Paylocity (NASDAQ:PCTY) Price Target Raised to $225.00 at KeyCorp

Key Points

• KeyCorp has raised its price target for Paylocity from $220.00 to $225.00, indicating a potential upside of 18.95% from the stock's current price.
• Other analysts have set various price targets for Paylocity, with BMO Capital Markets raising theirs to $230.00 and JMP Securities setting a target of $270.00.
• Paylocity reported better-than-expected quarterly earnings, achieving $1.56 earnings per share and $400.74 million in revenue, marking a 12.2% year-over-year increase.

Paylocity (NASDAQ:PCTY - Free Report) had its target price increased by KeyCorp from $220.00 to $225.00 in a research note released on Wednesday morning,Benzinga reports. They currently have an overweight rating on the software maker's stock.

Other research analysts also recently issued research reports about the company. Raymond James Financial set a $220.00 price objective on Paylocity and gave the stock an "outperform" rating in a report on Wednesday, July 30th. Citigroup reduced their price target on Paylocity from $225.00 to $218.00 and set a "buy" rating on the stock in a report on Monday, July 21st. Wall Street Zen upgraded Paylocity from a "hold" rating to a "buy" rating in a report on Monday, May 12th. Barclays reduced their price target on Paylocity from $209.00 to $190.00 and set an "equal weight" rating on the stock in a report on Monday, July 21st. Finally, Piper Sandler restated an "overweight" rating and set a $258.00 price target (up previously from $254.00) on shares of Paylocity in a report on Friday, May 2nd. Four research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company's stock. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price of $223.19.

Paylocity Trading Down 3.7%

Shares of PCTY traded down $6.75 during trading hours on Wednesday, hitting $176.94. The company had a trading volume of 661,959 shares, compared to its average volume of 545,705. The firm has a market cap of $9.76 billion, a P/E ratio of 38.38, a P/E/G ratio of 3.50 and a beta of 0.54. The stock's 50 day moving average price is $183.48 and its 200 day moving average price is $191.16. The company has a quick ratio of 1.14, a current ratio of 1.14 and a debt-to-equity ratio of 0.13. Paylocity has a 52-week low of $146.02 and a 52-week high of $223.80.

Paylocity (NASDAQ:PCTY - Get Free Report) last released its quarterly earnings data on Tuesday, August 5th. The software maker reported $1.56 EPS for the quarter, topping the consensus estimate of $1.38 by $0.18. The firm had revenue of $400.74 million for the quarter, compared to the consensus estimate of $388.25 million. Paylocity had a return on equity of 22.08% and a net margin of 14.24%. The company's quarterly revenue was up 12.2% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.48 earnings per share. On average, research analysts predict that Paylocity will post 4.36 EPS for the current year.

Insider Transactions at Paylocity

In related news, SVP Andrew Cappotelli sold 1,717 shares of the company's stock in a transaction that occurred on Monday, June 23rd. The stock was sold at an average price of $176.74, for a total value of $303,462.58. Following the transaction, the senior vice president directly owned 11,953 shares of the company's stock, valued at approximately $2,112,573.22. This represents a 12.56% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Company insiders own 21.91% of the company's stock.

Hedge Funds Weigh In On Paylocity

Several hedge funds and other institutional investors have recently added to or reduced their stakes in PCTY. LPL Financial LLC lifted its position in Paylocity by 22.5% in the 4th quarter. LPL Financial LLC now owns 19,107 shares of the software maker's stock valued at $3,780,000 after acquiring an additional 3,515 shares in the last quarter. O Shaughnessy Asset Management LLC lifted its position in Paylocity by 17.6% in the 4th quarter. O Shaughnessy Asset Management LLC now owns 1,440 shares of the software maker's stock valued at $287,000 after acquiring an additional 215 shares in the last quarter. Franklin Resources Inc. lifted its position in Paylocity by 11.4% in the 4th quarter. Franklin Resources Inc. now owns 1,710 shares of the software maker's stock valued at $341,000 after acquiring an additional 175 shares in the last quarter. Envestnet Asset Management Inc. raised its stake in Paylocity by 2.4% during the 4th quarter. Envestnet Asset Management Inc. now owns 130,947 shares of the software maker's stock valued at $26,120,000 after buying an additional 3,104 shares during the last quarter. Finally, Russell Investments Group Ltd. raised its stake in Paylocity by 7.1% during the 4th quarter. Russell Investments Group Ltd. now owns 34,625 shares of the software maker's stock valued at $6,907,000 after buying an additional 2,308 shares during the last quarter. 94.76% of the stock is owned by 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.