Paylocity (NASDAQ:PCTY) Rating Increased to Buy at StockNews.com

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

Other research analysts also recently issued reports about the company. Piper Sandler lifted their target price on Paylocity from $172.00 to $212.00 and gave the stock an “overweight” rating in a report on Thursday. BTIG Research decreased their target price on Paylocity from $200.00 to $185.00 and set a “buy” rating for the company in a research report on Friday, August 2nd. KeyCorp boosted their target price on Paylocity from $187.00 to $210.00 and gave the company an “overweight” rating in a research report on Thursday. Mizuho boosted their price objective on Paylocity from $155.00 to $175.00 and gave the stock a “neutral” rating in a report on Monday, October 14th. Finally, BMO Capital Markets boosted their price objective on Paylocity from $175.00 to $203.00 and gave the stock an “outperform” rating in a report on Thursday. Four analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $193.87.

Paylocity Stock Performance

NASDAQ PCTY traded up $7.19 during trading hours on Friday, hitting $191.76. 792,457 shares of the company traded hands, compared to its average volume of 501,178. The business’s 50-day moving average is $165.67 and its 200-day moving average is $155.10. Paylocity has a twelve month low of $129.94 and a twelve month high of $192.61. The stock has a market capitalization of $10.69 billion, a price-to-earnings ratio of 49.04, a P/E/G ratio of 4.31 and a beta of 0.95.

Paylocity (NASDAQ:PCTY) last posted its quarterly earnings data on Thursday, August 1st. The software maker reported $1.48 EPS for the quarter, topping analysts’ consensus estimates of $1.29 by $0.19. Paylocity had a return on equity of 23.29% and a net margin of 15.32%. The firm had revenue of $357.30 million for the quarter, compared to analyst estimates of $350.29 million. During the same quarter last year, the company earned $0.76 EPS. The company’s revenue was up 15.8% on a year-over-year basis. Analysts predict that Paylocity will post 4.51 EPS for the current year.

Insider Activity at Paylocity

In other Paylocity news, SVP Rachit Lohani sold 658 shares of the company’s stock in a transaction dated Wednesday, October 2nd. The shares were sold at an average price of $162.83, for a total value of $107,142.14. Following the transaction, the senior vice president now directly owns 39,764 shares in the company, valued at $6,474,772.12. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 21.91% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Paylocity

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Price T Rowe Associates Inc. MD increased its stake in Paylocity by 3.3% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 8,833,794 shares of the software maker’s stock valued at $1,518,176,000 after purchasing an additional 278,607 shares in the last quarter. Capital Research Global Investors purchased a new position in Paylocity in the first quarter valued at $46,902,000. Millennium Management LLC increased its holdings 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. Liontrust Investment Partners LLP increased its holdings in Paylocity by 27.1% in the second quarter. Liontrust Investment Partners LLP now owns 810,314 shares of the software maker’s stock valued at $106,840,000 after buying an additional 172,807 shares in the last quarter. Finally, Skandinaviska Enskilda Banken AB publ increased its holdings in Paylocity by 1,662.3% in the second quarter. Skandinaviska Enskilda Banken AB publ now owns 181,920 shares of the software maker’s stock valued at $23,986,000 after buying an additional 171,597 shares in the last quarter. 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.