KeyCorp Raises Paylocity (NASDAQ:PCTY) Price Target to $220.00

Paylocity (NASDAQ:PCTY - Get Free Report) had its target price increased by KeyCorp from $210.00 to $220.00 in a note issued to investors on Friday,Benzinga reports. The brokerage presently has an "overweight" rating on the software maker's stock. KeyCorp's target price points to a potential upside of 4.35% from the company's current price.

A number of other research analysts also recently issued reports on PCTY. Truist Financial boosted their price target on shares of Paylocity from $195.00 to $210.00 and gave the stock a "buy" rating in a research report on Friday, November 1st. Needham & Company LLC reiterated a "buy" rating and set a $220.00 price target on shares of Paylocity in a report on Wednesday, January 15th. TD Cowen dropped their price objective on Paylocity from $235.00 to $228.00 and set a "buy" rating on the stock in a research note on Monday, January 6th. Piper Sandler raised their target price on Paylocity from $172.00 to $212.00 and gave the stock an "overweight" rating in a research note on Thursday, October 31st. Finally, Citigroup raised Paylocity from a "neutral" rating to a "buy" rating and boosted their price target for the company from $214.00 to $231.00 in a research note on Thursday, January 16th. One equities research analyst has rated the stock with a hold rating and fourteen have assigned a buy rating to the company's stock. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average target price of $213.86.

Paylocity Trading Up 2.2 %

Shares of PCTY traded up $4.44 during mid-day trading on Friday, reaching $210.82. 572,951 shares of the company were exchanged, compared to its average volume of 498,913. The business has a 50 day simple moving average of $201.39 and a two-hundred day simple moving average of $179.40. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.32 and a current ratio of 1.32. The stock has a market capitalization of $11.75 billion, a PE ratio of 53.92, a PEG ratio of 5.03 and a beta of 0.95. Paylocity has a 52 week low of $129.94 and a 52 week high of $215.68.

Insider Buying and Selling

In related news, CFO Ryan Glenn sold 500 shares of Paylocity stock in a transaction on Wednesday, November 6th. The stock was sold at an average price of $203.28, for a total transaction of $101,640.00. Following the sale, the chief financial officer now directly owns 52,134 shares in the company, valued at approximately $10,597,799.52. This trade represents a 0.95 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, SVP Andrew Cappotelli sold 247 shares of the business'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 $47,742.63. Following the completion of the transaction, the senior vice president now directly owns 14,634 shares in the company, valued at approximately $2,828,605.86. This represents a 1.66 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 127,880 shares of company stock worth $25,932,309. 21.91% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Paylocity

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Sanctuary Advisors LLC purchased a new position in Paylocity in the second quarter valued at about $194,000. SG Americas Securities LLC lifted its stake in Paylocity by 20.7% in the third quarter. SG Americas Securities LLC now owns 7,053 shares of the software maker's stock valued at $1,164,000 after purchasing an additional 1,210 shares during the last quarter. Handelsbanken Fonder AB grew its holdings in Paylocity by 24.9% during the third quarter. Handelsbanken Fonder AB now owns 12,551 shares of the software maker's stock valued at $2,071,000 after purchasing an additional 2,500 shares during the period. RK Asset Management LLC bought a new stake in shares of Paylocity in the third quarter valued at $5,344,000. Finally, UMB Bank n.a. lifted its position 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 valued at $29,000 after buying an additional 165 shares during the last quarter. 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.