Paylocity (NASDAQ:PCTY) PT Raised to $115.00 at KeyCorp

Paylocity (NASDAQ:PCTY) had its price target increased by KeyCorp from $112.00 to $115.00 in a report issued on Monday, BenzingaRatingsTable reports. The firm currently has an overweight rating on the software maker’s stock.

Other equities research analysts have also issued research reports about the company. Raymond James increased their target price on Paylocity from $105.00 to $115.00 and gave the company an outperform rating in a research note on Friday, May 17th. Cantor Fitzgerald started coverage on Paylocity in a research note on Tuesday, June 18th. They issued an overweight rating for the company. JMP Securities increased their target price on Paylocity to $115.00 and gave the company a market perform rating in a research note on Monday, July 22nd. Jefferies Financial Group increased their target price on Paylocity from $85.00 to $103.00 and gave the company a hold rating in a research note on Friday, May 3rd. Finally, ValuEngine lowered Paylocity from a strong-buy rating to a buy rating in a research note on Friday, April 5th. Six equities research analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the company. Paylocity presently has a consensus rating of Buy and an average price target of $93.14.

Shares of NASDAQ:PCTY opened at $101.48 on Monday. The firm has a market capitalization of $5.46 billion, a price-to-earnings ratio of 327.35, a PEG ratio of 5.72 and a beta of 1.72. The stock’s 50-day moving average price is $100.75. Paylocity has a 12 month low of $53.46 and a 12 month high of $107.94.

Paylocity (NASDAQ:PCTY) last announced its quarterly earnings results on Thursday, May 2nd. The software maker reported $0.60 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.41 by $0.19. Paylocity had a return on equity of 15.29% and a net margin of 9.52%. The company had revenue of $139.60 million during the quarter, compared to analyst estimates of $135.97 million. During the same period in the prior year, the firm posted $0.71 earnings per share. The firm’s revenue was up 23.1% on a year-over-year basis. On average, research analysts forecast that Paylocity will post 0.56 EPS for the current fiscal year.

In related news, Director Steven I. Sarowitz sold 166,489 shares of the stock in a transaction dated Wednesday, May 8th. The stock was sold at an average price of $95.53, for a total value of $15,904,694.17. Following the completion of the transaction, the director now owns 14,569,464 shares of the company’s stock, valued at $1,391,820,895.92. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, SVP Edward W. Gaty sold 7,768 shares of the stock in a transaction dated Monday, June 3rd. The shares were sold at an average price of $97.54, for a total value of $757,690.72. Following the completion of the transaction, the senior vice president now directly owns 126,392 shares of the company’s stock, valued at approximately $12,328,275.68. The disclosure for this sale can be found here. Insiders sold 285,192 shares of company stock valued at $27,120,606 in the last three months. 41.20% of the stock is currently owned by company insiders.

A number of institutional investors and hedge funds have recently modified their holdings of PCTY. Raymond James & Associates boosted its holdings in Paylocity by 194.5% in the fourth quarter. Raymond James & Associates now owns 13,553 shares of the software maker’s stock valued at $816,000 after purchasing an additional 8,951 shares during the last quarter. Dimensional Fund Advisors LP lifted its holdings in Paylocity by 26.5% during the 4th quarter. Dimensional Fund Advisors LP now owns 453,995 shares of the software maker’s stock worth $27,335,000 after buying an additional 95,223 shares during the last quarter. Geode Capital Management LLC lifted its holdings in Paylocity by 8.9% during the 4th quarter. Geode Capital Management LLC now owns 359,737 shares of the software maker’s stock worth $21,659,000 after buying an additional 29,387 shares during the last quarter. Mackay Shields LLC lifted its holdings in Paylocity by 156.0% during the 4th quarter. Mackay Shields LLC now owns 6,400 shares of the software maker’s stock worth $386,000 after buying an additional 3,900 shares during the last quarter. Finally, Principal Financial Group Inc. lifted its holdings in Paylocity by 4.5% during the 4th quarter. Principal Financial Group Inc. now owns 20,289 shares of the software maker’s stock worth $1,221,000 after buying an additional 870 shares during the last quarter. 64.18% of the stock is owned by hedge funds and other institutional investors.

About Paylocity

Paylocity Holding Corporation provides cloud-based payroll and human capital management software solutions for medium-sized organizations in the United States. The company offers Paylocity Web Pay for enterprise-grade payroll processing and administration; Paylocity Web HR for employee record management, HR compliance and reporting, HR insight and analytics, and self-service portals; Talent Management for employee performance appraisal process and performance review; Paylocity Web Time, a time and attendance solution; and Paylocity Web Expense, an expense management tool designed to streamline and automate the expense management process.

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Analyst Recommendations for Paylocity (NASDAQ:PCTY)

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