Paylocity (NASDAQ:PCTY) Rating Increased to Buy at Citigroup

Paylocity (NASDAQ:PCTY) was upgraded by stock analysts at Citigroup from a “neutral” rating to a “buy” rating in a research note issued on Thursday,Benzinga reports. The brokerage currently has a $231.00 price target on the software maker’s stock, up from their previous price target of $214.00. Citigroup’s price target indicates a potential upside of 18.06% from the company’s previous close.

Other analysts have also issued research reports about the stock. Truist Financial increased their price target on shares of Paylocity from $195.00 to $210.00 and gave the stock a “buy” rating in a research report on Friday, November 1st. TD Cowen cut their price target on shares of Paylocity from $235.00 to $228.00 and set a “buy” rating on the stock in a report on Monday, January 6th. Needham & Company LLC reiterated a “buy” rating and set a $220.00 price objective on shares of Paylocity in a research report on Wednesday. Mizuho boosted their price target on Paylocity from $180.00 to $200.00 and gave the company a “neutral” rating in a research note on Friday, December 13th. Finally, StockNews.com raised Paylocity from a “hold” rating to a “buy” rating in a research note on Saturday, December 7th. Two analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $210.64.

Paylocity Stock Up 1.8 %

Paylocity stock opened at $195.67 on Thursday. The company’s 50-day moving average price is $201.98 and its two-hundred day moving average price is $173.70. The stock has a market cap of $10.91 billion, a P/E ratio of 50.04, a P/E/G ratio of 4.69 and a beta of 0.93. Paylocity has a twelve month low of $129.94 and a twelve 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 Buying and Selling at Paylocity

In other Paylocity news, Director Steven I. Sarowitz sold 2,600 shares of the firm’s stock in a transaction dated Monday, December 30th. The stock was sold at an average price of $200.14, for a total value of $520,364.00. Following the completion of the sale, the director now owns 8,332,347 shares of the company’s stock, valued at approximately $1,667,635,928.58. This trade represents a 0.03 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP Andrew Cappotelli sold 247 shares of the firm’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 transaction of $47,742.63. Following the transaction, the senior vice president now directly owns 14,634 shares of the company’s stock, valued at $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. In the last ninety days, insiders have sold 157,486 shares of company stock worth $31,751,368. Insiders own 21.91% of the company’s stock.

Institutional Investors Weigh In On Paylocity

Several institutional investors and hedge funds have recently added to or reduced their stakes in PCTY. CIBC Asset Management Inc boosted its holdings in shares of Paylocity by 3.6% during the 3rd quarter. CIBC Asset Management Inc now owns 1,652 shares of the software maker’s stock worth $273,000 after purchasing an additional 58 shares during the last quarter. Chicago Partners Investment Group LLC grew its stake in shares of 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 acquiring an additional 82 shares in the last quarter. Covestor Ltd raised its position in Paylocity by 6.4% in the 3rd quarter. Covestor Ltd now owns 1,373 shares of the software maker’s stock valued at $227,000 after purchasing an additional 83 shares in the last quarter. King Luther Capital Management Corp lifted its stake in Paylocity by 1.0% in the second quarter. King Luther Capital Management Corp now owns 9,981 shares of the software maker’s stock worth $1,316,000 after acquiring an additional 103 shares during the last quarter. Finally, GAMMA Investing LLC increased its holdings in shares of Paylocity by 43.3% in the 4th quarter. GAMMA Investing LLC now owns 384 shares of the software maker’s stock valued at $77,000 after acquiring an additional 116 shares during 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.