Paylocity (NASDAQ:PCTY) Upgraded by Mizuho to Outperform Rating

Paylocity (NASDAQ:PCTY) was upgraded by Mizuho from a “neutral” rating to an “outperform” rating in a research report issued to clients and investors on Friday, Marketbeat Ratings reports. The brokerage presently has a $235.00 price objective on the software maker’s stock, up from their previous price objective of $200.00. Mizuho’s price objective indicates a potential upside of 16.65% from the company’s previous close.

PCTY has been the topic of several other reports. Jefferies Financial Group lifted their price objective on shares of Paylocity from $215.00 to $240.00 and gave the stock a “buy” rating in a research report on Monday, December 9th. KeyCorp raised their price objective on Paylocity from $187.00 to $210.00 and gave the stock an “overweight” rating in a research report on Thursday, October 31st. BMO Capital Markets increased their price target on shares of Paylocity from $175.00 to $203.00 and gave the stock an “outperform” rating in a research report on Thursday, October 31st. Piper Sandler increased their price objective on Paylocity from $172.00 to $212.00 and gave the stock an “overweight” rating in a report on Thursday, October 31st. Finally, Citigroup upgraded shares of Paylocity from a “neutral” rating to a “buy” rating and lifted their target price for the company from $214.00 to $231.00 in a research note on Thursday, January 16th. One analyst has rated the stock with a hold rating and fourteen have issued a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $213.14.

Paylocity Stock Down 1.0 %

Shares of Paylocity stock opened at $201.46 on Friday. The stock’s fifty day moving average is $201.39 and its 200-day moving average is $178.43. The firm has a market capitalization of $11.23 billion, a PE ratio of 51.52, a price-to-earnings-growth ratio of 4.98 and a beta of 0.93. Paylocity has a 12-month low of $129.94 and a 12-month high of $215.68. The company has a quick ratio of 1.32, a current ratio of 1.32 and a debt-to-equity ratio of 0.29.

Insider Transactions at Paylocity

In other news, SVP Andrew Cappotelli sold 247 shares of the company’s stock in a transaction that occurred on Tuesday, November 19th. The stock was sold at an average price of $193.29, for a total value of $47,742.63. Following the sale, the senior vice president now directly owns 14,634 shares in the company, valued at approximately $2,828,605.86. This represents a 1.66 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, CAO Nicholas Rost sold 212 shares of the company’s stock in a transaction on Tuesday, November 19th. The shares were sold at an average price of $193.29, for a total value of $40,977.48. Following the completion of the sale, the chief accounting officer now owns 7,364 shares in the company, valued at $1,423,387.56. This trade represents a 2.80 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 157,486 shares of company stock valued at $31,751,368. 21.91% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Paylocity

A number of hedge funds have recently made changes to their positions in PCTY. CIBC Asset Management Inc raised its stake in shares of Paylocity by 3.6% in the third quarter. CIBC Asset Management Inc now owns 1,652 shares of the software maker’s stock valued at $273,000 after acquiring an additional 58 shares during the last quarter. UMB Bank n.a. raised its position in Paylocity by 41.1% in the 4th quarter. UMB Bank n.a. now owns 247 shares of the software maker’s stock valued at $49,000 after purchasing an additional 72 shares during the last quarter. Chicago Partners Investment Group LLC boosted its stake in Paylocity by 3.7% in the third quarter. Chicago Partners Investment Group LLC now owns 2,282 shares of the software maker’s stock worth $395,000 after purchasing an additional 82 shares in the last quarter. Covestor Ltd grew its holdings in shares of Paylocity by 6.4% during the third quarter. Covestor Ltd now owns 1,373 shares of the software maker’s stock worth $227,000 after purchasing an additional 83 shares during the last quarter. Finally, Louisiana State Employees Retirement System increased its stake in shares of Paylocity by 0.8% in the fourth quarter. Louisiana State Employees Retirement System now owns 12,100 shares of the software maker’s stock valued at $2,414,000 after buying an additional 100 shares in the last quarter. Institutional investors and hedge funds own 94.76% of the company’s stock.

Paylocity Company Profile

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.