Paylocity (NASDAQ:PCTY) Given New $200.00 Price Target at KeyCorp

Paylocity (NASDAQ:PCTY) had its price objective increased by KeyCorp from $186.00 to $200.00 in a research report released on Friday morning, Benzinga reports. The brokerage currently has an overweight rating on the software maker’s stock.

PCTY has been the subject of a number of other reports. Needham & Company LLC restated a buy rating and set a $200.00 price objective on shares of Paylocity in a report on Friday. Barclays boosted their target price on Paylocity from $166.00 to $178.00 and gave the stock an equal weight rating in a report on Friday. Mizuho cut their price target on shares of Paylocity from $170.00 to $155.00 and set a neutral rating on the stock in a report on Friday, February 9th. BTIG Research initiated coverage on shares of Paylocity in a research note on Tuesday, February 6th. They set a buy rating and a $200.00 price objective for the company. Finally, Piper Sandler lowered their price target on Paylocity from $210.00 to $194.00 and set an overweight rating for the company in a report on Friday. Eight equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. According to MarketBeat.com, Paylocity presently has an average rating of Moderate Buy and a consensus price target of $201.88.

Paylocity Trading Up 12.1 %

Shares of Paylocity stock traded up $18.03 during trading hours on Friday, reaching $167.63. 2,044,545 shares of the company’s stock were exchanged, compared to its average volume of 443,692. The firm has a market capitalization of $9.44 billion, a price-to-earnings ratio of 48.73, a price-to-earnings-growth ratio of 3.24 and a beta of 0.88. Paylocity has a 52-week low of $139.40 and a 52-week high of $230.52. The company has a fifty day moving average of $165.30 and a 200-day moving average of $163.52.

Paylocity (NASDAQ:PCTY) last posted its quarterly earnings results on Thursday, February 8th. The software maker reported $0.71 EPS for the quarter, beating the consensus estimate of $0.63 by $0.08. Paylocity had a return on equity of 23.25% and a net margin of 14.42%. The company had revenue of $326.36 million during the quarter, compared to analysts’ expectations of $324.34 million. On average, equities research analysts anticipate that Paylocity will post 3.48 earnings per share for the current fiscal year.

Insider Activity at Paylocity

In other Paylocity news, SVP Katherine Ross sold 491 shares of Paylocity stock in a transaction that occurred on Tuesday, March 5th. The stock was sold at an average price of $168.29, for a total value of $82,630.39. Following the completion of the transaction, the senior vice president now directly owns 15,353 shares in the company, valued at $2,583,756.37. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other news, SVP Katherine Ross sold 491 shares of the company’s stock in a transaction that occurred on Tuesday, March 5th. The shares were sold at an average price of $168.29, for a total value of $82,630.39. Following the completion of the sale, the senior vice president now directly owns 15,353 shares of the company’s stock, valued at approximately $2,583,756.37. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Steven I. Sarowitz sold 24,504 shares of the firm’s stock in a transaction that occurred on Monday, February 12th. The shares were sold at an average price of $175.47, for a total transaction of $4,299,716.88. Following the transaction, the director now owns 9,587,872 shares in the company, valued at approximately $1,682,383,899.84. The disclosure for this sale can be found here. Insiders sold a total of 54,547 shares of company stock valued at $9,356,359 in the last quarter. Insiders own 22.50% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the company. WCM Investment Management LLC boosted its position in shares of Paylocity by 2.3% during the 1st quarter. WCM Investment Management LLC now owns 3,053 shares of the software maker’s stock valued at $525,000 after purchasing an additional 69 shares in the last quarter. Avior Wealth Management LLC boosted its position in Paylocity by 2.4% during the 4th quarter. Avior Wealth Management LLC now owns 3,223 shares of the software maker’s stock worth $531,000 after acquiring an additional 76 shares during the period. Shaker Investments LLC OH grew its stake in Paylocity by 0.3% during the 4th quarter. Shaker Investments LLC OH now owns 23,672 shares of the software maker’s stock valued at $3,902,000 after acquiring an additional 77 shares in the last quarter. Seven Eight Capital LP increased its holdings in shares of Paylocity by 4.9% in the 3rd quarter. Seven Eight Capital LP now owns 1,658 shares of the software maker’s stock valued at $301,000 after purchasing an additional 78 shares during the period. Finally, GAMMA Investing LLC lifted 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 worth $52,000 after purchasing an additional 78 shares in the last quarter. 94.76% of the stock is owned by institutional investors and hedge funds.

Paylocity Company Profile

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.