Paylocity Holding Co. (NASDAQ:PCTY) Receives Consensus Recommendation of “Moderate Buy” from Analysts

Paylocity Holding Co. (NASDAQ:PCTY) has been given an average recommendation of “Moderate Buy” by the fourteen ratings firms that are presently covering the company, MarketBeat Ratings reports. Three research analysts have rated the stock with a hold recommendation and eleven have issued a buy recommendation on the company. The average 1 year target price among brokers that have updated their coverage on the stock in the last year is $205.71.

A number of equities analysts have weighed in on the stock. BMO Capital Markets upped their price objective on shares of Paylocity from $175.00 to $203.00 and gave the stock an “outperform” rating in a research report on Thursday, October 31st. Truist Financial upped their price target on shares of Paylocity from $195.00 to $210.00 and gave the stock a “buy” rating in a research report on Friday, November 1st. Jefferies Financial Group lifted their price objective on Paylocity from $215.00 to $240.00 and gave the stock a “buy” rating in a report on Monday, December 9th. TD Cowen increased their target price on Paylocity from $208.00 to $235.00 and gave the company a “buy” rating in a report on Monday, December 9th. Finally, StockNews.com raised Paylocity from a “hold” rating to a “buy” rating in a research note on Saturday, December 7th.

Paylocity Stock Down 1.2 %

Paylocity stock opened at $194.46 on Thursday. Paylocity has a 12 month low of $129.94 and a 12 month high of $215.68. The stock has a market capitalization of $10.84 billion, a PE ratio of 49.73, a price-to-earnings-growth ratio of 4.93 and a beta of 0.93. 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 business has a 50 day simple moving average of $201.95 and a 200-day simple moving average of $171.44.

Insiders Place Their Bets

In related news, Director Jeffrey T. Diehl sold 29,606 shares of the company’s stock in a transaction that occurred on Tuesday, November 5th. The stock was sold at an average price of $196.55, for a total value of $5,819,059.30. Following the transaction, the director now directly owns 11,755 shares in the company, valued at approximately $2,310,445.25. This represents a 71.58 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Steven I. Sarowitz sold 12,226 shares of the firm’s stock in a transaction on Monday, November 18th. The stock was sold at an average price of $196.29, for a total value of $2,399,841.54. Following the sale, the director now directly owns 9,300,847 shares of the company’s stock, valued at approximately $1,825,663,257.63. This trade represents a 0.13 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 157,486 shares of company stock valued at $31,751,368 in the last three months. 21.91% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Paylocity

Institutional investors and hedge funds have recently made changes to their positions in the stock. Acadian Asset Management LLC purchased a new stake in shares of Paylocity in the 2nd quarter valued at $215,000. Quest Partners LLC lifted its position in shares of Paylocity by 82,275.0% during the second quarter. Quest Partners LLC now owns 6,590 shares of the software maker’s stock worth $869,000 after purchasing an additional 6,582 shares in the last quarter. Prudential PLC boosted its stake in shares of Paylocity by 129.6% in the second quarter. Prudential PLC now owns 2,928 shares of the software maker’s stock valued at $386,000 after purchasing an additional 1,653 shares during the period. Dorsey & Whitney Trust CO LLC acquired a new position in shares of Paylocity in the second quarter valued at approximately $222,000. Finally, Royal London Asset Management Ltd. increased its stake in Paylocity by 3.1% during the 2nd quarter. Royal London Asset Management Ltd. now owns 34,766 shares of the software maker’s stock worth $4,584,000 after buying an additional 1,049 shares during the period. 94.76% of the stock is owned by hedge funds and other institutional investors.

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.