Paylocity (NASDAQ:PCTY) Raised to “Outperform” at Mizuho

Paylocity (NASDAQ:PCTY) was upgraded by equities researchers at Mizuho from a “neutral” rating to an “outperform” rating in a research report issued to clients and investors on Friday, Marketbeat.com reports. The brokerage presently has a $235.00 target price on the software maker’s stock, up from their previous target price of $200.00. Mizuho’s target price would suggest a potential upside of 16.65% from the company’s previous close.

Several other research firms have also weighed in on PCTY. Piper Sandler lifted their target price on shares of Paylocity from $172.00 to $212.00 and gave the company an “overweight” rating in a report on Thursday, October 31st. Needham & Company LLC reaffirmed a “buy” rating and issued a $220.00 target price on shares of Paylocity in a research report on Wednesday, January 15th. StockNews.com upgraded Paylocity from a “hold” rating to a “buy” rating in a research note on Saturday, December 7th. TD Cowen reduced their price target on Paylocity from $235.00 to $228.00 and set a “buy” rating on the stock in a research report on Monday, January 6th. Finally, KeyCorp lifted their price objective 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. One equities research analyst has rated the stock with a hold rating and fourteen have issued a buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $213.14.

Paylocity Stock Down 1.0 %

Shares of NASDAQ:PCTY opened at $201.46 on Friday. The firm has a market cap of $11.23 billion, a price-to-earnings ratio of 51.52, a PEG ratio of 4.98 and a beta of 0.93. Paylocity has a 12-month low of $129.94 and a 12-month high of $215.68. The company has a current ratio of 1.32, a quick ratio of 1.32 and a debt-to-equity ratio of 0.29. The stock’s 50-day moving average price is $201.39 and its two-hundred day moving average price is $178.43.

Insider Activity at Paylocity

In other Paylocity 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 value of $47,742.63. Following the sale, the senior vice president now directly owns 14,634 shares in the company, valued at approximately $2,828,605.86. This trade represents a 1.66 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Steven I. Sarowitz sold 12,226 shares of the company’s stock in a transaction dated Monday, November 18th. The stock was sold at an average price of $196.29, for a total transaction of $2,399,841.54. Following the transaction, the director now owns 9,300,847 shares of the company’s stock, valued at $1,825,663,257.63. This represents a 0.13 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 157,486 shares of company stock valued at $31,751,368. Corporate insiders own 21.91% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of PCTY. UMB Bank n.a. boosted its position in shares of Paylocity by 1,650.0% during the third quarter. UMB Bank n.a. now owns 175 shares of the software maker’s stock worth $29,000 after buying an additional 165 shares during the period. Prospera Private Wealth LLC bought a new position in shares of Paylocity in the third quarter worth $39,000. Signaturefd LLC raised its stake in shares of Paylocity by 121.0% during the third quarter. Signaturefd LLC now owns 305 shares of the software maker’s stock valued at $50,000 after purchasing an additional 167 shares in the last quarter. Quarry LP lifted its holdings in Paylocity by 149.2% in the third quarter. Quarry LP now owns 309 shares of the software maker’s stock worth $51,000 after purchasing an additional 185 shares during the period. Finally, GAMMA Investing LLC grew its position in 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 buying an additional 116 shares in the last quarter. Institutional investors 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.