Paylocity (NASDAQ:PCTY) Given New $187.00 Price Target at KeyCorp

Paylocity (NASDAQ:PCTY) had its price target boosted by KeyCorp from $182.00 to $187.00 in a research note released on Friday, Benzinga reports. KeyCorp currently has an overweight rating on the software maker’s stock.

Other research analysts also recently issued research reports about the company. Mizuho raised their price target on Paylocity from $155.00 to $175.00 and gave the stock a “neutral” rating in a research note on Monday, October 14th. Truist Financial dropped their price target on Paylocity from $200.00 to $195.00 and set a “buy” rating on the stock in a research note on Wednesday, July 31st. Jefferies Financial Group upgraded Paylocity from a “hold” rating to a “buy” rating and raised their price target for the stock from $145.00 to $200.00 in a research note on Tuesday. Barclays raised their price target on Paylocity from $156.00 to $174.00 and gave the stock an “equal weight” rating in a research note on Friday, October 11th. Finally, Piper Sandler dropped their price target on Paylocity from $194.00 to $172.00 and set an “overweight” rating on the stock in a research note on Friday, August 2nd. Six investment analysts have rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $186.40.

Paylocity Stock Performance

PCTY stock traded up $0.17 during mid-day trading on Friday, reaching $173.74. The company had a trading volume of 253,286 shares, compared to its average volume of 497,872. Paylocity has a fifty-two week low of $129.94 and a fifty-two week high of $184.77. The company has a market capitalization of $9.65 billion, a price-to-earnings ratio of 47.73, a price-to-earnings-growth ratio of 4.23 and a beta of 0.95. The firm has a fifty day simple moving average of $162.93 and a 200 day simple moving average of $154.67.

Paylocity (NASDAQ:PCTY) last issued 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 22.17% and a net margin of 14.74%. The business had revenue of $357.30 million for the quarter, compared to analyst estimates of $350.29 million. During the same quarter last year, the company earned $0.76 EPS. The business’s quarterly revenue was up 15.8% on a year-over-year basis. As a group, analysts predict that Paylocity will post 4.52 earnings per share for the current year.

Insider Transactions at Paylocity

In related news, SVP Rachit Lohani sold 658 shares of the business’s stock in a transaction dated Wednesday, October 2nd. The stock was sold at an average price of $162.83, for a total value of $107,142.14. Following the transaction, the senior vice president now owns 39,764 shares in the company, valued at approximately $6,474,772.12. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Company insiders own 22.50% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the business. Price T Rowe Associates Inc. MD raised its stake in Paylocity by 3.3% during the first quarter. Price T Rowe Associates Inc. MD now owns 8,833,794 shares of the software maker’s stock valued at $1,518,176,000 after buying an additional 278,607 shares in the last quarter. Wasatch Advisors LP raised its stake in Paylocity by 35.0% during the first quarter. Wasatch Advisors LP now owns 2,396,692 shares of the software maker’s stock valued at $411,895,000 after buying an additional 621,946 shares in the last quarter. Liontrust Investment Partners LLP raised its stake in Paylocity by 27.1% during the second quarter. Liontrust Investment Partners LLP now owns 810,314 shares of the software maker’s stock valued at $106,840,000 after buying an additional 172,807 shares in the last quarter. Van Berkom & Associates Inc. raised its stake in Paylocity by 20.5% during the second quarter. Van Berkom & Associates Inc. now owns 579,801 shares of the software maker’s stock valued at $76,447,000 after buying an additional 98,478 shares in the last quarter. Finally, Bank of New York Mellon Corp raised its stake in Paylocity by 4.7% during the second quarter. Bank of New York Mellon Corp now owns 472,686 shares of the software maker’s stock valued at $62,324,000 after buying an additional 21,127 shares in the last quarter. Institutional investors and hedge funds own 94.76% of the company’s stock.

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.