Paylocity (NASDAQ:PCTY) Stock Rating Upgraded by StockNews.com

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

Other research analysts also recently issued research reports about the company. KeyCorp increased their price objective on Paylocity from $187.00 to $210.00 and gave the company an “overweight” rating in a report on Thursday, October 31st. Piper Sandler increased their price objective on Paylocity from $172.00 to $212.00 and gave the company an “overweight” rating in a report on Thursday, October 31st. BMO Capital Markets increased their price objective on Paylocity from $175.00 to $203.00 and gave the company an “outperform” rating in a report on Thursday, October 31st. Jefferies Financial Group increased their price objective on Paylocity from $200.00 to $215.00 and gave the company a “buy” rating in a report on Thursday, October 31st. Finally, Mizuho increased their price objective on Paylocity from $175.00 to $180.00 and gave the company a “neutral” rating in a report on Monday, November 4th. Three equities research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $196.64.

Paylocity Price Performance

Shares of NASDAQ PCTY opened at $205.80 on Friday. The stock’s 50-day moving average is $188.32 and its two-hundred day moving average is $162.55. The company has a debt-to-equity ratio of 0.29, a current ratio of 1.32 and a quick ratio of 1.32. Paylocity has a 1-year low of $129.94 and a 1-year high of $215.68. The company has a market cap of $11.47 billion, a price-to-earnings ratio of 52.63, a price-to-earnings-growth ratio of 5.16 and a beta of 0.92.

Insider Activity at Paylocity

In other Paylocity news, SVP Rachit Lohani sold 658 shares of the stock in a transaction that occurred on Wednesday, October 2nd. The stock was sold at an average price of $162.83, for a total transaction of $107,142.14. Following the completion of the sale, the senior vice president now directly owns 39,764 shares of the company’s stock, valued at approximately $6,474,772.12. This trade represents a 1.63 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Steven I. Sarowitz sold 12,226 shares of the stock in a transaction that occurred on Monday, November 18th. The stock was sold at an average price of $196.29, for a total value of $2,399,841.54. Following the sale, the director now directly owns 9,300,847 shares of the company’s stock, valued at $1,825,663,257.63. The trade was a 0.13 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 101,327 shares of company stock valued at $20,340,311 in the last three months. 21.91% of the stock is currently owned by company insiders.

Institutional Trading of Paylocity

A number of hedge funds have recently added to or reduced their stakes in the stock. CIBC Asset Management Inc lifted its position in 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 acquiring an additional 58 shares during the period. Chicago Partners Investment Group LLC lifted its position in Paylocity by 3.7% during the 3rd 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 during the period. Covestor Ltd lifted its position in Paylocity by 6.4% during the 3rd quarter. Covestor Ltd now owns 1,373 shares of the software maker’s stock worth $227,000 after acquiring an additional 83 shares during the period. King Luther Capital Management Corp lifted its holdings in shares of Paylocity by 1.0% in the 2nd quarter. King Luther Capital Management Corp now owns 9,981 shares of the software maker’s stock valued at $1,316,000 after buying an additional 103 shares during the period. Finally, SkyOak Wealth LLC lifted its holdings in shares of Paylocity by 7.1% in the 2nd quarter. SkyOak Wealth LLC now owns 1,837 shares of the software maker’s stock valued at $242,000 after buying an additional 122 shares during the period. 94.76% of the stock is owned by institutional investors and hedge funds.

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.