UBS Group Increases Paylocity (NASDAQ:PCTY) Price Target to $220.00

Paylocity (NASDAQ:PCTY - Get Free Report) had its target price lifted by investment analysts at UBS Group from $211.00 to $220.00 in a note issued to investors on Friday,Benzinga reports. The brokerage currently has a "neutral" rating on the software maker's stock. UBS Group's target price would indicate a potential upside of 4.70% from the stock's previous close.

Several other brokerages have also recently commented on PCTY. Mizuho raised Paylocity from a "neutral" rating to an "outperform" rating and increased their price target for the company from $200.00 to $235.00 in a research report on Friday, January 31st. Truist Financial lifted their price target on Paylocity from $195.00 to $210.00 and gave the stock a "buy" rating in a report on Friday, November 1st. StockNews.com raised Paylocity from a "hold" rating to a "buy" rating in a research report on Saturday, December 7th. BMO Capital Markets boosted their target price on Paylocity from $175.00 to $203.00 and gave the stock an "outperform" rating in a report on Thursday, October 31st. Finally, KeyCorp raised their price target on Paylocity from $220.00 to $250.00 and gave the company an "overweight" rating in a report on Friday. Three research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company's stock. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus target price of $233.25.

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Paylocity Stock Down 0.7 %

Paylocity stock traded down $1.49 during midday trading on Friday, reaching $210.13. The stock had a trading volume of 195,985 shares, compared to its average volume of 526,323. Paylocity has a 1-year low of $129.94 and a 1-year high of $223.80. 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 firm's fifty day simple moving average is $201.28 and its 200-day simple moving average is $181.70. The stock has a market capitalization of $11.71 billion, a P/E ratio of 53.88, a price-to-earnings-growth ratio of 5.19 and a beta of 0.95.

Paylocity (NASDAQ:PCTY - Get Free Report) last announced its earnings results on Thursday, February 6th. The software maker reported $0.82 EPS for the quarter, missing the consensus estimate of $1.42 by ($0.60). Paylocity had a return on equity of 22.93% and a net margin of 14.76%. As a group, analysts expect that Paylocity will post 4.46 EPS for the current fiscal year.

Insider Buying and Selling

In other news, CAO Nicholas Rost sold 212 shares of the stock in a transaction dated Tuesday, November 19th. The shares were sold at an average price of $193.29, for a total value of $40,977.48. Following the completion of the transaction, the chief accounting officer now owns 7,364 shares of the company's stock, valued at approximately $1,423,387.56. This represents a 2.80 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Steven I. Sarowitz sold 15,444 shares of Paylocity stock in a transaction that occurred on Wednesday, November 20th. The shares were sold at an average price of $195.43, for a total transaction of $3,018,220.92. Following the sale, the director now directly owns 9,272,906 shares in the company, valued at $1,812,204,019.58. This trade represents a 0.17 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 127,380 shares of company stock valued at $25,830,669 over the last quarter. 21.91% of the stock is owned by company insiders.

Hedge Funds Weigh In On Paylocity

Several institutional investors and hedge funds have recently added to or reduced their stakes in PCTY. International Assets Investment Management LLC grew its holdings in shares of 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 purchasing an additional 7,707 shares during the last quarter. Edgestream Partners L.P. boosted its position in Paylocity by 222.3% during the 3rd quarter. Edgestream Partners L.P. now owns 10,837 shares of the software maker's stock worth $1,788,000 after buying an additional 7,475 shares during the period. Barclays PLC increased its position in Paylocity by 14.3% in the 3rd 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 period. Nisa Investment Advisors LLC raised its stake in shares of Paylocity by 5,742.0% during the fourth quarter. Nisa Investment Advisors LLC now owns 5,842 shares of the software maker's stock valued at $1,165,000 after acquiring an additional 5,742 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. lifted its holdings in shares of Paylocity by 1.7% during the third quarter. Charles Schwab Investment Management Inc. now owns 282,426 shares of the software maker's stock worth $46,592,000 after purchasing an additional 4,697 shares during the period. Institutional investors own 94.76% of the company's stock.

About Paylocity

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.