Piper Sandler Reaffirms “Overweight” Rating for Paylocity (NASDAQ:PCTY)

Paylocity (NASDAQ:PCTY)‘s stock had its “overweight” rating reiterated by investment analysts at Piper Sandler in a note issued to investors on Thursday,Benzinga reports. They presently have a $254.00 price objective on the software maker’s stock, up from their previous price objective of $212.00. Piper Sandler’s price target suggests a potential upside of 23.40% from the stock’s current price.

A number of other research firms have also recently issued reports on PCTY. KeyCorp upped their price objective on Paylocity from $210.00 to $220.00 and gave the stock an “overweight” rating in a report on Friday, January 31st. TD Cowen decreased their price objective on shares of Paylocity from $235.00 to $228.00 and set a “buy” rating for the company in a report on Monday, January 6th. Mizuho raised shares of Paylocity from a “neutral” rating to an “outperform” rating and upped their target price for the company from $200.00 to $235.00 in a report on Friday, January 31st. Barclays increased their price target on Paylocity from $174.00 to $180.00 and gave the company an “equal weight” rating in a research note on Thursday, October 31st. Finally, BMO Capital Markets boosted their target price on shares of Paylocity from $175.00 to $203.00 and gave the company an “outperform” rating in a research note on Thursday, October 31st. Two research analysts have rated the stock with a hold rating and fifteen have given a buy rating to the stock. According to MarketBeat.com, Paylocity currently has a consensus rating of “Moderate Buy” and a consensus price target of $233.25.

Paylocity Price Performance

Shares of NASDAQ PCTY opened at $205.84 on Thursday. The company has a current ratio of 1.32, a quick ratio of 1.32 and a debt-to-equity ratio of 0.29. Paylocity has a 1-year low of $129.94 and a 1-year high of $223.80. The firm’s 50-day moving average price is $201.32 and its 200-day moving average price is $180.76. The firm has a market capitalization of $11.48 billion, a P/E ratio of 52.64, a P/E/G ratio of 5.03 and a beta of 0.95.

Paylocity (NASDAQ:PCTY) last released its earnings results on Thursday, February 6th. The software maker reported $0.82 EPS for the quarter, missing analysts’ consensus estimates of $1.42 by ($0.60). Paylocity had a return on equity of 22.92% and a net margin of 15.32%. Equities research analysts anticipate that Paylocity will post 4.46 earnings per share for the current fiscal year.

Insider Transactions at Paylocity

In related news, Director Steven I. Sarowitz sold 12,226 shares of the stock in a transaction on Monday, November 18th. The stock was sold at an average price of $196.29, for a total value of $2,399,841.54. Following the transaction, the director now directly owns 9,300,847 shares in the company, valued at $1,825,663,257.63. This trade represents a 0.13 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CAO Nicholas Rost sold 212 shares of the firm’s stock in a transaction on Tuesday, November 19th. The shares were sold at an average price of $193.29, for a total value of $40,977.48. Following the transaction, the chief accounting officer now owns 7,364 shares in the company, valued at approximately $1,423,387.56. This trade represents a 2.80 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 127,380 shares of company stock worth $25,830,669 in the last 90 days. Corporate insiders own 21.91% of the company’s stock.

Institutional Investors Weigh In On Paylocity

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. SBI Securities Co. Ltd. bought a new position in shares of Paylocity during the 4th quarter valued at $29,000. UMB Bank n.a. boosted its holdings in Paylocity by 1,650.0% in the third quarter. UMB Bank n.a. now owns 175 shares of the software maker’s stock worth $29,000 after acquiring an additional 165 shares in the last quarter. Prospera Private Wealth LLC bought a new position in Paylocity in the 3rd quarter valued at approximately $39,000. Steward Partners Investment Advisory LLC lifted its stake in Paylocity by 29.9% during the 4th quarter. Steward Partners Investment Advisory LLC now owns 274 shares of the software maker’s stock valued at $55,000 after acquiring an additional 63 shares during the period. Finally, Signaturefd LLC lifted its stake 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 period. 94.76% of the stock is currently owned by institutional investors.

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.