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

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

A number of other analysts have also recently weighed in on the stock. JMP Securities restated a market outperform rating and set a $250.00 target price on shares of Paylocity in a report on Monday, January 22nd. Mizuho decreased their target price on Paylocity from $170.00 to $155.00 and set a neutral rating on the stock in a report on Friday, February 9th. Barclays upped their target price on Paylocity from $166.00 to $178.00 and gave the company an equal weight rating in a report on Friday. BTIG Research assumed coverage on Paylocity in a research note on Tuesday, February 6th. They issued a buy rating and a $200.00 price target on the stock. Finally, Truist Financial decreased their target price on shares of Paylocity from $250.00 to $200.00 and set a buy rating for the company in a report on Friday, February 9th. Eight investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of Moderate Buy and an average price target of $196.67.

Paylocity Price Performance

Shares of PCTY traded up $3.43 during midday trading on Friday, reaching $171.06. The stock had a trading volume of 602,610 shares, 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 firm’s 50 day moving average price is $165.30 and its 200-day moving average price is $162.98. Paylocity has a 52 week low of $139.40 and a 52 week high of $230.52.

Paylocity (NASDAQ:PCTY) last issued its quarterly earnings results on Thursday, February 8th. The software maker reported $0.71 EPS for the quarter, topping the consensus estimate of $0.63 by $0.08. Paylocity had a net margin of 14.42% and a return on equity of 22.08%. The firm had revenue of $326.36 million for the quarter, compared to analysts’ expectations of $324.34 million. On average, equities analysts forecast that Paylocity will post 3.48 earnings per share for the current year.

Insiders Place Their Bets

In other news, Director Steven I. Sarowitz sold 24,504 shares of the business’s stock in a transaction on Monday, February 12th. The shares were sold at an average price of $175.47, for a total value of $4,299,716.88. Following the completion of the sale, the director now directly owns 9,587,872 shares in the company, valued at $1,682,383,899.84. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In other news, Director Steven I. Sarowitz sold 24,504 shares of the stock in a transaction that occurred on Monday, February 12th. The stock was sold at an average price of $175.47, for a total value of $4,299,716.88. Following the completion of the sale, the director now directly owns 9,587,872 shares of the company’s stock, valued at $1,682,383,899.84. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Steven R. Beauchamp sold 7,760 shares of the firm’s stock in a transaction 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 owns 1,746,468 shares in the company, valued at approximately $291,572,832.60. The disclosure for this sale can be found here. Insiders have sold 54,547 shares of company stock valued at $9,356,359 over the last three months. 22.50% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Paylocity

Several hedge funds and other institutional investors have recently modified their holdings of PCTY. Capital International Investors raised its stake in shares of Paylocity by 119.0% in the fourth quarter. Capital International Investors now owns 1,211,021 shares of the software maker’s stock valued at $199,637,000 after acquiring an additional 658,057 shares during the last quarter. Wasatch Advisors LP lifted its position in Paylocity by 35.0% during the 1st quarter. Wasatch Advisors LP now owns 2,396,692 shares of the software maker’s stock worth $411,895,000 after buying an additional 621,946 shares in the last quarter. Allspring Global Investments Holdings LLC bought a new stake in Paylocity during the 4th quarter worth about $82,172,000. Liontrust Investment Partners LLP bought a new stake in Paylocity during the 3rd quarter worth about $90,181,000. Finally, Clearbridge Investments LLC raised its stake in shares of Paylocity by 2,212.5% in the fourth quarter. Clearbridge Investments LLC now owns 381,952 shares of the software maker’s stock worth $62,965,000 after acquiring an additional 365,435 shares during the last quarter. 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.