Paylocity (NASDAQ:PCTY) Price Target Raised to $255.00 at Jefferies Financial Group

Paylocity (NASDAQ:PCTY) had its target price raised by Jefferies Financial Group from $240.00 to $255.00 in a research note issued to investors on Friday,Benzinga reports. The firm currently has a “buy” rating on the software maker’s stock. Jefferies Financial Group’s target price suggests a potential upside of 24.66% from the company’s current price.

A number of other research firms have also commented on PCTY. StockNews.com upgraded Paylocity from a “hold” rating to a “buy” rating in a research note on Saturday, December 7th. Raymond James reiterated an “outperform” rating and set a $265.00 price objective (up previously from $215.00) on shares of Paylocity in a research report on Friday. Truist Financial upped their price objective on Paylocity from $195.00 to $210.00 and gave the stock a “buy” rating in a report on Friday, November 1st. Barclays boosted their price objective on Paylocity from $174.00 to $180.00 and gave the stock an “equal weight” rating in a research note on Thursday, October 31st. Finally, TD Cowen lowered their price objective on Paylocity from $235.00 to $228.00 and set a “buy” rating for the company in a research note on Monday, January 6th. Two equities research analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the stock. Based on data from MarketBeat.com, Paylocity presently has an average rating of “Moderate Buy” and an average target price of $230.06.

Paylocity Stock Down 3.5 %

NASDAQ:PCTY traded down $7.46 during mid-day trading on Friday, hitting $204.55. 808,029 shares of the company’s stock were exchanged, compared to its average volume of 521,675. Paylocity has a one year low of $129.94 and a one year high of $223.80. The business has a fifty day moving average price of $201.32 and a 200 day moving average price of $180.76. The company has a market cap of $11.40 billion, a PE ratio of 52.48, a P/E/G ratio of 5.03 and a beta of 0.95. The company has a debt-to-equity ratio of 0.29, a current ratio of 1.32 and a quick ratio of 1.32.

Paylocity (NASDAQ:PCTY) last issued its 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 return on equity of 22.92% and a net margin of 15.32%. Equities analysts predict that Paylocity will post 4.46 EPS for the current year.

Insider Activity

In other news, Director Steven I. Sarowitz sold 12,226 shares of Paylocity stock in a transaction dated Monday, November 18th. The shares were sold at an average price of $196.29, for a total value of $2,399,841.54. Following the sale, the director now owns 9,300,847 shares in the company, valued at $1,825,663,257.63. This trade represents a 0.13 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Jeffrey T. Diehl sold 946 shares of the company’s stock in a transaction that occurred on Friday, November 15th. The shares were sold at an average price of $204.74, for a total value of $193,684.04. Following the completion of the sale, the director now owns 1,767 shares of the company’s stock, valued at $361,775.58. This trade represents a 34.87 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 127,380 shares of company stock valued at $25,830,669. 21.91% of the stock is currently owned by company insiders.

Institutional Trading of Paylocity

Large investors have recently added to or reduced their stakes in the stock. UMB Bank n.a. lifted its position in Paylocity by 1,650.0% in the third quarter. UMB Bank n.a. now owns 175 shares of the software maker’s stock valued at $29,000 after buying an additional 165 shares during the last quarter. SBI Securities Co. Ltd. purchased a new stake in Paylocity during the fourth quarter worth about $29,000. Prospera Private Wealth LLC purchased a new stake in Paylocity during the 3rd quarter worth about $39,000. Signaturefd LLC lifted its holdings in Paylocity by 121.0% during the 3rd quarter. Signaturefd LLC now owns 305 shares of the software maker’s stock worth $50,000 after buying an additional 167 shares during the last quarter. Finally, Quarry LP lifted its position in Paylocity by 149.2% in the third quarter. Quarry LP now owns 309 shares of the software maker’s stock valued at $51,000 after acquiring an additional 185 shares during the last quarter. 94.76% of the stock is currently owned by hedge funds and other 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.