StockNews.com Upgrades Paylocity (NASDAQ:PCTY) to Buy

Paylocity (NASDAQ:PCTY) was upgraded by equities researchers at StockNews.com from a “hold” rating to a “buy” rating in a note issued to investors on Thursday.

PCTY has been the subject of several other reports. Mizuho raised their target price on Paylocity from $175.00 to $180.00 and gave the stock a “neutral” rating in a research report on Monday, November 4th. BTIG Research lowered their price objective 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 upped their target price on Paylocity from $187.00 to $210.00 and gave the company an “overweight” rating in a report on Thursday, October 31st. Jefferies Financial Group raised their price target on shares of Paylocity from $200.00 to $215.00 and gave the stock a “buy” rating in a report on Thursday, October 31st. Finally, BMO Capital Markets upped their price objective on shares of 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 assigned a buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $196.64.

Paylocity Stock Up 1.7 %

Shares of NASDAQ PCTY opened at $205.28 on Thursday. Paylocity has a 1 year low of $129.94 and a 1 year high of $215.68. 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 firm has a market cap of $11.44 billion, a PE ratio of 51.60, a price-to-earnings-growth ratio of 4.89 and a beta of 0.93. The company has a 50 day simple moving average of $178.10 and a 200 day simple moving average of $159.63.

Insider Activity

In related news, CAO Nicholas Rost sold 212 shares of Paylocity stock in a transaction on Tuesday, November 19th. The shares were sold at an average price of $193.29, for a total value of $40,977.48. Following the completion of the sale, the chief accounting officer now owns 7,364 shares of the company’s stock, valued at approximately $1,423,387.56. This trade represents a 2.80 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, SVP Andrew Cappotelli sold 247 shares of the firm’s stock in a transaction on 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 transaction, the senior vice president now directly owns 14,634 shares in the company, valued at $2,828,605.86. This trade represents a 1.66 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 59,971 shares of company stock worth $11,750,096. Company insiders own 21.91% of the company’s stock.

Institutional Trading of Paylocity

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. 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 valued at $29,000 after buying an additional 165 shares during the last quarter. Prospera Private Wealth LLC bought a new position in Paylocity during the 3rd quarter valued at $39,000. Rothschild Investment LLC purchased a new position in Paylocity during the 2nd quarter worth $40,000. Signaturefd LLC grew its stake in shares of Paylocity by 121.0% in the 3rd quarter. Signaturefd LLC now owns 305 shares of the software maker’s stock worth $50,000 after acquiring an additional 167 shares in the last quarter. Finally, Quarry LP raised its holdings in shares of Paylocity by 149.2% in the third quarter. Quarry LP now owns 309 shares of the software maker’s stock valued at $51,000 after purchasing an additional 185 shares during 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.