KeyCorp Cuts Paylocity (NASDAQ:PCTY) Price Target to $220.00

Paylocity (NASDAQ:PCTY - Free Report) had its target price decreased by KeyCorp from $250.00 to $220.00 in a report published on Tuesday,Benzinga reports. KeyCorp currently has an overweight rating on the software maker's stock.

A number of other brokerages also recently commented on PCTY. Mizuho reduced their target price on shares of Paylocity from $245.00 to $220.00 and set an "outperform" rating on the stock in a research note on Tuesday, April 15th. StockNews.com downgraded shares of Paylocity from a "buy" rating to a "hold" rating in a research note on Monday, February 10th. Jefferies Financial Group increased their price objective on Paylocity from $240.00 to $255.00 and gave the company a "buy" rating in a report on Friday, February 7th. Scotiabank assumed coverage on Paylocity in a research note on Wednesday, April 16th. They set a "sector perform" rating and a $190.00 target price for the company. Finally, Raymond James reaffirmed an "outperform" rating and issued a $265.00 price target (up from $215.00) on shares of Paylocity in a report on Friday, February 7th. Four analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company. According to MarketBeat.com, Paylocity presently has an average rating of "Moderate Buy" and an average target price of $226.47.

Paylocity Price Performance

Shares of Paylocity stock traded up $2.60 during mid-day trading on Tuesday, reaching $191.11. 342,888 shares of the stock traded hands, compared to its average volume of 480,164. The stock has a market capitalization of $10.68 billion, a PE ratio of 49.00, a PEG ratio of 4.49 and a beta of 0.76. The business has a 50-day moving average of $190.56 and a 200 day moving average of $195.50. Paylocity has a fifty-two week low of $129.94 and a fifty-two week high of $223.80. The company has a quick ratio of 1.14, a current ratio of 1.14 and a debt-to-equity ratio of 0.28.

Paylocity (NASDAQ:PCTY - Get Free Report) last posted its quarterly earnings data on Thursday, February 6th. The software maker reported $0.82 EPS for the quarter, missing the consensus estimate of $1.42 by ($0.60). Paylocity had a net margin of 14.76% and a return on equity of 22.45%. On average, analysts predict that Paylocity will post 4.36 EPS for the current year.

Insider Buying and Selling

In other news, Director Steven I. Sarowitz sold 26,252 shares of the business's stock in a transaction on Monday, March 24th. The stock was sold at an average price of $194.91, for a total transaction of $5,116,777.32. Following the sale, the director now directly owns 420,000 shares of the company's stock, valued at $81,862,200. The trade was a 5.88 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 21.91% of the stock is owned by corporate insiders.

Institutional Trading of Paylocity

A number of hedge funds have recently modified their holdings of PCTY. Barclays PLC increased its position in Paylocity by 14.3% in the 3rd quarter. Barclays PLC now owns 44,897 shares of the software maker's stock worth $7,407,000 after purchasing an additional 5,609 shares during the last quarter. Tidal Investments LLC grew its stake in shares of Paylocity by 207.0% in the 3rd quarter. Tidal Investments LLC now owns 8,836 shares of the software maker's stock valued at $1,458,000 after buying an additional 5,958 shares in the last quarter. Lord Abbett & CO. LLC increased its holdings in Paylocity by 3.2% in the third quarter. Lord Abbett & CO. LLC now owns 287,264 shares of the software maker's stock worth $47,389,000 after buying an additional 8,878 shares during the last quarter. JPMorgan Chase & Co. raised its position in Paylocity by 81.9% during the third quarter. JPMorgan Chase & Co. now owns 856,536 shares of the software maker's stock valued at $141,303,000 after acquiring an additional 385,625 shares in the last quarter. Finally, GAMMA Investing LLC lifted its stake in Paylocity by 43.3% in the fourth quarter. GAMMA Investing LLC now owns 384 shares of the software maker's stock valued at $77,000 after acquiring an additional 116 shares during the last quarter. Hedge funds and other institutional investors own 94.76% of the company's stock.

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.