Paylocity (NASDAQ:PCTY) Price Target Raised to $235.00

Paylocity (NASDAQ:PCTY) had its target price raised by investment analysts at TD Cowen from $208.00 to $235.00 in a report released on Monday,Benzinga reports. The firm currently has a “buy” rating on the software maker’s stock. TD Cowen’s price target would indicate a potential upside of 15.43% from the stock’s current price.

A number of other equities analysts have also recently commented on PCTY. Barclays boosted their price target 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. Piper Sandler increased their target price on Paylocity from $172.00 to $212.00 and gave the company an “overweight” rating in a research note on Thursday, October 31st. BMO Capital Markets raised their price target on 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 upped their price objective on Paylocity from $200.00 to $220.00 and gave the stock a “buy” rating in a report on Thursday, October 31st. Finally, Mizuho raised their price objective on Paylocity from $175.00 to $180.00 and gave the company a “neutral” rating in a report on Monday, November 4th. Three research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company’s stock. According to MarketBeat, Paylocity presently has an average rating of “Moderate Buy” and a consensus target price of $204.29.

Paylocity Stock Down 0.0 %

Shares of NASDAQ PCTY opened at $203.58 on Monday. The company has a current ratio of 1.32, a quick ratio of 1.32 and a debt-to-equity ratio of 0.29. The business has a 50-day moving average of $189.90 and a 200-day moving average of $163.12. The firm has a market capitalization of $11.35 billion, a price-to-earnings ratio of 52.07, a PEG ratio of 5.07 and a beta of 0.92. Paylocity has a 12 month low of $129.94 and a 12 month high of $215.68.

Insider Transactions at Paylocity

In other news, SVP Andrew Cappotelli sold 247 shares of the business’s stock in a transaction that occurred on Tuesday, November 19th. The stock was sold at an average price of $193.29, for a total transaction of $47,742.63. Following the transaction, the senior vice president now directly owns 14,634 shares of the company’s stock, valued at approximately $2,828,605.86. The trade was a 1.66 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, SVP Rachit Lohani sold 658 shares of the company’s stock in a transaction that occurred on Wednesday, October 2nd. The shares were sold at an average price of $162.83, for a total value 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 represents a 1.63 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 103,622 shares of company stock worth $20,812,691. Insiders own 21.91% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in the stock. UMB Bank n.a. grew its holdings in shares of Paylocity by 1,650.0% during the 3rd quarter. UMB Bank n.a. now owns 175 shares of the software maker’s stock worth $29,000 after acquiring an additional 165 shares during the period. Prospera Private Wealth LLC purchased a new stake in Paylocity in the third quarter worth $39,000. Rothschild Investment LLC bought a new position in Paylocity in the second quarter worth $40,000. Signaturefd LLC lifted its position 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 during the period. Finally, Quarry LP boosted its holdings in shares of Paylocity by 149.2% during the 3rd quarter. Quarry LP now owns 309 shares of the software maker’s stock valued at $51,000 after buying an additional 185 shares in the last quarter. 94.76% of the stock is owned by hedge funds and other 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.