Paylocity's (PCTY) Market Outperform Rating Reiterated at JMP Securities

Paylocity (NASDAQ:PCTY - Get Free Report)'s stock had its "market outperform" rating reissued by analysts at JMP Securities in a research note issued on Tuesday,Benzinga reports. They currently have a $270.00 target price on the software maker's stock. JMP Securities' price objective points to a potential upside of 40.86% from the company's previous close.

Other research analysts also recently issued research reports about the stock. UBS Group raised their price target on shares of Paylocity from $211.00 to $220.00 and gave the company a "neutral" rating in a report on Friday, February 7th. KeyCorp cut their target price on Paylocity from $250.00 to $220.00 and set an "overweight" rating on the stock in a report on Tuesday, April 22nd. Stifel Nicolaus raised their price objective on Paylocity from $220.00 to $250.00 and gave the company a "buy" rating in a research note on Friday, February 7th. Barclays decreased their target price on Paylocity from $231.00 to $204.00 and set an "equal weight" rating for the company in a research report on Monday, April 21st. Finally, Citigroup upgraded shares of Paylocity from a "neutral" rating to a "buy" rating and lifted their target price for the stock from $214.00 to $231.00 in a report on Thursday, January 16th. Four analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the stock. According to data from MarketBeat, Paylocity currently has a consensus rating of "Moderate Buy" and a consensus price target of $226.12.

Paylocity Stock Up 1.0 %

PCTY traded up $1.87 during trading on Tuesday, reaching $191.69. 58,419 shares of the stock traded hands, compared to its average volume of 478,375. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.14 and a quick ratio of 1.14. Paylocity has a fifty-two week low of $129.94 and a fifty-two week high of $223.80. The stock's 50-day simple moving average is $190.10 and its two-hundred day simple moving average is $195.91. The stock has a market cap of $10.71 billion, a price-to-earnings ratio of 49.13, a price-to-earnings-growth ratio of 4.49 and a beta of 0.76.

Paylocity (NASDAQ:PCTY - Get Free Report) last announced its quarterly earnings results on Thursday, February 6th. The software maker reported $0.82 earnings per share (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%. As a group, equities research analysts expect that Paylocity will post 4.36 EPS for the current year.

Insider Activity at Paylocity

In related news, Director Steven I. Sarowitz sold 26,252 shares of the stock in a transaction dated Monday, March 24th. The shares were sold at an average price of $194.91, for a total transaction of $5,116,777.32. Following the completion of the sale, the director now owns 420,000 shares in the company, valued at $81,862,200. This trade represents a 5.88 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. 21.91% of the stock is owned by insiders.

Hedge Funds Weigh In On Paylocity

Several institutional investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. raised its stake in shares of Paylocity by 1.2% in the fourth quarter. Vanguard Group Inc. now owns 4,029,402 shares of the software maker's stock valued at $803,745,000 after acquiring an additional 46,183 shares during the last quarter. Invesco Ltd. raised its position in Paylocity by 31.7% in the 4th quarter. Invesco Ltd. now owns 1,332,213 shares of the software maker's stock valued at $265,737,000 after purchasing an additional 320,319 shares during the last quarter. Geode Capital Management LLC boosted its stake in Paylocity by 2.4% in the fourth quarter. Geode Capital Management LLC now owns 1,073,988 shares of the software maker's stock worth $214,275,000 after purchasing an additional 25,182 shares in the last quarter. JPMorgan Chase & Co. increased its stake in shares of Paylocity by 0.8% in the fourth quarter. JPMorgan Chase & Co. now owns 863,787 shares of the software maker's stock valued at $172,300,000 after buying an additional 7,251 shares in the last quarter. Finally, FMR LLC raised its holdings in shares of Paylocity by 138.5% in the fourth quarter. FMR LLC now owns 650,599 shares of the software maker's stock valued at $129,775,000 after buying an additional 377,835 shares during the last quarter. 94.76% of the stock is owned by institutional investors.

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.

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