Paylocity (NASDAQ:PCTY) Earns Sector Perform Rating from Analysts at Scotiabank

Analysts at Scotiabank began coverage on shares of Paylocity (NASDAQ:PCTY) in a research note issued to investors on Wednesday,Benzinga reports. The brokerage set a “sector perform” rating and a $190.00 price target on the software maker’s stock. Scotiabank’s price objective points to a potential upside of 1.74% from the stock’s current price.

A number of other research firms also recently issued reports on PCTY. KeyCorp raised their price target on Paylocity from $220.00 to $250.00 and gave the stock an “overweight” rating in a research note on Friday, February 7th. UBS Group raised their target price on Paylocity from $211.00 to $220.00 and gave the stock a “neutral” rating in a research report on Friday, February 7th. JMP Securities upped their price target on shares of Paylocity from $250.00 to $270.00 and gave the company a “market outperform” rating in a research report on Friday, February 7th. Citigroup upgraded shares of Paylocity from a “neutral” rating to a “buy” rating and boosted their target price for the company from $214.00 to $231.00 in a research report on Thursday, January 16th. Finally, TD Cowen dropped their price target on shares of Paylocity from $235.00 to $228.00 and set a “buy” rating on the stock in a research note on Monday, January 6th. Four investment analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $229.82.

Paylocity Trading Down 0.3 %

Shares of NASDAQ:PCTY opened at $186.75 on Wednesday. Paylocity has a 1 year low of $129.94 and a 1 year high of $223.80. The stock’s fifty day moving average price is $195.20 and its 200-day moving average price is $194.43. The company has a market cap of $10.44 billion, a P/E ratio of 47.88, a PEG ratio of 4.49 and a beta of 0.76. 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 announced its quarterly earnings results on Thursday, February 6th. The software maker reported $0.82 EPS for the quarter, missing analysts’ consensus estimates of $1.42 by ($0.60). Paylocity had a return on equity of 22.45% and a net margin of 14.76%. Sell-side analysts expect that Paylocity will post 4.36 earnings per share for the current year.

Insider Transactions at Paylocity

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

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the company. Fifth Third Bancorp boosted its stake in Paylocity by 12.5% during the first quarter. Fifth Third Bancorp now owns 5,211 shares of the software maker’s stock valued at $976,000 after buying an additional 579 shares during the last quarter. Simon Quick Advisors LLC bought a new position in shares of Paylocity during the 1st quarter valued at approximately $257,000. USA Financial Formulas purchased a new position in shares of Paylocity in the first quarter valued at $29,000. Integrated Advisors Network LLC bought a new stake in Paylocity in the first quarter worth $256,000. Finally, Handelsbanken Fonder AB raised its stake in Paylocity by 17.6% during the first quarter. Handelsbanken Fonder AB now owns 13,351 shares of the software maker’s stock valued at $2,501,000 after purchasing an additional 2,000 shares in the last quarter. 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.