Paylocity (NASDAQ:PCTY) Upgraded at StockNews.com

StockNews.com upgraded shares of Paylocity (NASDAQ:PCTY) from a hold rating to a buy rating in a research note released on Thursday morning.

A number of other analysts also recently issued reports on PCTY. Needham & Company LLC lifted their price target on Paylocity from $200.00 to $220.00 and gave the company a “buy” rating in a research report on Thursday, October 31st. JMP Securities reissued a “market outperform” rating and issued a $250.00 price target on shares of Paylocity in a research note on Monday, August 5th. KeyCorp raised their price objective on shares of Paylocity from $187.00 to $210.00 and gave the company an “overweight” rating in a research report on Thursday, October 31st. Truist Financial upped their target price 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. Finally, Barclays raised their price target on Paylocity from $174.00 to $180.00 and gave the company an “equal weight” rating in a research report on Thursday, October 31st. Three investment analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $196.64.

Paylocity Stock Performance

Paylocity stock opened at $205.28 on Thursday. The firm’s 50 day simple moving average is $179.02 and its 200 day simple moving average is $159.87. The company has a current ratio of 1.32, a quick ratio of 1.32 and a debt-to-equity ratio of 0.29. Paylocity has a 1-year low of $129.94 and a 1-year high of $215.68. The firm has a market capitalization 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.

Insider Buying and Selling at Paylocity

In related news, 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 transaction of $40,977.48. Following the completion of the sale, the chief accounting officer now directly owns 7,364 shares in the company, valued at $1,423,387.56. This represents a 2.80 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, CFO Ryan Glenn sold 500 shares of the stock in a transaction on Wednesday, November 6th. The shares were sold at an average price of $203.28, for a total transaction of $101,640.00. Following the sale, the chief financial officer now directly owns 52,134 shares of the company’s stock, valued at $10,597,799.52. The trade was a 0.95 % decrease in their position. 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 currently owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the business. Price T Rowe Associates Inc. MD grew its position in shares of Paylocity by 3.3% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 8,833,794 shares of the software maker’s stock worth $1,518,176,000 after buying an additional 278,607 shares during the last quarter. Geode Capital Management LLC boosted its holdings in Paylocity by 3.6% in the third quarter. Geode Capital Management LLC now owns 1,048,806 shares of the software maker’s stock valued at $173,053,000 after acquiring an additional 36,590 shares in the last quarter. Liontrust Investment Partners LLP increased its position in Paylocity by 27.1% during the 2nd quarter. Liontrust Investment Partners LLP now owns 810,314 shares of the software maker’s stock valued at $106,840,000 after purchasing an additional 172,807 shares during the period. Van Berkom & Associates Inc. raised its holdings in Paylocity by 20.5% in the 2nd quarter. Van Berkom & Associates Inc. now owns 579,801 shares of the software maker’s stock worth $76,447,000 after purchasing an additional 98,478 shares in the last quarter. Finally, Janus Henderson Group PLC lifted its position in shares of Paylocity by 3.5% in the 3rd quarter. Janus Henderson Group PLC now owns 517,931 shares of the software maker’s stock worth $85,444,000 after purchasing an additional 17,560 shares during the period. 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.