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

Paylocity (NASDAQ:PCTY) was upgraded by analysts at StockNews.com from a “hold” rating to a “buy” rating in a report released on Thursday.

Several other equities analysts have also commented on PCTY. Needham & Company LLC upped their price target on shares of Paylocity from $200.00 to $220.00 and gave the stock a “buy” rating in a research report on Thursday, October 31st. JMP Securities reaffirmed a “market outperform” rating and issued a $250.00 target price on shares of Paylocity in a research report on Monday, August 5th. Jefferies Financial Group lifted their target price on Paylocity from $200.00 to $215.00 and gave the company a “buy” rating in a report on Thursday, October 31st. Piper Sandler upped their price target on Paylocity from $172.00 to $212.00 and gave the stock an “overweight” rating in a research note on Thursday, October 31st. Finally, BMO Capital Markets lifted their price objective on Paylocity from $175.00 to $203.00 and gave the company an “outperform” rating in a research note on Thursday, October 31st. Three equities research analysts have rated the stock with a hold rating and twelve have given a buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $196.64.

Paylocity Trading Up 3.3 %

NASDAQ PCTY traded up $6.47 during trading hours on Thursday, hitting $201.75. 490,486 shares of the company’s stock were exchanged, compared to its average volume of 501,095. The business’s 50 day moving average is $177.18 and its 200-day moving average is $159.34. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.32 and a current ratio of 1.32. Paylocity has a 12-month low of $129.94 and a 12-month high of $215.68. The firm has a market capitalization of $11.25 billion, a P/E ratio of 51.60, a price-to-earnings-growth ratio of 4.89 and a beta of 0.93.

Insiders Place Their Bets

In related news, SVP Rachit Lohani sold 658 shares of the firm’s stock in a transaction dated 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 transaction, the senior vice president now owns 39,764 shares of the company’s stock, valued at $6,474,772.12. This trade represents a 1.63 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, SVP Andrew Cappotelli sold 247 shares of the company’s stock in a transaction dated Tuesday, November 19th. The shares were sold at an average price of $193.29, for a total transaction of $47,742.63. Following the completion of the sale, the senior vice president now directly owns 14,634 shares of the company’s stock, valued at $2,828,605.86. The trade was a 1.66 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 44,527 shares of company stock worth $8,731,875. 21.91% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the business. UMB Bank n.a. grew its holdings in shares of Paylocity by 1,650.0% in the 3rd quarter. UMB Bank n.a. now owns 175 shares of the software maker’s stock worth $29,000 after acquiring an additional 165 shares during the last quarter. Prospera Private Wealth LLC purchased a new stake in Paylocity during the third quarter valued at about $39,000. Rothschild Investment LLC purchased a new stake in Paylocity during the second quarter valued at about $40,000. Signaturefd LLC boosted its holdings in shares of Paylocity by 121.0% in the third quarter. Signaturefd LLC now owns 305 shares of the software maker’s stock worth $50,000 after buying an additional 167 shares during the period. Finally, Quarry LP increased its position in shares of Paylocity by 149.2% in the third quarter. Quarry LP now owns 309 shares of the software maker’s stock worth $51,000 after acquiring an additional 185 shares in the last quarter. 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.