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

StockNews.com upgraded shares of Paylocity (NASDAQ:PCTY) from a hold rating to a buy rating in a report released on Friday.

A number of other research analysts have also recently commented on the stock. Barclays boosted their target price on shares of Paylocity from $174.00 to $180.00 and gave the stock an “equal weight” rating in a research report on Thursday, October 31st. 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 report on Thursday, October 31st. Needham & Company LLC lifted their target price on Paylocity from $200.00 to $220.00 and gave the stock a “buy” rating in a research report on Thursday, October 31st. JMP Securities reissued a “market outperform” rating and issued a $250.00 price target on shares of Paylocity in a report on Monday, August 5th. Finally, KeyCorp lifted 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. Four analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company. Based on data from MarketBeat.com, Paylocity presently has an average rating of “Moderate Buy” and a consensus target price of $194.20.

Paylocity Stock Performance

Shares of NASDAQ:PCTY opened at $191.35 on Friday. The business’s 50-day simple moving average is $166.28 and its 200 day simple moving average is $155.30. The company has a market cap of $10.67 billion, a P/E ratio of 48.94, a PEG ratio of 4.46 and a beta of 0.93. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.13 and a current ratio of 1.32. Paylocity has a one year low of $129.94 and a one year high of $193.01.

Insider Activity at Paylocity

In other Paylocity news, SVP Rachit Lohani sold 658 shares of the firm’s stock in a transaction dated Wednesday, October 2nd. The shares were sold at an average price of $162.83, for a total transaction of $107,142.14. Following the transaction, the senior vice president now owns 39,764 shares of the company’s stock, valued at approximately $6,474,772.12. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 21.91% of the stock is owned by insiders.

Institutional Trading of Paylocity

Several institutional investors have recently modified their holdings of the company. UMB Bank n.a. increased its holdings in shares of Paylocity by 1,650.0% in 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 in the last quarter. J.Safra Asset Management Corp boosted its position in shares of Paylocity by 80.0% in the 1st quarter. J.Safra Asset Management Corp now owns 243 shares of the software maker’s stock valued at $42,000 after purchasing an additional 108 shares during the period. Rothschild Investment LLC purchased a new position in Paylocity in the 2nd quarter worth about $40,000. Signaturefd LLC lifted its stake in Paylocity by 121.0% during the third quarter. Signaturefd LLC now owns 305 shares of the software maker’s stock valued at $50,000 after buying an additional 167 shares in the last quarter. Finally, RiverPark Advisors LLC increased its position in shares of Paylocity by 152.0% in the first quarter. RiverPark Advisors LLC now owns 383 shares of the software maker’s stock worth $66,000 after acquiring an additional 231 shares in the last quarter. Institutional investors and hedge funds own 94.76% of the company’s stock.

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.