Jefferies Financial Group Increases Paylocity (NASDAQ:PCTY) Price Target to $255.00

Paylocity (NASDAQ:PCTY) had its price objective raised by Jefferies Financial Group from $240.00 to $255.00 in a research report sent to investors on Friday morning,Benzinga reports. They currently have a buy rating on the software maker’s stock.

PCTY has been the topic of a number of other research reports. Needham & Company LLC boosted their price objective on shares of Paylocity from $220.00 to $250.00 and gave the stock a “buy” rating in a report on Friday. Truist Financial boosted their price objective on shares of Paylocity from $195.00 to $210.00 and gave the stock a “buy” rating in a report on Friday, November 1st. Piper Sandler reissued an “overweight” rating and set a $254.00 price objective (up previously from $212.00) on shares of Paylocity in a report on Thursday. UBS Group boosted their price objective on shares of Paylocity from $211.00 to $220.00 and gave the stock a “neutral” rating in a report on Friday. Finally, BMO Capital Markets boosted their price objective on shares of Paylocity from $175.00 to $203.00 and gave the stock an “outperform” rating in a report on Thursday, October 31st. Two analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $233.25.

Paylocity Stock Down 2.9 %

Shares of NASDAQ:PCTY opened at $205.84 on Friday. The company has a market cap of $11.48 billion, a price-to-earnings ratio of 52.78, a PEG ratio of 5.19 and a beta of 0.95. The firm’s 50-day simple moving average is $201.28 and its 200-day simple moving average is $181.43. The company has a quick ratio of 1.32, a current ratio of 1.32 and a debt-to-equity ratio of 0.29. Paylocity has a fifty-two week low of $129.94 and a fifty-two week high of $223.80.

Paylocity (NASDAQ:PCTY) last issued its earnings results on Thursday, February 6th. The software maker reported $0.82 earnings per share for the quarter, missing the consensus estimate of $1.42 by ($0.60). Paylocity had a net margin of 14.76% and a return on equity of 22.93%. As a group, equities research analysts predict that Paylocity will post 4.46 earnings per share for the current year.

Insider Activity

In other Paylocity news, CAO Nicholas Rost sold 212 shares of the stock in a transaction on Tuesday, November 19th. The shares were sold at an average price of $193.29, for a total transaction of $40,977.48. Following the transaction, the chief accounting officer now directly owns 7,364 shares in the company, valued at $1,423,387.56. This represents a 2.80 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, SVP Andrew Cappotelli sold 247 shares of the stock in a transaction on Tuesday, November 19th. The stock was sold at an average price of $193.29, for a total transaction of $47,742.63. Following the sale, the senior vice president now directly owns 14,634 shares in the company, valued at $2,828,605.86. This trade represents a 1.66 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 127,380 shares of company stock worth $25,830,669. 21.91% of the stock is currently owned by company insiders.

Institutional Trading of Paylocity

A number of institutional investors and hedge funds have recently modified their holdings of PCTY. Sanctuary Advisors LLC acquired a new stake in shares of Paylocity during the second quarter worth $194,000. SG Americas Securities LLC raised its holdings in shares of Paylocity by 20.7% during the third quarter. SG Americas Securities LLC now owns 7,053 shares of the software maker’s stock worth $1,164,000 after purchasing an additional 1,210 shares during the period. UMB Bank n.a. raised its holdings in shares of Paylocity by 1,650.0% during the third quarter. UMB Bank n.a. now owns 175 shares of the software maker’s stock worth $29,000 after purchasing an additional 165 shares during the period. Creative Planning acquired a new stake in shares of Paylocity during the third quarter worth $267,000. Finally, NBC Securities Inc. acquired a new stake in shares of Paylocity in the 3rd quarter worth about $290,000. 94.76% of the stock is owned by institutional investors and hedge funds.

About Paylocity

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.