Paylocity (NASDAQ:PCTY) Given New $285.00 Price Target at KeyCorp

Paylocity (NASDAQ:PCTYGet Rating) had its price objective increased by KeyCorp from $205.00 to $285.00 in a research report report published on Friday morning, MarketBeat Ratings 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 stock. Cowen cut their target price on shares of Paylocity from $265.00 to $240.00 in a research note on Friday, May 6th. Raymond James boosted their price objective on Paylocity from $245.00 to $265.00 in a report on Friday. Jefferies Financial Group lowered their price objective on Paylocity from $255.00 to $200.00 in a report on Monday, May 23rd. Wolfe Research raised Paylocity from a market perform rating to an outperform rating and boosted their price objective for the company from $220.00 to $240.00 in a report on Friday, April 22nd. Finally, Mizuho boosted their price objective on Paylocity from $185.00 to $230.00 and gave the company a neutral rating in a report on Friday. Three analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of Moderate Buy and a consensus target price of $264.38.

Paylocity Trading Up 12.7 %

Shares of PCTY stock opened at $255.26 on Friday. The company has a market capitalization of $14.07 billion, a PE ratio of 158.55 and a beta of 1.27. The firm has a fifty day simple moving average of $185.12 and a 200-day simple moving average of $191.38. Paylocity has a twelve month low of $152.01 and a twelve month high of $314.49.

Paylocity (NASDAQ:PCTYGet Rating) last announced its earnings results on Thursday, August 4th. The software maker reported $0.80 earnings per share for the quarter, beating the consensus estimate of $0.52 by $0.28. The business had revenue of $228.95 million during the quarter, compared to the consensus estimate of $217.96 million. Paylocity had a net margin of 10.65% and a return on equity of 18.13%. The business’s quarterly revenue was up 36.7% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.24 earnings per share. Equities research analysts predict that Paylocity will post 1.56 EPS for the current year.

Insider Transactions at Paylocity

In other news, CEO Steven R. Beauchamp sold 49,658 shares of the business’s stock in a transaction that occurred on Friday, July 8th. The stock was sold at an average price of $200.00, for a total transaction of $9,931,600.00. Following the completion of the transaction, the chief executive officer now directly owns 1,780,014 shares in the company, valued at $356,002,800. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. In other Paylocity news, CEO Steven R. Beauchamp sold 49,658 shares of the company’s stock in a transaction that occurred on Friday, July 8th. The stock was sold at an average price of $200.00, for a total value of $9,931,600.00. Following the completion of the sale, the chief executive officer now directly owns 1,780,014 shares in the company, valued at $356,002,800. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, COO Michael R. Haske sold 33,355 shares of the company’s stock in a transaction that occurred on Friday, July 8th. The stock was sold at an average price of $200.00, for a total value of $6,671,000.00. Following the completion of the sale, the chief operating officer now owns 775,885 shares of the company’s stock, valued at $155,177,000. The disclosure for this sale can be found here. Over the last three months, insiders sold 133,443 shares of company stock worth $24,884,062. Company insiders own 28.80% of the company’s stock.

Hedge Funds Weigh In On Paylocity

Several hedge funds have recently made changes to their positions in the business. BlackRock Inc. grew its stake in shares of Paylocity by 0.9% in the 1st quarter. BlackRock Inc. now owns 4,089,361 shares of the software maker’s stock worth $841,466,000 after purchasing an additional 35,661 shares during the last quarter. Invesco Ltd. lifted its position in shares of Paylocity by 20.7% during the 1st quarter. Invesco Ltd. now owns 1,382,116 shares of the software maker’s stock valued at $284,399,000 after acquiring an additional 236,876 shares during the last quarter. Massachusetts Financial Services Co. MA lifted its position in shares of Paylocity by 0.7% during the 1st quarter. Massachusetts Financial Services Co. MA now owns 1,165,374 shares of the software maker’s stock valued at $239,799,000 after acquiring an additional 7,627 shares during the last quarter. State Street Corp lifted its position in shares of Paylocity by 4.4% during the 1st quarter. State Street Corp now owns 1,041,583 shares of the software maker’s stock valued at $214,327,000 after acquiring an additional 44,059 shares during the last quarter. Finally, Riverbridge Partners LLC lifted its position in shares of Paylocity by 0.3% during the 2nd quarter. Riverbridge Partners LLC now owns 796,588 shares of the software maker’s stock valued at $138,941,000 after acquiring an additional 2,291 shares during the last quarter. Institutional investors and hedge funds own 69.01% of the company’s stock.

About Paylocity

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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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Analyst Recommendations for Paylocity (NASDAQ:PCTY)

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