Truist Financial Boosts Paylocity (NASDAQ:PCTY) Price Target to $210.00

Paylocity (NASDAQ:PCTY) had its target price increased by stock analysts at Truist Financial from $195.00 to $210.00 in a research report issued to clients and investors on Friday, Benzinga reports. The firm currently has a “buy” rating on the software maker’s stock. Truist Financial’s price objective indicates a potential upside of 9.51% from the stock’s current price.

Several other brokerages also recently issued reports on PCTY. BTIG Research cut their target price on shares of Paylocity from $200.00 to $185.00 and set a “buy” rating for the company in a research note on Friday, August 2nd. BMO Capital Markets lifted their target price on Paylocity from $175.00 to $203.00 and gave the stock an “outperform” rating in a research note on Thursday. Jefferies Financial Group increased their price target on Paylocity from $200.00 to $215.00 and gave the company a “buy” rating in a research note on Thursday. JMP Securities reaffirmed a “market outperform” rating and set a $250.00 price objective on shares of Paylocity in a research report on Monday, August 5th. Finally, KeyCorp upped their price objective on shares of Paylocity from $187.00 to $210.00 and gave the company an “overweight” rating in a report on Thursday. Four analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company. Based on data from MarketBeat, Paylocity has an average rating of “Moderate Buy” and a consensus target price of $193.87.

Paylocity Stock Up 3.9 %

NASDAQ:PCTY opened at $191.76 on Friday. The firm has a market capitalization of $10.69 billion, a price-to-earnings ratio of 49.04, a price-to-earnings-growth ratio of 4.46 and a beta of 0.93. The company has a quick ratio of 1.13, a current ratio of 1.32 and a debt-to-equity ratio of 0.29. Paylocity has a twelve month low of $129.94 and a twelve month high of $192.61. The stock’s 50 day moving average price is $165.67 and its two-hundred day moving average price is $155.07.

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

Insiders Place Their Bets

In other news, SVP Rachit Lohani sold 658 shares of the stock in a transaction on Wednesday, October 2nd. The stock was sold at an average price of $162.83, for a total transaction of $107,142.14. Following the sale, the senior vice president now directly owns 39,764 shares of the company’s stock, valued at approximately $6,474,772.12. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Corporate insiders own 21.91% of the company’s stock.

Institutional Trading of Paylocity

A number of institutional investors and hedge funds have recently made changes to their positions in the company. Covestor Ltd raised its position in Paylocity by 6.4% during the third quarter. Covestor Ltd now owns 1,373 shares of the software maker’s stock valued at $227,000 after purchasing an additional 83 shares in the last quarter. Tompkins Financial Corp acquired a new position in shares of Paylocity during the 3rd quarter worth $82,000. Chicago Partners Investment Group LLC lifted its position in shares of Paylocity by 3.7% during 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 last quarter. Insight Folios Inc acquired a new stake in Paylocity in the third quarter valued at about $203,000. Finally, State of Alaska Department of Revenue raised its stake in Paylocity by 7.2% during the third quarter. State of Alaska Department of Revenue now owns 5,046 shares of the software maker’s stock worth $832,000 after acquiring an additional 340 shares in the last quarter. 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.