Paylocity (NASDAQ:PCTY) Stock Price Expected to Rise, Jefferies Financial Group Analyst Says

Paylocity (NASDAQ:PCTY - Get Free Report) had its target price raised by Jefferies Financial Group from $240.00 to $255.00 in a report released on Friday,Benzinga reports. The brokerage presently has a "buy" rating on the software maker's stock. Jefferies Financial Group's price target would indicate a potential upside of 21.93% from the company's previous close.

Several other research analysts also recently commented on the company. StockNews.com upgraded Paylocity from a "hold" rating to a "buy" rating in a research note on Saturday, December 7th. BMO Capital Markets lifted their price objective on shares of Paylocity from $175.00 to $203.00 and gave the stock an "outperform" rating in a research report on Thursday, October 31st. Mizuho raised shares of Paylocity from a "neutral" rating to an "outperform" rating and increased their price objective for the company from $200.00 to $235.00 in a research report on Friday, January 31st. KeyCorp lifted their target price on shares of Paylocity from $220.00 to $250.00 and gave the stock an "overweight" rating in a report on Friday. Finally, Piper Sandler reiterated an "overweight" rating and issued a $254.00 price target (up previously from $212.00) on shares of Paylocity in a research note on Thursday, February 6th. Three analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $233.25.

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Paylocity Stock Down 1.2 %

Shares of PCTY stock traded down $2.48 on Friday, hitting $209.13. 325,352 shares of the stock were exchanged, compared to its average volume of 531,743. The firm has a market capitalization of $11.66 billion, a P/E ratio of 53.62, a price-to-earnings-growth ratio of 5.19 and a beta of 0.95. The business has a 50-day moving average of $201.33 and a 200 day moving average of $182.16. The company has a current ratio of 1.32, a quick ratio of 1.32 and a debt-to-equity ratio of 0.29. Paylocity has a fifty-two week low of $129.94 and a fifty-two week high of $223.80.

Paylocity (NASDAQ:PCTY - Get Free Report) last issued its quarterly 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%. Equities analysts anticipate that Paylocity will post 4.46 EPS for the current year.

Insiders Place Their Bets

In related news, Director Steven I. Sarowitz sold 2,600 shares of Paylocity stock in a transaction that occurred on Monday, December 30th. The stock was sold at an average price of $200.14, for a total value of $520,364.00. Following the transaction, the director now directly owns 8,332,347 shares of the company's stock, valued at $1,667,635,928.58. The trade was a 0.03 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, SVP Andrew Cappotelli sold 247 shares of the firm's stock in a transaction that occurred on Tuesday, November 19th. The stock was sold at an average price of $193.29, for a total transaction of $47,742.63. Following the transaction, the senior vice president now owns 14,634 shares of the company's stock, 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 in the last ninety days. 21.91% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Paylocity

Institutional investors and hedge funds have recently modified their holdings of the business. International Assets Investment Management LLC increased its position in Paylocity by 16,397.9% in the 3rd quarter. International Assets Investment Management LLC now owns 7,754 shares of the software maker's stock valued at $1,279,000 after buying an additional 7,707 shares in the last quarter. Edgestream Partners L.P. increased its holdings in shares of Paylocity by 222.3% during the third quarter. Edgestream Partners L.P. now owns 10,837 shares of the software maker's stock valued at $1,788,000 after acquiring an additional 7,475 shares in the last quarter. Barclays PLC raised its position in shares of Paylocity by 14.3% during the third quarter. Barclays PLC now owns 44,897 shares of the software maker's stock worth $7,407,000 after purchasing an additional 5,609 shares during the period. Nisa Investment Advisors LLC raised its position 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 worth $1,165,000 after purchasing an additional 5,742 shares during the period. Finally, Charles Schwab Investment Management Inc. lifted its holdings in shares of Paylocity by 1.7% in the 3rd 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 in the last quarter. 94.76% of the stock is currently owned by institutional investors.

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.