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 issued on Saturday.

Several other brokerages have also recently issued reports on PCTY. BMO Capital Markets upped their target price on shares of Paylocity from $175.00 to $203.00 and gave the company an “outperform” rating in a research report on Thursday, October 31st. Truist Financial upped their price objective on Paylocity from $195.00 to $210.00 and gave the company a “buy” rating in a research report on Friday, November 1st. KeyCorp lifted their target price on Paylocity from $187.00 to $210.00 and gave the stock an “overweight” rating in a report on Thursday, October 31st. Needham & Company LLC increased their price target on Paylocity from $200.00 to $220.00 and gave the company a “buy” rating in a report on Thursday, October 31st. Finally, Barclays lifted their price objective on shares of Paylocity from $174.00 to $180.00 and gave the stock an “equal weight” rating in a research note on Thursday, October 31st. Three 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 stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $196.64.

Paylocity Trading Up 1.0 %

Shares of PCTY opened at $205.80 on Friday. The stock has a market capitalization of $11.47 billion, a PE ratio of 52.63, a P/E/G ratio of 5.16 and a beta of 0.92. The company’s fifty day moving average is $188.32 and its 200 day moving average is $162.49. 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 fifty-two week low of $129.94 and a fifty-two week high of $215.68.

Insider Transactions at Paylocity

In related news, Director Steven I. Sarowitz sold 6,900 shares of the stock in a transaction that occurred on Wednesday, December 4th. The stock was sold at an average price of $209.02, for a total value of $1,442,238.00. Following the transaction, the director now owns 8,933,409 shares of the company’s stock, valued at $1,867,261,149.18. This represents a 0.08 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Ryan Glenn sold 2,600 shares of Paylocity stock in a transaction on Monday, December 2nd. The shares were sold at an average price of $205.40, for a total value of $534,040.00. Following the sale, the chief financial officer now directly owns 48,150 shares of the company’s stock, valued at approximately $9,890,010. This trade represents a 5.12 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 101,327 shares of company stock worth $20,340,311. Insiders own 21.91% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. UMB Bank n.a. lifted its position 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 purchasing an additional 165 shares during the period. Prospera Private Wealth LLC bought a new position in Paylocity in the third quarter worth approximately $39,000. Rothschild Investment LLC purchased a new stake in Paylocity during the second quarter worth $40,000. Signaturefd LLC boosted its position in Paylocity by 121.0% during the 3rd quarter. Signaturefd LLC now owns 305 shares of the software maker’s stock valued at $50,000 after acquiring an additional 167 shares in the last quarter. Finally, Quarry LP increased its holdings in shares of Paylocity by 149.2% in the 3rd quarter. Quarry LP now owns 309 shares of the software maker’s stock valued at $51,000 after acquiring an additional 185 shares during the period. 94.76% of the stock is currently 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.