Paylocity (NASDAQ:PCTY) Stock Price Expected to Rise, JMP Securities Analyst Says

Paylocity (NASDAQ:PCTY) had its price objective lifted by equities researchers at JMP Securities from $250.00 to $270.00 in a report released on Friday,Benzinga reports. The firm currently has a “market outperform” rating on the software maker’s stock. JMP Securities’ price target would indicate a potential upside of 31.16% from the company’s current price.

A number of other equities research analysts have also recently commented on the company. Jefferies Financial Group increased their price target on Paylocity from $215.00 to $240.00 and gave the company a “buy” rating in a research note on Monday, December 9th. KeyCorp raised their price objective on Paylocity from $220.00 to $250.00 and gave the stock an “overweight” rating in a research note on Friday. Stifel Nicolaus raised their price objective on Paylocity from $220.00 to $250.00 and gave the stock a “buy” rating in a research note on Friday. Piper Sandler restated an “overweight” rating and issued a $254.00 price objective (up from $212.00) on shares of Paylocity in a research note on Thursday. Finally, UBS Group raised their price objective on Paylocity from $211.00 to $220.00 and gave the stock a “neutral” rating in a research note on Friday. Two analysts have rated the stock with a hold rating and fifteen have given a buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $229.13.

Paylocity Stock Down 2.9 %

Shares of NASDAQ PCTY traded down $6.16 during mid-day trading on Friday, reaching $205.86. 593,348 shares of the company were exchanged, compared to its average volume of 512,868. The company has a quick ratio of 1.32, a current ratio of 1.32 and a debt-to-equity ratio of 0.29. The stock has a market cap of $11.48 billion, a price-to-earnings ratio of 52.73, a P/E/G ratio of 5.03 and a beta of 0.95. Paylocity has a 1 year low of $129.94 and a 1 year high of $223.80. The firm has a 50-day moving average of $201.32 and a 200 day moving average of $180.76.

Paylocity (NASDAQ:PCTY) last issued its quarterly earnings data on Thursday, February 6th. The software maker reported $0.82 earnings per share 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%. On average, research analysts expect that Paylocity will post 4.46 earnings per share for the current year.

Insider Transactions at Paylocity

In related news, Director Steven I. Sarowitz sold 12,226 shares of Paylocity stock in a transaction that occurred on Monday, November 18th. The stock was sold at an average price of $196.29, for a total transaction of $2,399,841.54. Following the transaction, the director now owns 9,300,847 shares in the company, valued at approximately $1,825,663,257.63. This trade represents a 0.13 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, SVP Andrew Cappotelli sold 247 shares of Paylocity stock in a transaction that occurred on Tuesday, November 19th. The stock was sold at an average price of $193.29, for a total value of $47,742.63. Following the transaction, the senior vice president now owns 14,634 shares in the company, valued at approximately $2,828,605.86. The trade was a 1.66 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 127,380 shares of company stock valued at $25,830,669 over the last ninety days. Insiders own 21.91% of the company’s stock.

Hedge Funds Weigh In On Paylocity

Institutional investors have recently added to or reduced their stakes in the stock. International Assets Investment Management LLC lifted its position in Paylocity by 16,397.9% during the third quarter. International Assets Investment Management LLC now owns 7,754 shares of the software maker’s stock worth $1,279,000 after buying an additional 7,707 shares in the last quarter. Edgestream Partners L.P. raised its position in Paylocity by 222.3% in the third quarter. Edgestream Partners L.P. now owns 10,837 shares of the software maker’s stock valued at $1,788,000 after purchasing an additional 7,475 shares during the period. Barclays PLC raised its position in Paylocity by 14.3% in the third quarter. Barclays PLC now owns 44,897 shares of the software maker’s stock valued at $7,407,000 after purchasing an additional 5,609 shares during the period. Nisa Investment Advisors LLC raised its position in Paylocity by 5,742.0% in the fourth quarter. Nisa Investment Advisors LLC now owns 5,842 shares of the software maker’s stock valued at $1,165,000 after purchasing an additional 5,742 shares during the period. Finally, Charles Schwab Investment Management Inc. raised its position in Paylocity by 1.7% in the third quarter. Charles Schwab Investment Management Inc. now owns 282,426 shares of the software maker’s stock valued at $46,592,000 after purchasing an additional 4,697 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.