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

Paylocity (NASDAQ:PCTY) had its price objective upped by KeyCorp from $178.00 to $190.00 in a report released on Wednesday, Benzinga reports. The firm presently has an “overweight” rating on the software maker’s stock. KeyCorp‘s price objective indicates a potential upside of 11.72% from the stock’s previous close.

PCTY has been the subject of a number of other research reports. Cantor Fitzgerald upped their price target on shares of Paylocity from $140.00 to $165.00 and gave the stock an “overweight” rating in a report on Wednesday, August 5th. Jefferies Financial Group reissued a “buy” rating and issued a $165.00 price target on shares of Paylocity in a research note on Wednesday, August 5th. BTIG Research raised their target price on Paylocity from $180.00 to $200.00 and gave the stock a “buy” rating in a research note on Monday. Citizens Jmp raised their target price on Paylocity from $150.00 to $180.00 and gave the company a “market outperform” rating in a research note on Tuesday, October 20th. Finally, Weiss Ratings upgraded shares of Paylocity from a “hold (c-)” rating to a “hold (c)” rating in a report on Tuesday, September 22nd. Twelve equities research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $172.82.

Paylocity Trading Down 3.6%

NASDAQ PCTY opened at $170.07 on Wednesday. Paylocity has a 1-year low of $92.99 and a 1-year high of $178.53. The company has a 50 day moving average of $153.12 and a 200-day moving average of $126.40.

Paylocity (NASDAQ:PCTY) last posted its quarterly earnings data on Tuesday, August 4th. The software maker reported $1.84 EPS for the quarter, topping analysts’ consensus estimates of $1.62 by $0.22. The company had revenue of $444.73 million for the quarter, compared to the consensus estimate of $431.46 million. During the same quarter last year, the business earned $1.56 EPS. Paylocity’s revenue was up 11.0% on a year-over-year basis. Sell-side analysts expect that Paylocity will post 6.92 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Paylocity news, Director Steven Sarowitz sold 13,700 shares of the company’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 transaction, the director owned 4,363,769 shares in the company, valued at $768,241,532.45. This represents a 0.31% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Chairman Steven R. Beauchamp sold 15,000 shares of the firm’s stock in a transaction on Thursday, October 15th. The shares were sold at an average price of $165.22, for a total value of $2,478,300.00. Following the sale, the chairman directly owned 1,243,389 shares of the company’s stock, valued at approximately $205,432,730.58. This represents a 1.19% decrease in their ownership of the stock. 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 153,840 shares of company stock worth $25,275,479 over the last quarter. 19.40% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Paylocity

Institutional investors have recently added to or reduced their stakes in the stock. Optiver Holding B.V. raised its position in Paylocity by 5,925.0% in the first quarter. Optiver Holding B.V. now owns 241 shares of the software maker’s stock worth $26,000 after acquiring an additional 237 shares during the period. Global Retirement Partners LLC purchased a new stake in shares of Paylocity during the 2nd quarter worth approximately $27,000. Basecamp Wealth Advisors LLC raised its holdings in shares of Paylocity by 4,250.0% in the 1st quarter. Basecamp Wealth Advisors LLC now owns 261 shares of the software maker’s stock worth $28,000 after purchasing an additional 255 shares during the period. Elevation Wealth Partners LLC raised its holdings in shares of Paylocity by 500.0% in the 2nd quarter. Elevation Wealth Partners LLC now owns 342 shares of the software maker’s stock worth $36,000 after purchasing an additional 285 shares during the period. Finally, Parallel Advisors LLC raised its holdings in shares of Paylocity by 58.8% in the 1st quarter. Parallel Advisors LLC now owns 451 shares of the software maker’s stock worth $49,000 after purchasing an additional 167 shares during the period. Institutional investors own 94.76% of the company’s stock.

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.