Paylocity (NASDAQ:PCTY) Receives Buy Rating from Needham & Company LLC

Needham & Company LLC restated their buy rating on shares of Paylocity (NASDAQ:PCTY) in a research report released on Wednesday,Benzinga reports. The brokerage currently has a $220.00 target price on the software maker’s stock.

A number of other analysts also recently commented on PCTY. TD Cowen decreased their price objective on shares of Paylocity from $235.00 to $228.00 and set a “buy” rating on the stock in a report on Monday, January 6th. Barclays boosted their price target on Paylocity from $174.00 to $180.00 and gave the stock an “equal weight” rating in a research note on Thursday, October 31st. Truist Financial raised their price objective on Paylocity from $195.00 to $210.00 and gave the company a “buy” rating in a research note on Friday, November 1st. Mizuho boosted their target price on Paylocity from $180.00 to $200.00 and gave the stock a “neutral” rating in a research report on Friday, December 13th. Finally, Piper Sandler raised their price target on Paylocity from $172.00 to $212.00 and gave the company an “overweight” rating in a research report on Thursday, October 31st. Two equities research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $210.64.

Paylocity Price Performance

Paylocity stock opened at $197.00 on Wednesday. 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 one year low of $129.94 and a one year high of $215.68. The company has a market cap of $10.98 billion, a P/E ratio of 50.38, a price-to-earnings-growth ratio of 4.69 and a beta of 0.93. The business has a fifty day moving average of $201.47 and a two-hundred day moving average of $174.33.

Insider Transactions at Paylocity

In other Paylocity news, Director Steven I. Sarowitz sold 2,600 shares of the stock in a transaction on Monday, December 30th. The stock was sold at an average price of $200.14, for a total transaction of $520,364.00. Following the transaction, the director now owns 8,332,347 shares of the company’s stock, valued at $1,667,635,928.58. This represents a 0.03 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, SVP Andrew Cappotelli sold 247 shares of Paylocity stock in a transaction on Tuesday, November 19th. The shares were sold at an average price of $193.29, for a total value of $47,742.63. Following the completion of the sale, the senior vice president now directly owns 14,634 shares of the company’s stock, valued at approximately $2,828,605.86. This represents a 1.66 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 157,486 shares of company stock worth $31,751,368 over the last ninety days. 21.91% of the stock is currently owned by corporate insiders.

Institutional Trading of Paylocity

Hedge funds have recently added to or reduced their stakes in the business. CIBC Asset Management Inc increased its stake in shares of Paylocity by 3.6% during the 3rd quarter. CIBC Asset Management Inc now owns 1,652 shares of the software maker’s stock valued at $273,000 after acquiring an additional 58 shares during the last quarter. UMB Bank n.a. grew its holdings in Paylocity by 41.1% in the fourth quarter. UMB Bank n.a. now owns 247 shares of the software maker’s stock valued at $49,000 after purchasing an additional 72 shares during the period. Chicago Partners Investment Group LLC increased its position in Paylocity by 3.7% during the third quarter. Chicago Partners Investment Group LLC now owns 2,282 shares of the software maker’s stock worth $395,000 after purchasing an additional 82 shares during the last quarter. Covestor Ltd raised its stake in Paylocity by 6.4% during the third quarter. Covestor Ltd now owns 1,373 shares of the software maker’s stock worth $227,000 after purchasing an additional 83 shares during the period. Finally, King Luther Capital Management Corp boosted its holdings in shares of Paylocity by 1.0% in the 2nd quarter. King Luther Capital Management Corp now owns 9,981 shares of the software maker’s stock valued at $1,316,000 after purchasing an additional 103 shares during the last quarter. 94.76% of the stock is owned by institutional investors and hedge funds.

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.