Paylocity (NASDAQ:PCTY) Receives “Buy” Rating from Needham & Company LLC

Needham & Company LLC reaffirmed their buy rating on shares of Paylocity (NASDAQ:PCTY) in a research note issued to investors on Wednesday,Benzinga reports. They currently have a $220.00 price objective on the software maker’s stock.

A number of other equities research analysts have also commented on the stock. Truist Financial increased their price objective on shares of Paylocity from $195.00 to $210.00 and gave the stock a “buy” rating in a report on Friday, November 1st. Jefferies Financial Group increased their price target on shares of Paylocity from $215.00 to $240.00 and gave the company a “buy” rating in a research note on Monday, December 9th. Barclays boosted their price objective on shares of Paylocity from $174.00 to $180.00 and gave the stock an “equal weight” rating in a research report on Thursday, October 31st. Mizuho upped their price objective on Paylocity from $180.00 to $200.00 and gave the stock a “neutral” rating in a report on Friday, December 13th. Finally, TD Cowen lowered their target price on Paylocity from $235.00 to $228.00 and set a “buy” rating for the company in a research note on Monday, January 6th. Two analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company. According to data from MarketBeat, Paylocity has an average rating of “Moderate Buy” and a consensus target price of $210.64.

Paylocity Trading Up 1.8 %

PCTY stock opened at $195.67 on Wednesday. The company has a debt-to-equity ratio of 0.29, a current ratio of 1.32 and a quick ratio of 1.32. The stock has a market capitalization of $10.91 billion, a price-to-earnings ratio of 50.04, a P/E/G ratio of 4.69 and a beta of 0.93. The business has a fifty day moving average price of $201.98 and a 200 day moving average price of $173.70. Paylocity has a fifty-two week low of $129.94 and a fifty-two week high of $215.68.

Insider Transactions at Paylocity

In related news, SVP Andrew Cappotelli sold 247 shares of the firm’s stock in a transaction 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 sale, the senior vice president now owns 14,634 shares of the company’s stock, valued at approximately $2,828,605.86. This trade represents a 1.66 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Steven I. Sarowitz sold 10,237 shares of the business’s stock in a transaction dated Wednesday, November 27th. The shares were sold at an average price of $210.10, for a total value of $2,150,793.70. Following the completion of the transaction, the director now directly owns 9,214,115 shares of the company’s stock, valued at approximately $1,935,885,561.50. The trade was a 0.11 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 157,486 shares of company stock worth $31,751,368. 21.91% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Paylocity

Hedge funds have recently modified their holdings of the business. UMB Bank n.a. increased its stake in Paylocity by 1,650.0% during the 3rd quarter. UMB Bank n.a. now owns 175 shares of the software maker’s stock worth $29,000 after purchasing an additional 165 shares in the last quarter. Prospera Private Wealth LLC bought a new stake in shares of Paylocity during the third quarter worth $39,000. Signaturefd LLC raised its holdings in shares of Paylocity by 121.0% during the third quarter. Signaturefd LLC now owns 305 shares of the software maker’s stock worth $50,000 after acquiring an additional 167 shares during the period. Quarry LP lifted its position in Paylocity by 149.2% in the 3rd quarter. Quarry LP now owns 309 shares of the software maker’s stock valued at $51,000 after acquiring an additional 185 shares in the last quarter. Finally, GAMMA Investing LLC boosted its stake in Paylocity by 43.3% in the 4th quarter. GAMMA Investing LLC now owns 384 shares of the software maker’s stock worth $77,000 after purchasing an additional 116 shares during the period. Institutional investors and hedge funds 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.