Paylocity (NASDAQ:PCTY) Given New $210.00 Price Target at KeyCorp

Paylocity (NASDAQ:PCTY) had its target price raised by KeyCorp from $187.00 to $210.00 in a research report released on Thursday, Benzinga reports. The firm currently has an overweight rating on the software maker’s stock.

A number of other analysts have also recently weighed in on the stock. Needham & Company LLC boosted their price objective on shares of Paylocity from $200.00 to $220.00 and gave the stock a “buy” rating in a research note on Thursday. BMO Capital Markets boosted their target price on shares of Paylocity from $175.00 to $203.00 and gave the stock an “outperform” rating in a research report on Thursday. Piper Sandler raised their price target on Paylocity from $172.00 to $212.00 and gave the company an “overweight” rating in a research report on Thursday. Jefferies Financial Group lifted their price objective on Paylocity from $200.00 to $215.00 and gave the stock a “buy” rating in a research note on Thursday. Finally, Truist Financial decreased their target price on Paylocity from $200.00 to $195.00 and set a “buy” rating for the company in a research note on Wednesday, July 31st. Four analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $193.87.

Paylocity Price Performance

NASDAQ PCTY opened at $191.76 on Thursday. The firm has a market cap of $10.69 billion, a P/E ratio of 49.04, a price-to-earnings-growth ratio of 4.46 and a beta of 0.93. The stock’s 50-day moving average is $165.67 and its two-hundred day moving average is $155.07. Paylocity has a fifty-two week low of $129.94 and a fifty-two week high of $192.61. The company has a debt-to-equity ratio of 0.29, a current ratio of 1.32 and a quick ratio of 1.13.

Paylocity (NASDAQ:PCTY) last posted its earnings results on Thursday, August 1st. The software maker reported $1.48 earnings per share for the quarter, topping the consensus estimate of $1.29 by $0.19. Paylocity had a return on equity of 22.92% and a net margin of 15.32%. The firm had revenue of $357.30 million during the quarter, compared to analyst estimates of $350.29 million. During the same period in the previous year, the company earned $0.76 EPS. The company’s revenue for the quarter was up 15.8% on a year-over-year basis. On average, analysts anticipate that Paylocity will post 4.51 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, SVP Rachit Lohani sold 658 shares of the stock in a transaction on Wednesday, October 2nd. The shares were sold at an average price of $162.83, for a total value of $107,142.14. Following the completion of the transaction, the senior vice president now owns 39,764 shares in the company, valued at approximately $6,474,772.12. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. 21.91% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the business. UMB Bank n.a. grew its stake in shares of Paylocity by 1,650.0% in the 3rd quarter. UMB Bank n.a. now owns 175 shares of the software maker’s stock valued at $29,000 after purchasing an additional 165 shares during the period. Rothschild Investment LLC acquired a new stake in Paylocity in the 2nd quarter valued at $40,000. J.Safra Asset Management Corp lifted its holdings in shares of Paylocity by 80.0% during the first quarter. J.Safra Asset Management Corp now owns 243 shares of the software maker’s stock valued at $42,000 after acquiring an additional 108 shares during the period. Signaturefd LLC grew its holdings in shares of Paylocity by 121.0% in the 3rd quarter. Signaturefd LLC now owns 305 shares of the software maker’s stock worth $50,000 after purchasing an additional 167 shares during the last quarter. Finally, RiverPark Advisors LLC increased 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 in the last quarter. Institutional investors and hedge funds own 94.76% of the company’s stock.

About Paylocity

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.