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

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

Several other research firms also recently issued reports on PCTY. Truist Financial upped 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. KeyCorp increased their target price 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. BMO Capital Markets boosted their price objective on Paylocity from $175.00 to $203.00 and gave the company an “outperform” rating in a research report on Thursday, October 31st. JMP Securities reaffirmed a “market outperform” rating and set a $250.00 price objective on shares of Paylocity in a report on Monday, August 5th. Finally, Jefferies Financial Group upped their price objective on Paylocity from $200.00 to $215.00 and gave the company a “buy” rating in a research note on Thursday, October 31st. Three research 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.com, Paylocity currently has an average rating of “Moderate Buy” and an average target price of $196.64.

Paylocity Stock Up 3.3 %

Shares of PCTY traded up $6.47 during mid-day trading on Thursday, hitting $201.75. 490,486 shares of the company’s stock were exchanged, compared to its average volume of 501,095. The company has a quick ratio of 1.32, a current ratio of 1.32 and a debt-to-equity ratio of 0.29. Paylocity has a twelve month low of $129.94 and a twelve month high of $215.68. The firm has a fifty day moving average of $177.18 and a two-hundred day moving average of $159.34. The stock has a market cap of $11.25 billion, a price-to-earnings ratio of 51.60, a P/E/G ratio of 4.89 and a beta of 0.93.

Insider Buying and Selling at Paylocity

In other news, Director Jeffrey T. Diehl sold 29,606 shares of the business’s stock in a transaction on Tuesday, November 5th. The shares were sold at an average price of $196.55, for a total value of $5,819,059.30. Following the completion of the transaction, the director now owns 11,755 shares of the company’s stock, valued at $2,310,445.25. The trade was a 71.58 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, SVP Rachit Lohani sold 658 shares of the firm’s stock in a transaction on Wednesday, October 2nd. The stock was sold at an average price of $162.83, for a total value of $107,142.14. Following the sale, the senior vice president now directly owns 39,764 shares in the company, valued at $6,474,772.12. The trade was a 1.63 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 44,527 shares of company stock worth $8,731,875. Insiders own 21.91% of the company’s stock.

Institutional Investors Weigh In On Paylocity

Several institutional investors have recently added to or reduced their stakes in PCTY. Price T Rowe Associates Inc. MD lifted its holdings in shares of Paylocity by 3.3% in the first 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. Geode Capital Management LLC boosted its position in Paylocity by 3.6% during the 3rd quarter. Geode Capital Management LLC now owns 1,048,806 shares of the software maker’s stock worth $173,053,000 after acquiring an additional 36,590 shares during the last quarter. Liontrust Investment Partners LLP grew its stake in shares of Paylocity by 27.1% during the 2nd quarter. Liontrust Investment Partners LLP now owns 810,314 shares of the software maker’s stock worth $106,840,000 after acquiring an additional 172,807 shares in the last quarter. Van Berkom & Associates Inc. raised its holdings in shares of Paylocity by 20.5% in the second quarter. Van Berkom & Associates Inc. now owns 579,801 shares of the software maker’s stock valued at $76,447,000 after purchasing an additional 98,478 shares during the last quarter. Finally, Janus Henderson Group PLC lifted its position in shares of Paylocity by 3.5% in the third quarter. Janus Henderson Group PLC now owns 517,931 shares of the software maker’s stock worth $85,444,000 after purchasing an additional 17,560 shares in the last quarter. 94.76% of the stock is owned by institutional investors.

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.