Paylocity (NASDAQ:PCTY) Upgraded by Citigroup to Buy Rating

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

Other equities analysts also recently issued reports about the company. Needham & Company LLC reaffirmed a “buy” rating and set a $220.00 price target on shares of Paylocity in a research report on Wednesday. StockNews.com upgraded shares of Paylocity from a “hold” rating to a “buy” rating in a research report on Saturday, December 7th. Barclays raised their target price on shares of Paylocity from $174.00 to $180.00 and gave the stock an “equal weight” rating in a research note on Thursday, October 31st. KeyCorp increased their price target on shares of Paylocity from $187.00 to $210.00 and gave the company an “overweight” rating in a research note on Thursday, October 31st. Finally, Jefferies Financial Group lifted their target price on shares of Paylocity from $215.00 to $240.00 and gave the company a “buy” rating in a report on Monday, December 9th. Two investment analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company’s stock. According to MarketBeat, Paylocity currently has a consensus rating of “Moderate Buy” and an average price target of $210.64.

Paylocity Trading Up 1.8 %

Shares of NASDAQ PCTY opened at $195.67 on Thursday. Paylocity has a fifty-two week low of $129.94 and a fifty-two week high of $215.68. The company has a market cap of $10.91 billion, a price-to-earnings ratio of 50.04, a PEG ratio of 4.69 and a beta of 0.93. The business’s 50 day moving average price is $201.98 and its 200-day moving average price is $173.70. 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 Transactions at Paylocity

In other news, SVP Andrew Cappotelli sold 247 shares of Paylocity stock in a transaction that occurred on Tuesday, November 19th. The shares were sold at an average price of $193.29, for a total value of $47,742.63. Following the transaction, the senior vice president now owns 14,634 shares of the company’s stock, valued at $2,828,605.86. The trade was a 1.66 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director Steven I. Sarowitz sold 2,600 shares of the business’s stock in a transaction that occurred on Monday, December 30th. The stock was sold at an average price of $200.14, for a total transaction of $520,364.00. Following the completion of the sale, the director now owns 8,332,347 shares in the company, valued at $1,667,635,928.58. The trade was a 0.03 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 157,486 shares of company stock valued at $31,751,368. 21.91% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the stock. JPMorgan Chase & Co. boosted its holdings in Paylocity by 81.9% during the third quarter. JPMorgan Chase & Co. now owns 856,536 shares of the software maker’s stock valued at $141,303,000 after acquiring an additional 385,625 shares during the period. Millennium Management LLC boosted its position in Paylocity by 435.2% in the second quarter. Millennium Management LLC now owns 331,253 shares of the software maker’s stock valued at $43,676,000 after buying an additional 269,354 shares in the last quarter. Point72 Asset Management L.P. increased its holdings in shares of Paylocity by 283.8% in the third quarter. Point72 Asset Management L.P. now owns 309,761 shares of the software maker’s stock valued at $51,101,000 after purchasing an additional 229,057 shares in the last quarter. Skandinaviska Enskilda Banken AB publ grew its position in shares of Paylocity by 1,662.3% during the 2nd quarter. Skandinaviska Enskilda Banken AB publ now owns 181,920 shares of the software maker’s stock worth $23,986,000 after buying an additional 171,597 shares during the period. Finally, Dimensional Fund Advisors LP boosted its holdings in Paylocity by 58.3% during the second quarter. Dimensional Fund Advisors LP now owns 335,946 shares of the software maker’s stock worth $44,296,000 after buying an additional 123,744 shares during the last quarter. Institutional investors and hedge funds 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.