Paylocity (NASDAQ:PCTY) Rating Increased to Buy at StockNews.com

StockNews.com upgraded shares of Paylocity (NASDAQ:PCTY) from a hold rating to a buy rating in a report issued on Thursday.

PCTY has been the subject of a number of other research reports. Needham & Company LLC raised their price objective on Paylocity from $200.00 to $220.00 and gave the company a “buy” rating in a research report on Thursday, October 31st. Truist Financial raised their price target on Paylocity from $195.00 to $210.00 and gave the company a “buy” rating in a report on Friday, November 1st. Piper Sandler upped their price target on shares of Paylocity from $172.00 to $212.00 and gave the stock an “overweight” rating in a research note on Thursday, October 31st. Mizuho raised their price objective on shares of Paylocity from $175.00 to $180.00 and gave the company a “neutral” rating in a research note on Monday, November 4th. Finally, JMP Securities reiterated a “market outperform” rating and issued a $250.00 target price on shares of Paylocity in a research note on Monday, August 5th. Three analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the stock. Based on data from MarketBeat.com, Paylocity presently has an average rating of “Moderate Buy” and a consensus price target of $196.64.

Paylocity Price Performance

Shares of PCTY opened at $205.28 on Thursday. Paylocity has a fifty-two week low of $129.94 and a fifty-two week high of $215.68. The firm’s 50-day simple moving average is $179.02 and its two-hundred day simple moving average is $159.87. The stock has a market cap of $11.44 billion, a PE ratio of 52.50, a price-to-earnings-growth ratio of 5.06 and a beta of 0.93. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.32 and a current ratio of 1.32.

Insider Buying and Selling

In other news, Director Steven I. Sarowitz sold 15,444 shares of the business’s stock in a transaction on Wednesday, November 20th. The shares were sold at an average price of $195.43, for a total value of $3,018,220.92. Following the transaction, the director now owns 9,272,906 shares of the company’s stock, valued at approximately $1,812,204,019.58. The trade was a 0.17 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, SVP Andrew Cappotelli sold 247 shares of Paylocity stock in a transaction on Tuesday, November 19th. The shares were sold at an average price of $193.29, for a total transaction of $47,742.63. Following the completion of the sale, the senior vice president now owns 14,634 shares in the company, valued at approximately $2,828,605.86. This represents a 1.66 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 59,971 shares of company stock worth $11,750,096. 21.91% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Paylocity

Institutional investors have recently added to or reduced their stakes in the company. Seven Eight Capital LP purchased a new position in shares of Paylocity in the first quarter valued at $348,000. UniSuper Management Pty Ltd raised its position in shares of Paylocity by 100.0% during the 1st quarter. UniSuper Management Pty Ltd now owns 600 shares of the software maker’s stock valued at $103,000 after buying an additional 300 shares in the last quarter. CANADA LIFE ASSURANCE Co raised its position in shares of Paylocity by 13.3% during the 1st quarter. CANADA LIFE ASSURANCE Co now owns 60,997 shares of the software maker’s stock valued at $10,484,000 after buying an additional 7,144 shares in the last quarter. Shell Asset Management Co. lifted its holdings in shares of Paylocity by 67.0% in the 1st quarter. Shell Asset Management Co. now owns 2,732 shares of the software maker’s stock valued at $470,000 after acquiring an additional 1,096 shares during the last quarter. Finally, Advisors Asset Management Inc. grew its position in Paylocity by 46.6% in the first quarter. Advisors Asset Management Inc. now owns 428 shares of the software maker’s stock worth $74,000 after acquiring an additional 136 shares in the last quarter. Hedge funds and other institutional investors 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.