Jefferies Financial Group Issues Positive Forecast for Paylocity (NASDAQ:PCTY) Stock Price

Paylocity (NASDAQ:PCTY) had its target price boosted by equities researchers at Jefferies Financial Group from $215.00 to $240.00 in a note issued to investors on Monday,Benzinga reports. The firm presently has a “buy” rating on the software maker’s stock. Jefferies Financial Group’s price target suggests a potential upside of 18.45% from the stock’s current price.

Other research analysts also recently issued research reports about the stock. Truist Financial increased their price target on shares of Paylocity from $195.00 to $210.00 and gave the company a “buy” rating in a report on Friday, November 1st. TD Cowen raised their price objective on Paylocity from $208.00 to $235.00 and gave the company a “buy” rating in a research note on Monday. KeyCorp boosted their target price on Paylocity from $187.00 to $210.00 and gave the company an “overweight” rating in a research report on Thursday, October 31st. BMO Capital Markets raised their price target on Paylocity from $175.00 to $203.00 and gave the stock an “outperform” rating in a research report on Thursday, October 31st. Finally, Needham & Company LLC boosted their price objective on shares of Paylocity from $200.00 to $220.00 and gave the company a “buy” rating in a research report on Thursday, October 31st. Three analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company’s stock. According to data from MarketBeat, Paylocity has an average rating of “Moderate Buy” and a consensus price target of $204.29.

Paylocity Price Performance

Shares of PCTY stock traded down $3.18 during trading hours on Monday, hitting $202.62. The stock had a trading volume of 125,589 shares, compared to its average volume of 491,794. The stock’s 50-day moving average price is $188.32 and its two-hundred day moving average price is $162.49. Paylocity has a one year low of $129.94 and a one year high of $215.68. The stock has a market capitalization of $11.30 billion, a price-to-earnings ratio of 51.93, a PEG ratio of 5.07 and a beta of 0.92. The company has a debt-to-equity ratio of 0.29, a current ratio of 1.32 and a quick ratio of 1.32.

Insiders Place Their Bets

In other Paylocity news, Director Steven I. Sarowitz sold 10,237 shares of the business’s stock in a transaction dated Wednesday, November 27th. The shares were sold at an average price of $210.10, for a total value of $2,150,793.70. Following the completion of the transaction, the director now directly owns 9,214,115 shares in the company, valued at approximately $1,935,885,561.50. The trade was a 0.11 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, SVP Rachit Lohani sold 658 shares of the firm’s stock in a transaction that occurred on Wednesday, October 2nd. The shares were sold at an average price of $162.83, for a total transaction of $107,142.14. Following the completion of the sale, the senior vice president now owns 39,764 shares of the company’s stock, valued at approximately $6,474,772.12. This trade represents a 1.63 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 101,327 shares of company stock worth $20,340,311 in the last three months. Corporate insiders own 21.91% of the company’s stock.

Institutional Trading of Paylocity

A number of institutional investors and hedge funds have recently made changes to their positions in PCTY. Tidal Investments LLC increased its stake in shares of Paylocity by 207.0% in the 3rd quarter. Tidal Investments LLC now owns 8,836 shares of the software maker’s stock worth $1,458,000 after acquiring an additional 5,958 shares during the last quarter. Coldstream Capital Management Inc. acquired a new stake in Paylocity during the 3rd quarter worth approximately $239,000. Geode Capital Management LLC boosted its position in Paylocity by 3.6% in the 3rd quarter. Geode Capital Management LLC now owns 1,048,806 shares of the software maker’s stock valued at $173,053,000 after buying an additional 36,590 shares during the period. Vestcor Inc grew its position in shares of Paylocity by 943.8% during the third quarter. Vestcor Inc now owns 10,000 shares of the software maker’s stock worth $1,650,000 after buying an additional 9,042 shares in the last quarter. Finally, Barclays PLC grew its holdings in Paylocity by 14.3% during the 3rd quarter. Barclays PLC now owns 44,897 shares of the software maker’s stock worth $7,407,000 after acquiring an additional 5,609 shares in the last quarter. 94.76% of the stock is currently owned by hedge funds and other 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.