Paylocity (NASDAQ:PCTY) Price Target Raised to $310.00 at KeyCorp

Paylocity (NASDAQ:PCTYGet Rating) had its target price boosted by KeyCorp from $285.00 to $310.00 in a research report report published on Monday morning, The Fly reports. KeyCorp currently has an overweight rating on the software maker’s stock. KeyCorp also issued estimates for Paylocity’s Q1 2024 earnings at $0.33 EPS, Q2 2024 earnings at $0.38 EPS, Q3 2024 earnings at $1.04 EPS and Q4 2024 earnings at $0.74 EPS.

Other equities analysts have also issued reports about the company. Credit Suisse Group increased their price objective on Paylocity to $240.00 in a report on Tuesday, August 9th. Mizuho upped their price target on Paylocity from $185.00 to $230.00 and gave the company a neutral rating in a research report on Friday, August 5th. Jefferies Financial Group dropped their price target on Paylocity from $255.00 to $200.00 in a research report on Monday, May 23rd. DA Davidson upped their price target on Paylocity to $270.00 in a research report on Tuesday, August 9th. Finally, Piper Sandler upped their price target on Paylocity from $195.00 to $269.00 and gave the company an overweight rating in a research report on Friday, August 5th. Three analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Paylocity presently has an average rating of Moderate Buy and an average price target of $267.19.

Paylocity Stock Down 1.0 %

Paylocity stock opened at $266.48 on Monday. Paylocity has a 52 week low of $152.01 and a 52 week high of $314.49. The company’s 50 day moving average price is $198.66 and its two-hundred day moving average price is $195.64. The stock has a market cap of $14.69 billion, a P/E ratio of 165.52 and a beta of 1.27.

Paylocity (NASDAQ:PCTYGet Rating) last posted its earnings results on Thursday, August 4th. The software maker reported $0.80 EPS for the quarter, topping the consensus estimate of $0.52 by $0.28. Paylocity had a net margin of 10.65% and a return on equity of 17.29%. The firm had revenue of $228.95 million for the quarter, compared to analysts’ expectations of $217.96 million. During the same quarter last year, the firm earned $0.24 EPS. The company’s quarterly revenue was up 36.7% compared to the same quarter last year. On average, equities analysts anticipate that Paylocity will post 1.97 EPS for the current year.

Insider Buying and Selling

In other news, CAO Nicholas Rost sold 185 shares of Paylocity stock in a transaction that occurred on Tuesday, August 16th. The stock was sold at an average price of $268.00, for a total value of $49,580.00. Following the sale, the chief accounting officer now directly owns 4,877 shares in the company, valued at approximately $1,307,036. The sale was disclosed in a filing with the SEC, which is available through this link. In other news, CAO Nicholas Rost sold 185 shares of the company’s stock in a transaction dated Tuesday, August 16th. The shares were sold at an average price of $268.00, for a total value of $49,580.00. Following the sale, the chief accounting officer now directly owns 4,877 shares of the company’s stock, valued at approximately $1,307,036. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, COO Michael R. Haske sold 33,355 shares of the company’s stock in a transaction dated Friday, July 8th. The stock was sold at an average price of $200.00, for a total transaction of $6,671,000.00. Following the completion of the sale, the chief operating officer now directly owns 775,885 shares in the company, valued at $155,177,000. The disclosure for this sale can be found here. Insiders have sold a total of 85,350 shares of company stock worth $17,126,916 in the last ninety days. 28.80% of the stock is owned by insiders.

Institutional Trading of Paylocity

Hedge funds and other institutional investors have recently modified their holdings of the business. Russell Investments Group Ltd. grew its position in shares of Paylocity by 7.0% in the 1st quarter. Russell Investments Group Ltd. now owns 41,540 shares of the software maker’s stock worth $8,546,000 after buying an additional 2,721 shares during the period. New York State Common Retirement Fund grew its position in Paylocity by 2.3% during the 4th quarter. New York State Common Retirement Fund now owns 45,044 shares of the software maker’s stock valued at $10,638,000 after purchasing an additional 1,011 shares during the last quarter. Bank Hapoalim BM grew its position in Paylocity by 23.0% during the 1st quarter. Bank Hapoalim BM now owns 6,838 shares of the software maker’s stock valued at $1,407,000 after purchasing an additional 1,280 shares during the last quarter. Mutual of America Capital Management LLC grew its position in Paylocity by 2.1% during the 1st quarter. Mutual of America Capital Management LLC now owns 36,180 shares of the software maker’s stock valued at $7,445,000 after purchasing an additional 754 shares during the last quarter. Finally, Teacher Retirement System of Texas grew its position in Paylocity by 6.1% during the 1st quarter. Teacher Retirement System of Texas now owns 7,842 shares of the software maker’s stock valued at $1,614,000 after purchasing an additional 449 shares during the last quarter. 69.01% of the stock is owned by hedge funds and other institutional investors.

About Paylocity

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Paylocity Holding Corporation provides cloud-based payroll and human capital management software solutions for medium-sized organizations in the United States. The company offers Payroll and Tax Services solution to simplify payroll, automate processes and manage compliance requirements within one system; expense management, on demand payment, and garnishment solutions; human capital management and employee self-service solutions, document library, compliance dashboard, and HR edge; time and attendance solution, which tracks time and attendance data, eliminating the need for manual tracking of accruals and reducing administrative tasks; schedule tracking services; and time collection devices, including kiosks, time clocks, and mobile and web applications.

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