KeyCorp Raises Paylocity (NASDAQ:PCTY) Price Target to $200.00

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

A number of other research analysts have also weighed in on PCTY. Citigroup raised their price target on shares of Paylocity from $180.00 to $182.00 and gave the company a neutral rating in a research note on Wednesday, January 31st. 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 target price on the stock. Truist Financial lowered their target price on Paylocity from $250.00 to $200.00 and set a buy rating on the stock in a report on Friday, February 9th. Jefferies Financial Group reiterated a hold rating and set a $180.00 price objective (down previously from $240.00) on shares of Paylocity in a research report on Friday, January 5th. Finally, JMP Securities restated a market outperform rating and issued a $250.00 target price on shares of Paylocity in a report on Monday, January 22nd. Eight equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. According to data from MarketBeat, the company has an average rating of Moderate Buy and an average price target of $196.67.

Paylocity Stock Performance

NASDAQ PCTY traded up $3.43 during mid-day trading on Friday, reaching $171.06. 602,610 shares of the stock were exchanged, compared to its average volume of 494,330. The company has a market capitalization of $9.64 billion, a P/E ratio of 48.73, a P/E/G ratio of 3.63 and a beta of 0.88. The business’s 50 day moving average is $165.30 and its 200-day moving average is $162.98. Paylocity has a 1 year low of $139.40 and a 1 year high of $230.52.

Paylocity (NASDAQ:PCTY) last posted its earnings results on Thursday, February 8th. The software maker reported $0.71 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.63 by $0.08. The business had revenue of $326.36 million for the quarter, compared to analyst estimates of $324.34 million. Paylocity had a net margin of 14.42% and a return on equity of 22.08%. Equities analysts predict that Paylocity will post 3.48 earnings per share for the current fiscal year.

Insider Activity

In other Paylocity news, CEO Steven R. Beauchamp sold 7,760 shares of the firm’s stock in a transaction on Friday, March 1st. The shares were sold at an average price of $166.95, for a total transaction of $1,295,532.00. Following the transaction, the chief executive officer now directly owns 1,746,468 shares of the company’s stock, valued at approximately $291,572,832.60. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other Paylocity news, CEO Steven R. Beauchamp sold 7,760 shares of the stock in a transaction that occurred on Friday, March 1st. The stock was sold at an average price of $166.95, for a total transaction of $1,295,532.00. Following the completion of the sale, the chief executive officer now directly owns 1,746,468 shares of the company’s stock, valued at approximately $291,572,832.60. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Jeffrey T. Diehl sold 1,760 shares of Paylocity stock in a transaction that occurred on Wednesday, March 13th. The shares were sold at an average price of $171.64, for a total value of $302,086.40. Following the completion of the transaction, the director now owns 14,704 shares in the company, valued at $2,523,794.56. The disclosure for this sale can be found here. Insiders have sold 54,547 shares of company stock valued at $9,356,359 in the last ninety days. 22.50% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Paylocity

Large investors have recently bought and sold shares of the company. Nordea Investment Management AB increased its stake in shares of Paylocity by 195.8% during the third quarter. Nordea Investment Management AB now owns 6,280 shares of the software maker’s stock worth $1,156,000 after acquiring an additional 4,157 shares during the period. Vanguard Group Inc. lifted its holdings in shares of Paylocity by 0.6% in the 3rd quarter. Vanguard Group Inc. now owns 4,144,262 shares of the software maker’s stock valued at $753,012,000 after buying an additional 25,562 shares during the period. Trust Point Inc. purchased a new stake in shares of Paylocity in the fourth quarter valued at approximately $1,023,000. Walleye Capital LLC grew its holdings in Paylocity by 132.0% during the third quarter. Walleye Capital LLC now owns 14,623 shares of the software maker’s stock worth $2,657,000 after acquiring an additional 8,319 shares during the period. Finally, Zurcher Kantonalbank Zurich Cantonalbank lifted its holdings in Paylocity by 98.6% in the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 15,771 shares of the software maker’s stock valued at $2,600,000 after acquiring an additional 7,828 shares during the period. Hedge funds and other institutional investors own 94.76% of the company’s stock.

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.