Paylocity (NASDAQ:PCTY) Stock Price Expected to Rise, Mizuho Analyst Says

Paylocity (NASDAQ:PCTY) had its price objective boosted by Mizuho from $180.00 to $200.00 in a research note released on Friday,Benzinga reports. The brokerage currently has a neutral rating on the software maker’s stock.

PCTY has been the subject of several other reports. Jefferies Financial Group raised their target price on Paylocity from $215.00 to $240.00 and gave the company a “buy” rating in a research report on Monday, December 9th. StockNews.com raised Paylocity from a “hold” rating to a “buy” rating in a report on Saturday, December 7th. Truist Financial lifted their target price on Paylocity from $195.00 to $210.00 and gave the company a “buy” rating in a report on Friday, November 1st. Piper Sandler boosted their price objective on Paylocity from $172.00 to $212.00 and gave the stock an “overweight” rating in a report on Thursday, October 31st. Finally, KeyCorp boosted their price objective on Paylocity from $187.00 to $210.00 and gave the stock an “overweight” rating in a report on Thursday, October 31st. Three investment analysts have rated the stock with a hold rating and twelve have issued a buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $205.71.

Paylocity Trading Down 2.2 %

NASDAQ PCTY opened at $200.17 on Friday. Paylocity has a 12 month low of $129.94 and a 12 month high of $215.68. The firm has a market capitalization of $11.16 billion, a P/E ratio of 51.19, a PEG ratio of 5.00 and a beta of 0.92. The business has a fifty day simple moving average of $191.97 and a 200 day simple moving average of $164.21. The company has a current ratio of 1.32, a quick ratio of 1.32 and a debt-to-equity ratio of 0.29.

Insider Buying and Selling at Paylocity

In other Paylocity news, CAO Nicholas Rost sold 212 shares of the stock in a transaction on Tuesday, November 19th. The stock was sold at an average price of $193.29, for a total value of $40,977.48. Following the completion of the transaction, the chief accounting officer now owns 7,364 shares in the company, valued at approximately $1,423,387.56. This represents a 2.80 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Ryan Glenn sold 500 shares of the stock in a transaction on Wednesday, November 6th. The stock was sold at an average price of $203.28, for a total value of $101,640.00. Following the completion of the transaction, the chief financial officer now owns 52,134 shares of the company’s stock, valued at approximately $10,597,799.52. This trade represents a 0.95 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 129,089 shares of company stock worth $25,991,644. 21.91% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Paylocity

A number of institutional investors have recently modified their holdings of the stock. Lord Abbett & CO. LLC boosted its position in shares of Paylocity by 3.2% during the third quarter. Lord Abbett & CO. LLC now owns 287,264 shares of the software maker’s stock valued at $47,389,000 after buying an additional 8,878 shares during the last quarter. Tidal Investments LLC raised its stake in shares of Paylocity by 207.0% in the third quarter. Tidal Investments LLC now owns 8,836 shares of the software maker’s stock worth $1,458,000 after buying an additional 5,958 shares during the period. Coldstream Capital Management Inc. bought a new position in shares of Paylocity in the third quarter worth about $239,000. Geode Capital Management LLC raised its stake 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 valued at $173,053,000 after purchasing an additional 36,590 shares during the period. Finally, Vestcor Inc raised its stake in Paylocity by 943.8% during the 3rd quarter. Vestcor Inc now owns 10,000 shares of the software maker’s stock valued at $1,650,000 after purchasing an additional 9,042 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.