Paylocity (NASDAQ:PCTY) Research Coverage Started at Scotiabank

Scotiabank began coverage on shares of Paylocity (NASDAQ:PCTY) in a research note issued to investors on Wednesday, MarketBeat reports. The firm issued a sector perform rating and a $190.00 target price on the software maker’s stock.

A number of other analysts have also recently weighed in on PCTY. Needham & Company LLC raised their target price on shares of Paylocity from $220.00 to $250.00 and gave the stock a “buy” rating in a report on Friday, February 7th. UBS Group boosted their target price on shares of Paylocity from $211.00 to $220.00 and gave the stock a “neutral” rating in a research report on Friday, February 7th. JMP Securities boosted their price objective on Paylocity from $250.00 to $270.00 and gave the stock a “market outperform” rating in a research report on Friday, February 7th. Piper Sandler reissued an “overweight” rating and issued a $254.00 price target (up from $212.00) on shares of Paylocity in a report on Thursday, February 6th. Finally, Citigroup raised shares of Paylocity from a “neutral” rating to a “buy” rating and raised their price objective for the stock from $214.00 to $231.00 in a report on Thursday, January 16th. Four research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $229.82.

Paylocity Trading Up 0.1 %

NASDAQ:PCTY opened at $183.98 on Wednesday. The firm has a market capitalization of $10.28 billion, a PE ratio of 47.17, a price-to-earnings-growth ratio of 4.49 and a beta of 0.76. Paylocity has a 12 month low of $129.94 and a 12 month high of $223.80. The business’s 50-day moving average is $193.70 and its two-hundred day moving average is $194.63. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.14 and a quick ratio of 1.14.

Paylocity (NASDAQ:PCTY) last posted its quarterly 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 net margin of 14.76% and a return on equity of 22.45%. Research analysts predict that Paylocity will post 4.36 earnings per share for the current fiscal year.

Insider Activity at Paylocity

In other Paylocity news, Director Steven I. Sarowitz sold 26,252 shares of the company’s stock in a transaction on Monday, March 24th. The stock was sold at an average price of $194.91, for a total value of $5,116,777.32. Following the completion of the transaction, the director now owns 420,000 shares in the company, valued at $81,862,200. This represents a 5.88 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 21.91% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the company. SBI Securities Co. Ltd. purchased a new position in Paylocity in the 4th quarter worth approximately $29,000. USA Financial Formulas purchased a new stake in shares of Paylocity during the first quarter worth about $29,000. UMB Bank n.a. lifted its stake in Paylocity by 41.1% in the fourth quarter. UMB Bank n.a. now owns 247 shares of the software maker’s stock worth $49,000 after acquiring an additional 72 shares during the period. EverSource Wealth Advisors LLC lifted its holdings in Paylocity by 489.1% in the fourth quarter. EverSource Wealth Advisors LLC now owns 271 shares of the software maker’s stock worth $54,000 after buying an additional 225 shares during the period. Finally, Steward Partners Investment Advisory LLC raised its holdings in Paylocity by 29.9% in the fourth quarter. Steward Partners Investment Advisory LLC now owns 274 shares of the software maker’s stock worth $55,000 after purchasing an additional 63 shares in the last quarter. Institutional investors own 94.76% of the company’s stock.

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.