KeyCorp Forecasts Strong Price Appreciation for Paylocity (NASDAQ:PCTY) Stock

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 price target raised by KeyCorp from $220.00 to $225.00 in a research report report published on Wednesday,Benzinga reports. The firm currently has an overweight rating on the software maker's stock.

A number of other research analysts also recently issued reports on PCTY. Barclays cut their price objective on shares of Paylocity from $209.00 to $190.00 and set an "equal weight" rating on the stock in a research report on Monday, July 21st. Raymond James Financial set a $220.00 price objective on Paylocity and gave the company an "outperform" rating in a report on Wednesday, July 30th. BMO Capital Markets upped their target price on Paylocity from $226.00 to $230.00 and gave the company an "outperform" rating in a research report on Wednesday. Citigroup lowered their price target on Paylocity from $225.00 to $218.00 and set a "buy" rating for the company in a report on Monday, July 21st. Finally, Mizuho cut their price objective on shares of Paylocity from $245.00 to $220.00 and set an "outperform" rating on the stock in a report on Tuesday, April 15th. Four analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus price target of $223.19.

Paylocity Stock Down 2.1%

Shares of PCTY traded down $3.95 during mid-day trading on Wednesday, hitting $179.75. The company's stock had a trading volume of 106,973 shares, compared to its average volume of 475,884. The company has a current ratio of 1.14, a quick ratio of 1.13 and a debt-to-equity ratio of 0.13. The company's 50-day moving average is $183.73 and its 200-day moving average is $191.43. Paylocity has a 52-week low of $146.02 and a 52-week high of $223.80. The firm has a market capitalization of $9.93 billion, a price-to-earnings ratio of 44.99, a PEG ratio of 3.70 and a beta of 0.54.

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

Insider Transactions at Paylocity

In other Paylocity news, SVP Andrew Cappotelli sold 1,717 shares of the business's stock in a transaction dated Monday, June 23rd. The shares were 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 in the company, valued at $2,112,573.22. The trade was a 12.56% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Insiders own 21.91% of the company's stock.

Institutional Investors Weigh In On Paylocity

Institutional investors have recently modified their holdings of the company. TCTC Holdings LLC boosted its holdings in Paylocity by 115.9% during the 1st quarter. TCTC Holdings LLC now owns 149 shares of the software maker's stock valued at $28,000 after acquiring an additional 80 shares during the period. USA Financial Formulas acquired a new position in shares of Paylocity in the first quarter valued at approximately $29,000. SBI Securities Co. Ltd. grew its holdings in shares of Paylocity by 47.4% in the second quarter. SBI Securities Co. Ltd. now owns 252 shares of the software maker's stock valued at $46,000 after purchasing an additional 81 shares in the last quarter. Hughes Financial Services LLC purchased a new stake in Paylocity during the 1st quarter worth approximately $48,000. Finally, Bayforest Capital Ltd lifted its holdings in Paylocity by 69.1% during the 1st quarter. Bayforest Capital Ltd now owns 296 shares of the software maker's stock worth $55,000 after buying an additional 121 shares in the last quarter. 94.76% of the stock is owned by institutional investors and hedge funds.

Paylocity Company Profile

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.