KeyCorp Cuts Paylocity (NASDAQ:PCTY) Price Target to $220.00

Paylocity (NASDAQ:PCTY) had its price objective lowered by KeyCorp from $250.00 to $220.00 in a research note published on Tuesday,Benzinga reports. The brokerage currently has an overweight rating on the software maker’s stock.

PCTY has been the topic of a number of other research reports. Mizuho decreased their price target on shares of Paylocity from $245.00 to $220.00 and set an “outperform” rating on the stock in a report on Tuesday, April 15th. StockNews.com lowered shares of Paylocity from a “buy” rating to a “hold” rating in a report on Monday, February 10th. Barclays decreased their price objective on Paylocity from $231.00 to $204.00 and set an “equal weight” rating on the stock in a report on Monday. Stifel Nicolaus increased their target price on Paylocity from $220.00 to $250.00 and gave the company a “buy” rating in a report on Friday, February 7th. Finally, Scotiabank initiated coverage on shares of Paylocity in a report on Wednesday, April 16th. They issued a “sector perform” rating and a $190.00 price target on the stock. Four research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company. Based on data from MarketBeat, Paylocity has a consensus rating of “Moderate Buy” and an average price target of $226.47.

Paylocity Price Performance

PCTY opened at $188.51 on Tuesday. The firm has a 50-day moving average price of $191.10 and a 200-day moving average price of $195.08. The company has a market capitalization of $10.54 billion, a price-to-earnings ratio of 48.34, a PEG ratio of 4.49 and a beta of 0.76. Paylocity has a twelve month low of $129.94 and a twelve month high of $223.80. The company has a quick ratio of 1.14, a current ratio of 1.14 and a debt-to-equity ratio of 0.28.

Paylocity (NASDAQ:PCTY) last posted its earnings results on Thursday, February 6th. The software maker reported $0.82 earnings per share for the quarter, missing analysts’ consensus estimates of $1.42 by ($0.60). Paylocity had a net margin of 14.76% and a return on equity of 22.45%. Equities analysts expect that Paylocity will post 4.36 EPS for the current year.

Insider Transactions at Paylocity

In other news, Director Steven I. Sarowitz sold 26,252 shares of the firm’s stock in a transaction dated Monday, March 24th. The shares were sold at an average price of $194.91, for a total transaction of $5,116,777.32. Following the sale, the director now owns 420,000 shares of the company’s stock, valued at $81,862,200. This trade represents a 5.88 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. 21.91% of the stock is owned by insiders.

Institutional Investors Weigh In On Paylocity

Several institutional investors and hedge funds have recently added to or reduced their stakes in PCTY. Certuity LLC bought a new position in Paylocity in the fourth quarter valued at about $232,000. Barclays PLC increased its holdings in Paylocity by 14.3% in the 3rd quarter. Barclays PLC now owns 44,897 shares of the software maker’s stock worth $7,407,000 after acquiring an additional 5,609 shares in the last quarter. Nisa Investment Advisors LLC increased its holdings in Paylocity by 5,742.0% in the 4th quarter. Nisa Investment Advisors LLC now owns 5,842 shares of the software maker’s stock worth $1,165,000 after acquiring an additional 5,742 shares in the last quarter. SBI Securities Co. Ltd. bought a new stake in Paylocity during the 4th quarter worth approximately $29,000. Finally, Park Avenue Securities LLC boosted its position in shares of Paylocity by 63.3% in the fourth quarter. Park Avenue Securities LLC now owns 5,590 shares of the software maker’s stock worth $1,115,000 after purchasing an additional 2,167 shares during the period. Hedge funds and other 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.