Paylocity (NASDAQ:PCTY) Price Target Raised to $220.00

Paylocity (NASDAQ:PCTY) had its price target upped by KeyCorp from $210.00 to $220.00 in a research note released on Friday,Benzinga reports. The brokerage currently has an overweight rating on the software maker’s stock.

PCTY has been the topic of a number of other research reports. Mizuho upgraded shares of Paylocity from a “neutral” rating to an “outperform” rating and boosted their target price for the company from $200.00 to $235.00 in a report on Friday. Jefferies Financial Group upped their price objective on shares of Paylocity from $215.00 to $240.00 and gave the stock a “buy” rating in a report on Monday, December 9th. Needham & Company LLC reiterated a “buy” rating and set a $220.00 target price on shares of Paylocity in a report on Wednesday, January 15th. Barclays boosted their price target on Paylocity from $174.00 to $180.00 and gave the stock an “equal weight” rating in a research report on Thursday, October 31st. Finally, TD Cowen reduced their price objective on Paylocity from $235.00 to $228.00 and set a “buy” rating for the company in a research report on Monday, January 6th. One equities research analyst has rated the stock with a hold rating and fourteen have assigned a buy rating to the company. According to MarketBeat, Paylocity presently has an average rating of “Moderate Buy” and an average target price of $213.86.

Paylocity Stock Up 2.0 %

Shares of NASDAQ:PCTY opened at $205.52 on Friday. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.32 and a current ratio of 1.32. Paylocity has a 52-week low of $129.94 and a 52-week high of $215.68. The firm has a market capitalization of $11.46 billion, a P/E ratio of 52.56, a P/E/G ratio of 4.98 and a beta of 0.93. The stock has a 50 day moving average price of $201.39 and a 200-day moving average price of $179.40.

Insider Activity

In related news, CAO Nicholas Rost sold 212 shares of the firm’s stock in a transaction on Tuesday, November 19th. The stock was sold at an average price of $193.29, for a total value of $40,977.48. Following the transaction, the chief accounting officer now directly owns 7,364 shares of the company’s stock, valued at approximately $1,423,387.56. This trade represents a 2.80 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Steven I. Sarowitz sold 2,600 shares of the business’s stock in a transaction dated Monday, December 30th. The shares were sold at an average price of $200.14, for a total value of $520,364.00. Following the sale, the director now directly owns 8,332,347 shares of the company’s stock, valued at $1,667,635,928.58. This represents a 0.03 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 157,486 shares of company stock valued at $31,751,368 in the last ninety days. 21.91% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Paylocity

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. CIBC Asset Management Inc boosted its position in shares of Paylocity by 3.6% in the third quarter. CIBC Asset Management Inc now owns 1,652 shares of the software maker’s stock worth $273,000 after purchasing an additional 58 shares during the period. UMB Bank n.a. lifted its stake in shares of Paylocity by 41.1% during the 4th quarter. UMB Bank n.a. now owns 247 shares of the software maker’s stock valued at $49,000 after buying an additional 72 shares in the last quarter. Chicago Partners Investment Group LLC boosted its holdings in Paylocity by 3.7% in the 3rd quarter. Chicago Partners Investment Group LLC now owns 2,282 shares of the software maker’s stock worth $395,000 after buying an additional 82 shares during the period. Covestor Ltd increased its stake in Paylocity by 6.4% in the 3rd quarter. Covestor Ltd now owns 1,373 shares of the software maker’s stock worth $227,000 after buying an additional 83 shares in the last quarter. Finally, Louisiana State Employees Retirement System raised its holdings in Paylocity by 0.8% during the fourth quarter. Louisiana State Employees Retirement System now owns 12,100 shares of the software maker’s stock valued at $2,414,000 after acquiring an additional 100 shares during the period. 94.76% of the stock is owned by hedge funds and other 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.