KeyCorp Forecasts Strong Price Appreciation for Paylocity (NASDAQ:PCTY) Stock

Paylocity (NASDAQ:PCTY) had its price target increased by analysts at KeyCorp from $178.00 to $190.00 in a research note issued on Wednesday, Benzinga reports. The brokerage presently has an “overweight” rating on the software maker’s stock. KeyCorp‘s price target would suggest a potential upside of 11.72% from the stock’s previous close.

PCTY has been the subject of several other reports. BMO Capital Markets raised their price target on shares of Paylocity from $143.00 to $175.00 and gave the company an “outperform” rating in a report on Wednesday, August 5th. Wall Street Zen cut shares of Paylocity from a “buy” rating to a “hold” rating in a report on Saturday. Robert W. Baird set a $201.00 price objective on Paylocity in a research report on Wednesday, August 5th. TD Cowen lifted their price objective on Paylocity from $168.00 to $177.00 and gave the company a “buy” rating in a research note on Thursday, August 20th. Finally, UBS Group set a $175.00 price objective on Paylocity in a research note on Tuesday, September 29th. Twelve investment analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $172.82.

Paylocity Stock Performance

Shares of NASDAQ PCTY opened at $170.07 on Wednesday. Paylocity has a 52 week low of $92.99 and a 52 week high of $178.53. The business has a 50-day simple moving average of $153.12 and a two-hundred day simple moving average of $126.40.

Paylocity (NASDAQ:PCTY) last issued its quarterly earnings data on Tuesday, August 4th. The software maker reported $1.84 EPS for the quarter, beating the consensus estimate of $1.62 by $0.22. The firm had revenue of $444.73 million for the quarter, compared to analysts’ expectations of $431.46 million. Paylocity’s revenue was up 11.0% on a year-over-year basis. During the same period in the prior year, the firm posted $1.56 EPS. On average, equities research analysts expect that Paylocity will post 6.92 EPS for the current fiscal year.

Insider Buying and Selling at Paylocity

In other news, Chairman Steven R. Beauchamp sold 15,000 shares of the stock in a transaction dated Thursday, October 15th. The shares were sold at an average price of $165.22, for a total transaction of $2,478,300.00. Following the completion of the sale, the chairman directly owned 1,243,389 shares in the company, valued at approximately $205,432,730.58. This represents a 1.19% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Steven Sarowitz sold 13,700 shares of the firm’s stock in a transaction on Monday, October 26th. The stock was sold at an average price of $176.05, for a total value of $2,411,885.00. Following the completion of the sale, the director directly owned 4,363,769 shares of the company’s stock, valued at $768,241,532.45. The trade was a 0.31% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 153,840 shares of company stock valued at $25,275,479 in the last three months. 19.40% of the stock is currently owned by corporate insiders.

Institutional Trading of Paylocity

Several large investors have recently bought and sold shares of the company. BlackRock Inc. bought a new position in shares of Paylocity in the 2nd quarter worth approximately $430,315,000. Jupiter Topco LLC bought a new stake in shares of Paylocity during the second quarter valued at approximately $70,540,000. Deutsche Bank AG bought a new stake in shares of Paylocity during the second quarter valued at approximately $54,906,000. Bank of America Corp DE purchased a new stake in Paylocity in the second quarter worth $54,867,000. Finally, Amundi grew its stake in Paylocity by 143.3% in the first quarter. Amundi now owns 606,158 shares of the software maker’s stock worth $65,489,000 after purchasing an additional 357,001 shares during the period. 94.76% of the stock is owned by institutional investors.

Paylocity Company Profile

Paylocity Holding Corporation (NASDAQ:PCTY) provides cloud-based human capital management (HCM) and payroll software for organizations. Its platform is designed to help employers manage payroll, human resources, employee benefits, talent acquisition, onboarding, performance, learning, and workforce administration through an integrated system.

The company also offers tools for time and labor management, scheduling, employee communications, engagement, surveys, expense management, and other workplace activities.