Paylocity (NASDAQ:PCTY) Given “Overweight” Rating at Piper Sandler

Piper Sandler reissued their overweight rating on shares of Paylocity (NASDAQ:PCTY) in a report issued on Thursday morning,Benzinga reports. Piper Sandler currently has a $254.00 target price on the software maker’s stock, up from their previous target price of $212.00.

Several other research firms have also issued reports on PCTY. Truist Financial upped their target price on Paylocity from $195.00 to $210.00 and gave the stock a “buy” rating in a report on Friday, November 1st. Mizuho upgraded Paylocity from a “neutral” rating to an “outperform” rating and upped their price objective for the stock from $200.00 to $235.00 in a research note on Friday, January 31st. Needham & Company LLC raised their target price on shares of Paylocity from $220.00 to $250.00 and gave the company a “buy” rating in a research note on Friday. BMO Capital Markets upped their price target 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. Finally, KeyCorp lifted their price objective on shares of Paylocity from $210.00 to $220.00 and gave the company an “overweight” rating in a research report on Friday, January 31st. One analyst has rated the stock with a hold rating and fourteen have issued a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $219.00.

Paylocity Stock Up 1.4 %

PCTY stock opened at $212.01 on Thursday. The business has a 50-day moving average of $201.28 and a 200-day moving average of $180.54. Paylocity has a fifty-two week low of $129.94 and a fifty-two week high of $215.68. The stock has a market capitalization of $11.82 billion, a P/E ratio of 54.22, a P/E/G ratio of 5.03 and a beta of 0.95. The company has a debt-to-equity ratio of 0.29, a current ratio of 1.32 and a quick ratio of 1.32.

Paylocity (NASDAQ:PCTY) last issued its quarterly earnings results on Thursday, February 6th. The software maker reported $0.82 earnings per share for the quarter, missing the consensus estimate of $1.42 by ($0.60). Paylocity had a return on equity of 22.92% and a net margin of 15.32%. On average, sell-side analysts anticipate that Paylocity will post 4.46 earnings per share for the current fiscal year.

Insider Transactions at Paylocity

In other Paylocity news, Director Steven I. Sarowitz sold 15,444 shares of the business’s stock in a transaction 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 owns 9,272,906 shares of the company’s stock, valued at approximately $1,812,204,019.58. The trade was a 0.17 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, SVP Andrew Cappotelli sold 247 shares of the stock in a transaction on Tuesday, November 19th. The shares were sold at an average price of $193.29, for a total value of $47,742.63. Following the completion of the transaction, the senior vice president now owns 14,634 shares of the company’s stock, valued at $2,828,605.86. The trade was a 1.66 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 127,380 shares of company stock valued at $25,830,669. Company insiders own 21.91% of the company’s stock.

Hedge Funds Weigh In On Paylocity

A number of institutional investors and hedge funds have recently bought and sold shares of the company. UMB Bank n.a. grew its holdings in Paylocity by 1,650.0% during the 3rd quarter. UMB Bank n.a. now owns 175 shares of the software maker’s stock worth $29,000 after acquiring an additional 165 shares during the last quarter. SBI Securities Co. Ltd. bought a new position in Paylocity during the 4th quarter worth $29,000. Prospera Private Wealth LLC acquired a new position in Paylocity during the 3rd quarter worth about $39,000. Signaturefd LLC grew its position in shares of Paylocity by 121.0% in the 3rd quarter. Signaturefd LLC now owns 305 shares of the software maker’s stock valued at $50,000 after buying an additional 167 shares during the last quarter. Finally, Quarry LP increased its stake in shares of Paylocity by 149.2% in the third quarter. Quarry LP now owns 309 shares of the software maker’s stock valued at $51,000 after buying an additional 185 shares during the period. Institutional investors and hedge funds 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.