the company’s stock, valued at approximately $248,979,738.96. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CFO Ryan Glenn sold 1,400 shares of the firm’s 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. The disclosure for this sale can be found here. Over the last three months, insiders have sold 50,974 shares of company stock valued at $7,272,256. Company insiders own 22.50% of the company’s stock.

Institutional Trading of Paylocity

A number of hedge funds have recently added to or reduced their stakes in the company. J.Safra Asset Management Corp increased its position in shares of Paylocity by 80.0% in the first quarter. J.Safra Asset Management Corp now owns 243 shares of the software maker’s stock valued at $42,000 after buying an additional 108 shares in the last quarter. Rothschild Investment LLC purchased a new position in Paylocity during the second quarter valued at $40,000. GAMMA Investing LLC grew its position in shares of Paylocity by 34.7% in the first quarter. GAMMA Investing LLC now owns 303 shares of the software maker’s stock valued at $52,000 after purchasing an additional 78 shares during the period. RiverPark Advisors LLC raised its position in shares of Paylocity by 152.0% during the 1st quarter. RiverPark Advisors LLC now owns 383 shares of the software maker’s stock worth $66,000 after purchasing an additional 231 shares during the last quarter. Finally, Advisors Asset Management Inc. lifted its stake in Paylocity by 46.6% in the 1st quarter. Advisors Asset Management Inc. now owns 428 shares of the software maker’s stock valued at $74,000 after buying an additional 136 shares in the last quarter. 94.76% of the stock is owned by hedge funds and other institutional investors.

About Paylocity

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.