Paylocity (NASDAQ:PCTY) Upgraded to “Buy” at StockNews.com

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

Other equities research analysts have also issued reports about the stock. Jefferies Financial Group raised their price objective on shares of Paylocity from $200.00 to $215.00 and gave the company a “buy” rating in a report on Thursday, October 31st. Needham & Company LLC increased their price objective on Paylocity from $200.00 to $220.00 and gave the company a “buy” rating in a report on Thursday, October 31st. BTIG Research decreased their target price on Paylocity from $200.00 to $185.00 and set a “buy” rating for the company in a research note on Friday, August 2nd. JMP Securities reiterated a “market outperform” rating and issued a $250.00 price target on shares of Paylocity in a research note on Monday, August 5th. Finally, BMO Capital Markets boosted 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. Three research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $196.64.

Paylocity Stock Performance

Shares of Paylocity stock opened at $205.28 on Thursday. Paylocity has a one year low of $129.94 and a one year high of $215.68. The business has a 50-day simple moving average of $179.02 and a 200-day simple moving average of $159.80. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.32 and a current ratio of 1.32. The company has a market cap of $11.44 billion, a PE ratio of 52.50, a P/E/G ratio of 5.06 and a beta of 0.93.

Insider Buying and Selling at Paylocity

In related news, SVP Rachit Lohani sold 658 shares of the firm’s stock in a transaction dated Wednesday, October 2nd. The stock was 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 $6,474,772.12. This trade represents a 1.63 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, Director Jeffrey T. Diehl sold 946 shares of the company’s stock in a transaction that occurred on Friday, November 15th. The shares were sold at an average price of $204.74, for a total value of $193,684.04. Following the sale, the director now directly owns 1,767 shares of the company’s stock, valued at approximately $361,775.58. This represents a 34.87 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 59,971 shares of company stock worth $11,750,096. 21.91% of the stock is owned by company insiders.

Hedge Funds Weigh In On Paylocity

A number of hedge funds and other institutional investors have recently bought and sold shares of PCTY. CIBC Asset Management Inc lifted its stake in shares of Paylocity by 3.6% in the 3rd quarter. CIBC Asset Management Inc now owns 1,652 shares of the software maker’s stock worth $273,000 after acquiring an additional 58 shares during the period. Chicago Partners Investment Group LLC lifted its position in Paylocity by 3.7% in the third quarter. Chicago Partners Investment Group LLC now owns 2,282 shares of the software maker’s stock valued at $395,000 after purchasing an additional 82 shares during the period. Covestor Ltd boosted its holdings in Paylocity by 6.4% in the 3rd quarter. Covestor Ltd now owns 1,373 shares of the software maker’s stock valued at $227,000 after purchasing an additional 83 shares in the last quarter. King Luther Capital Management Corp increased its position in Paylocity by 1.0% during the 2nd quarter. King Luther Capital Management Corp now owns 9,981 shares of the software maker’s stock worth $1,316,000 after purchasing an additional 103 shares during the period. Finally, SkyOak Wealth LLC raised its stake in shares of Paylocity by 7.1% during the 2nd quarter. SkyOak Wealth LLC now owns 1,837 shares of the software maker’s stock worth $242,000 after buying an additional 122 shares in the last quarter. 94.76% of the stock is currently 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.