KeyCorp Forecasts Strong Price Appreciation for Paylocity (NASDAQ:PCTY) Stock

Paylocity (NASDAQ:PCTY) had its price objective boosted by KeyCorp from $187.00 to $210.00 in a research note published on Thursday morning, Benzinga reports. They currently have an overweight rating on the software maker’s stock.

Several other equities analysts have also issued reports on PCTY. BTIG Research dropped their price objective on Paylocity from $200.00 to $185.00 and set a “buy” rating on the stock in a report on Friday, August 2nd. Jefferies Financial Group lifted their price target on Paylocity from $200.00 to $215.00 and gave the stock a “buy” rating in a research report on Thursday. BMO Capital Markets increased their price objective on Paylocity from $175.00 to $203.00 and gave the company an “outperform” rating in a report on Thursday. Mizuho lifted their target price on shares of Paylocity from $155.00 to $175.00 and gave the company a “neutral” rating in a report on Monday, October 14th. Finally, Truist Financial decreased their price target on shares of Paylocity from $200.00 to $195.00 and set a “buy” rating for the company in a research note on Wednesday, July 31st. Four investment analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $193.87.

Paylocity Price Performance

Paylocity stock opened at $191.76 on Thursday. Paylocity has a 12-month low of $129.94 and a 12-month high of $192.61. The stock has a market cap of $10.69 billion, a P/E ratio of 49.04, a price-to-earnings-growth ratio of 4.46 and a beta of 0.93. The company has a current ratio of 1.32, a quick ratio of 1.13 and a debt-to-equity ratio of 0.29. The company has a fifty day simple moving average of $165.67 and a 200-day simple moving average of $155.06.

Paylocity (NASDAQ:PCTY) last issued its quarterly earnings data on Thursday, August 1st. The software maker reported $1.48 earnings per share for the quarter, topping the consensus estimate of $1.29 by $0.19. Paylocity had a net margin of 15.32% and a return on equity of 22.92%. The business had revenue of $357.30 million during the quarter, compared to the consensus estimate of $350.29 million. During the same quarter in the previous year, the firm earned $0.76 EPS. The company’s revenue was up 15.8% compared to the same quarter last year. Equities analysts expect that Paylocity will post 4.51 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, SVP Rachit Lohani sold 658 shares of the firm’s stock in a transaction that occurred on Wednesday, October 2nd. The stock was sold at an average price of $162.83, for a total value of $107,142.14. Following the completion of the sale, the senior vice president now directly owns 39,764 shares of the company’s stock, valued at $6,474,772.12. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 21.91% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of PCTY. UMB Bank n.a. grew its stake in shares of Paylocity by 1,650.0% during the 3rd 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. Rothschild Investment LLC purchased a new stake in Paylocity during the second quarter worth about $40,000. J.Safra Asset Management Corp grew its position in Paylocity by 80.0% during the first quarter. J.Safra Asset Management Corp now owns 243 shares of the software maker’s stock worth $42,000 after buying an additional 108 shares during the period. Signaturefd LLC increased its holdings in Paylocity by 121.0% in the third quarter. Signaturefd LLC now owns 305 shares of the software maker’s stock valued at $50,000 after buying an additional 167 shares in the last quarter. Finally, RiverPark Advisors LLC lifted its position in shares of Paylocity by 152.0% during the 1st quarter. RiverPark Advisors LLC now owns 383 shares of the software maker’s stock valued at $66,000 after acquiring an additional 231 shares during the period. Hedge funds and other institutional investors own 94.76% of the company’s stock.

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.