Paylocity (NASDAQ:PCTY) Price Target Cut to $220.00 by Analysts at KeyCorp

Paylocity (NASDAQ:PCTY - Free Report) had its price target reduced by KeyCorp from $250.00 to $220.00 in a report released on Tuesday,Benzinga reports. They currently have an overweight rating on the software maker's stock.

A number of other analysts have also recently commented on PCTY. Citigroup upgraded Paylocity from a "neutral" rating to a "buy" rating and upped their price target for the stock from $214.00 to $231.00 in a research report on Thursday, January 16th. StockNews.com cut shares of Paylocity from a "buy" rating to a "hold" rating in a research note on Monday, February 10th. Barclays lowered their target price on shares of Paylocity from $231.00 to $204.00 and set an "equal weight" rating on the stock in a research note on Monday. Scotiabank started coverage on Paylocity in a research note on Wednesday, April 16th. They issued a "sector perform" rating and a $190.00 price target for the company. Finally, Jefferies Financial Group boosted their price objective on Paylocity from $240.00 to $255.00 and gave the company a "buy" rating in a research report on Friday, February 7th. Four analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the stock. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of $226.47.

Paylocity Stock Performance

NASDAQ:PCTY traded up $2.60 on Tuesday, hitting $191.11. The stock had a trading volume of 342,888 shares, compared to its average volume of 479,740. The business's 50-day simple moving average is $190.56 and its two-hundred day simple moving average is $195.28. The stock has a market cap of $10.68 billion, a price-to-earnings ratio of 49.00, a price-to-earnings-growth ratio of 4.49 and a beta of 0.76. Paylocity has a 52-week low of $129.94 and a 52-week high of $223.80. The company has a quick ratio of 1.14, a current ratio of 1.14 and a debt-to-equity ratio of 0.28.

Paylocity (NASDAQ:PCTY - Get Free Report) last posted its quarterly earnings data on Thursday, February 6th. The software maker reported $0.82 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $1.42 by ($0.60). Paylocity had a return on equity of 22.45% and a net margin of 14.76%. As a group, research analysts predict that Paylocity will post 4.36 earnings per share for the current year.

Insider Activity at Paylocity

In other Paylocity news, Director Steven I. Sarowitz sold 26,252 shares of the company's stock in a transaction that occurred on Monday, March 24th. The stock was sold at an average price of $194.91, for a total transaction of $5,116,777.32. Following the sale, the director now directly owns 420,000 shares in the company, valued at $81,862,200. This represents a 5.88 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this link. 21.91% of the stock is owned by insiders.

Hedge Funds Weigh In On Paylocity

Several large investors have recently modified their holdings of the stock. Barclays PLC increased its position in Paylocity by 14.3% during the third quarter. Barclays PLC now owns 44,897 shares of the software maker's stock valued at $7,407,000 after acquiring an additional 5,609 shares during the last quarter. Tidal Investments LLC boosted its stake in shares of Paylocity by 207.0% during the 3rd quarter. Tidal Investments LLC now owns 8,836 shares of the software maker's stock worth $1,458,000 after purchasing an additional 5,958 shares during the period. Lord Abbett & CO. LLC grew its holdings in Paylocity by 3.2% during the 3rd quarter. Lord Abbett & CO. LLC now owns 287,264 shares of the software maker's stock valued at $47,389,000 after purchasing an additional 8,878 shares during the last quarter. JPMorgan Chase & Co. raised its position in Paylocity by 81.9% in the 3rd quarter. JPMorgan Chase & Co. now owns 856,536 shares of the software maker's stock worth $141,303,000 after purchasing an additional 385,625 shares during the period. Finally, GAMMA Investing LLC raised its position in Paylocity by 43.3% in the 4th quarter. GAMMA Investing LLC now owns 384 shares of the software maker's stock worth $77,000 after purchasing an additional 116 shares during the period. 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.