Jefferies Financial Group Issues Positive Forecast for Paylocity (NASDAQ:PCTY) Stock Price

Paylocity (NASDAQ:PCTY) had its target price lifted by investment analysts at Jefferies Financial Group from $200.00 to $215.00 in a research report issued on Thursday, Benzinga reports. The brokerage currently has a “buy” rating on the software maker’s stock. Jefferies Financial Group’s price objective suggests a potential upside of 13.53% from the stock’s previous close.

Several other equities research analysts have also recently weighed in on PCTY. KeyCorp increased their target price on Paylocity from $182.00 to $187.00 and gave the company an “overweight” rating in a report on Friday, October 25th. Mizuho raised their target price on shares of Paylocity from $155.00 to $175.00 and gave the stock a “neutral” rating in a report on Monday, October 14th. Piper Sandler upped their price target on shares of Paylocity from $172.00 to $212.00 and gave the company an “overweight” rating in a report on Thursday. Needham & Company LLC boosted their price objective on shares of Paylocity from $200.00 to $220.00 and gave the company a “buy” rating in a research report on Thursday. Finally, JMP Securities reaffirmed a “market outperform” rating and set a $250.00 price objective on shares of Paylocity in a research note on Monday, August 5th. Five analysts have rated the stock with a hold rating and eleven have given a buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $190.93.

Paylocity Stock Up 6.3 %

PCTY traded up $11.21 during trading on Thursday, reaching $189.37. 193,772 shares of the company were exchanged, compared to its average volume of 496,434. The company’s 50-day moving average is $164.34 and its two-hundred day moving average is $154.70. Paylocity has a 12-month low of $129.94 and a 12-month high of $192.61. The company has a market cap of $10.56 billion, a price-to-earnings ratio of 52.04, a P/E/G ratio of 4.20 and a beta of 0.95.

Paylocity (NASDAQ:PCTY) last released its earnings results on Thursday, August 1st. The software maker reported $1.48 EPS for the quarter, beating analysts’ consensus estimates of $1.29 by $0.19. Paylocity had a return on equity of 22.17% and a net margin of 14.74%. The business had revenue of $357.30 million for the quarter, compared to analysts’ expectations of $350.29 million. During the same quarter in the prior year, the firm earned $0.76 earnings per share. The firm’s revenue was up 15.8% on a year-over-year basis. Equities analysts forecast that Paylocity will post 4.51 earnings per share for the current year.

Insider Buying and Selling at Paylocity

In other news, SVP Rachit Lohani sold 658 shares of the firm’s stock in a transaction on Wednesday, October 2nd. The stock was sold at an average price of $162.83, for a total transaction of $107,142.14. Following the completion of the transaction, the senior vice president now directly owns 39,764 shares in the company, valued at $6,474,772.12. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 21.91% of the stock is owned by company insiders.

Institutional Trading of Paylocity

A number of institutional investors and hedge funds have recently bought and sold shares of the company. State of Michigan Retirement System grew its stake in shares of Paylocity by 2.9% in the first quarter. State of Michigan Retirement System now owns 10,672 shares of the software maker’s stock worth $1,834,000 after acquiring an additional 300 shares during the period. Peterson Wealth Services bought a new stake in Paylocity in the 1st quarter worth approximately $622,000. BNP Paribas Financial Markets raised its stake in Paylocity by 55.2% during the 1st quarter. BNP Paribas Financial Markets now owns 36,818 shares of the software maker’s stock valued at $6,328,000 after buying an additional 13,093 shares during the last quarter. Janney Montgomery Scott LLC boosted its stake in shares of Paylocity by 12.6% in the 1st quarter. Janney Montgomery Scott LLC now owns 6,343 shares of the software maker’s stock worth $1,090,000 after buying an additional 708 shares during the last quarter. Finally, Hardy Reed LLC purchased a new stake in Paylocity during the first quarter valued at $205,000. 94.76% of the stock is currently owned by institutional investors.

About Paylocity

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.