Paylocity’s (PCTY) Overweight Rating Reiterated at Piper Sandler

Paylocity (NASDAQ:PCTY)‘s stock had its “overweight” rating reissued by investment analysts at Piper Sandler in a report released on Thursday,Benzinga reports. They currently have a $254.00 price objective on the software maker’s stock, up from their prior price objective of $212.00. Piper Sandler’s price objective indicates a potential upside of 19.81% from the company’s current price.

Several other equities analysts have also recently issued reports on the company. Truist Financial boosted their price objective on Paylocity from $195.00 to $210.00 and gave the company a “buy” rating in a report on Friday, November 1st. StockNews.com raised Paylocity from a “hold” rating to a “buy” rating in a report on Saturday, December 7th. KeyCorp boosted their price objective on Paylocity from $210.00 to $220.00 and gave the company an “overweight” rating in a report on Friday, January 31st. Barclays boosted their price objective on Paylocity from $174.00 to $180.00 and gave the company an “equal weight” rating in a report on Thursday, October 31st. Finally, TD Cowen decreased their price objective on Paylocity from $235.00 to $228.00 and set a “buy” rating for the company in a report on Monday, January 6th. One investment analyst has rated the stock with a hold rating and fourteen have issued a buy rating to the company. According to data from MarketBeat.com, Paylocity currently has a consensus rating of “Moderate Buy” and a consensus price target of $219.00.

Paylocity Stock Up 1.4 %

Paylocity stock opened at $212.01 on Thursday. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.32 and a current ratio of 1.32. The business’s 50-day simple moving average is $201.28 and its two-hundred day simple moving average is $180.54. The company has a market cap of $11.82 billion, a PE ratio of 54.22, a PEG ratio of 5.03 and a beta of 0.95. Paylocity has a fifty-two week low of $129.94 and a fifty-two week high of $215.68.

Paylocity (NASDAQ:PCTY) last posted its quarterly earnings results on Thursday, February 6th. The software maker reported $0.82 earnings per share for the quarter, missing the consensus estimate of $1.42 by ($0.60). Paylocity had a net margin of 15.32% and a return on equity of 22.92%. Equities analysts anticipate that Paylocity will post 4.46 EPS for the current year.

Insider Activity

In other news, CAO Nicholas Rost sold 212 shares of the stock in a transaction on Tuesday, November 19th. The stock was sold at an average price of $193.29, for a total value of $40,977.48. Following the sale, the chief accounting officer now directly owns 7,364 shares in the company, valued at approximately $1,423,387.56. This trade represents a 2.80 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, SVP Andrew Cappotelli sold 247 shares of the stock in a transaction on Tuesday, November 19th. The shares were sold at an average price of $193.29, for a total value of $47,742.63. Following the completion of the sale, the senior vice president now owns 14,634 shares in the company, valued at approximately $2,828,605.86. The trade was a 1.66 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 127,380 shares of company stock worth $25,830,669. Corporate insiders own 21.91% of the company’s stock.

Institutional Trading of Paylocity

Hedge funds and other institutional investors have recently bought and sold shares of the business. International Assets Investment Management LLC raised its stake in Paylocity by 16,397.9% in the third quarter. International Assets Investment Management LLC now owns 7,754 shares of the software maker’s stock valued at $1,279,000 after buying an additional 7,707 shares in the last quarter. Edgestream Partners L.P. raised its stake in Paylocity by 222.3% in the third quarter. Edgestream Partners L.P. now owns 10,837 shares of the software maker’s stock valued at $1,788,000 after buying an additional 7,475 shares in the last quarter. Barclays PLC grew its holdings in shares of Paylocity by 14.3% during the third 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. Nisa Investment Advisors LLC increased its position in shares of Paylocity by 5,742.0% during the fourth quarter. Nisa Investment Advisors LLC now owns 5,842 shares of the software maker’s stock worth $1,165,000 after purchasing an additional 5,742 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. increased its position in shares of Paylocity by 1.7% during the third quarter. Charles Schwab Investment Management Inc. now owns 282,426 shares of the software maker’s stock worth $46,592,000 after purchasing an additional 4,697 shares in the last quarter. 94.76% of the stock is currently 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.