Paylocity (NASDAQ:PCTY) Coverage Initiated at Stephens

Equities research analysts at Stephens initiated coverage on shares of Paylocity (NASDAQ:PCTY - Get Free Report) in a research note issued to investors on Monday. The firm set an "equal weight" rating and a $200.00 price target on the software maker's stock. Stephens' target price would suggest a potential upside of 8.75% from the stock's current price.

Several other analysts have also issued reports on the company. KeyCorp cut their target price on Paylocity from $250.00 to $220.00 and set an "overweight" rating for the company in a research note on Tuesday, April 22nd. Raymond James Financial reiterated an "outperform" rating and issued a $235.00 price objective (down previously from $265.00) on shares of Paylocity in a research report on Friday, May 2nd. BMO Capital Markets boosted their price objective on Paylocity from $210.00 to $226.00 and gave the company an "outperform" rating in a research report on Friday, May 2nd. Piper Sandler reiterated an "overweight" rating and issued a $258.00 price objective (up previously from $254.00) on shares of Paylocity in a research report on Friday, May 2nd. Finally, JMP Securities reiterated a "market outperform" rating and issued a $270.00 price objective on shares of Paylocity in a research report on Tuesday, April 29th. Four analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $222.18.

Paylocity Stock Down 1.3%

NASDAQ:PCTY traded down $2.48 during trading hours on Monday, hitting $183.90. 17,195 shares of the company traded hands, compared to its average volume of 448,310. The company has a market cap of $10.16 billion, a PE ratio of 46.00, a PEG ratio of 3.66 and a beta of 0.50. Paylocity has a one year low of $140.06 and a one year high of $223.80. The company has a quick ratio of 1.13, a current ratio of 1.13 and a debt-to-equity ratio of 0.20. The firm's 50-day simple moving average is $187.12 and its 200-day simple moving average is $192.41.

Paylocity (NASDAQ:PCTY - Get Free Report) last issued its earnings results on Thursday, May 1st. The software maker reported $2.43 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $2.09 by $0.34. The business had revenue of $454.55 million for the quarter, compared to analysts' expectations of $441.77 million. Paylocity had a net margin of 14.65% and a return on equity of 22.90%. The business's revenue for the quarter was up 13.3% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $2.21 EPS. Equities analysts predict that Paylocity will post 4.36 earnings per share for the current year.

Insider Buying and Selling

In related news, SVP Andrew Cappotelli sold 1,717 shares of Paylocity stock in a transaction dated Monday, June 23rd. The stock was sold at an average price of $176.74, for a total value of $303,462.58. Following the completion of the sale, the senior vice president directly owned 11,953 shares in the company, valued at approximately $2,112,573.22. This trade represents a 12.56% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 21.91% of the company's stock.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in the stock. FMR LLC lifted its holdings in Paylocity by 138.5% in the 4th quarter. FMR LLC now owns 650,599 shares of the software maker's stock worth $129,775,000 after purchasing an additional 377,835 shares in the last quarter. Invesco Ltd. lifted its holdings in Paylocity by 31.7% in the 4th quarter. Invesco Ltd. now owns 1,332,213 shares of the software maker's stock worth $265,737,000 after purchasing an additional 320,319 shares in the last quarter. Vanguard Group Inc. lifted its holdings in Paylocity by 7.0% in the 1st quarter. Vanguard Group Inc. now owns 4,312,832 shares of the software maker's stock worth $807,966,000 after purchasing an additional 283,430 shares in the last quarter. Zurich Insurance Group Ltd FI purchased a new position in Paylocity in the 1st quarter worth approximately $47,998,000. Finally, Livforsakringsbolaget Skandia Omsesidigt lifted its holdings in Paylocity by 1,995.2% in the 2nd quarter. Livforsakringsbolaget Skandia Omsesidigt now owns 259,800 shares of the software maker's stock worth $47,073,000 after purchasing an additional 247,400 shares in the last quarter. 94.76% of the stock is owned by hedge funds and other 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.

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