Paylocity (NASDAQ:PCTY) PT Lowered to $205.00 at KeyCorp

Paylocity (NASDAQ:PCTYGet Rating) had its price target decreased by equities researchers at KeyCorp from $225.00 to $205.00 in a research report issued on Thursday, Stock Target Advisor reports. The brokerage presently has an “overweight” rating on the software maker’s stock. KeyCorp’s price objective indicates a potential upside of 21.82% from the stock’s previous close.

Several other research analysts have also recently weighed in on the company. StockNews.com assumed coverage on Paylocity in a research report on Thursday, March 31st. They set a “hold” rating for the company. Credit Suisse Group assumed coverage on Paylocity in a report on Wednesday, March 23rd. They issued a “neutral” rating and a $225.00 price objective on the stock. Wolfe Research raised Paylocity from a “market perform” rating to an “outperform” rating and raised their price objective for the company from $220.00 to $240.00 in a report on Friday, April 22nd. Cowen dropped their price objective on Paylocity from $265.00 to $240.00 in a report on Friday, May 6th. Finally, Jefferies Financial Group dropped their price objective on Paylocity from $255.00 to $200.00 in a report on Monday, May 23rd. Three research analysts have rated the stock with a hold rating and twelve have given a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $249.00.

Shares of NASDAQ:PCTY opened at $168.28 on Thursday. Paylocity has a 52-week low of $152.01 and a 52-week high of $314.49. The stock has a market cap of $9.28 billion, a price-to-earnings ratio of 108.57 and a beta of 1.30. The business has a 50-day moving average price of $178.02 and a 200-day moving average price of $198.89.

Paylocity (NASDAQ:PCTYGet Rating) last announced its quarterly earnings results on Thursday, May 5th. The software maker reported $0.79 earnings per share for the quarter, beating the consensus estimate of $0.59 by $0.20. The company had revenue of $245.97 million during the quarter, compared to analysts’ expectations of $241.64 million. Paylocity had a return on equity of 17.32% and a net margin of 11.06%. Paylocity’s quarterly revenue was up 32.2% on a year-over-year basis. During the same period last year, the business earned $0.67 earnings per share. Research analysts expect that Paylocity will post 1.44 EPS for the current fiscal year.

In other Paylocity news, CAO Nicholas Rost sold 276 shares of the company’s stock in a transaction dated Wednesday, May 4th. The stock was sold at an average price of $200.00, for a total transaction of $55,200.00. Following the sale, the chief accounting officer now owns 2,816 shares in the company, valued at approximately $563,200. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Steven I. Sarowitz sold 48,930 shares of the company’s stock in a transaction dated Monday, May 16th. The stock was sold at an average price of $163.12, for a total value of $7,981,461.60. Following the sale, the director now owns 11,467,247 shares in the company, valued at approximately $1,870,537,330.64. The disclosure for this sale can be found here. 28.80% of the stock is owned by insiders.

Several large investors have recently added to or reduced their stakes in PCTY. MML Investors Services LLC boosted its position in shares of Paylocity by 8.9% during the 3rd quarter. MML Investors Services LLC now owns 1,837 shares of the software maker’s stock worth $515,000 after acquiring an additional 150 shares in the last quarter. LPL Financial LLC boosted its position in shares of Paylocity by 33.9% in the 3rd quarter. LPL Financial LLC now owns 6,606 shares of the software maker’s stock valued at $1,852,000 after purchasing an additional 1,673 shares during the period. Atria Investments LLC boosted its position in shares of Paylocity by 2.8% in the 3rd quarter. Atria Investments LLC now owns 7,076 shares of the software maker’s stock valued at $1,984,000 after purchasing an additional 192 shares during the period. BNP Paribas Arbitrage SA boosted its position in shares of Paylocity by 5.4% in the 3rd quarter. BNP Paribas Arbitrage SA now owns 5,309 shares of the software maker’s stock valued at $1,489,000 after purchasing an additional 274 shares during the period. Finally, Captrust Financial Advisors boosted its position in shares of Paylocity by 38.2% in the 3rd quarter. Captrust Financial Advisors now owns 1,092 shares of the software maker’s stock valued at $306,000 after purchasing an additional 302 shares during the period. 69.01% of the stock is owned by institutional investors and hedge funds.

About Paylocity (Get Rating)

Paylocity Holding Corporation provides cloud-based payroll and human capital management software solutions for medium-sized organizations in the United States. The company offers Payroll and Tax Services solution to simplify payroll, automate processes and manage compliance requirements within one system; expense management, on demand payment, and garnishment solutions; human capital management and employee self-service solutions, document library, compliance dashboard, and HR edge; time and attendance solution, which tracks time and attendance data, eliminating the need for manual tracking of accruals and reducing administrative tasks; schedule tracking services; and time collection devices, including kiosks, time clocks, and mobile and web applications.

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