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

Needham & Company LLC reissued their buy rating on shares of Paylocity (NASDAQ:PCTY - Free Report) in a research note issued to investors on Wednesday,Benzinga reports. They currently have a $220.00 price target on the software maker's stock.

A number of other research analysts have also recently weighed in on the stock. KeyCorp lifted their price objective on shares of Paylocity from $187.00 to $210.00 and gave the company an "overweight" rating in a report on Thursday, October 31st. BMO Capital Markets increased their price objective on Paylocity from $175.00 to $203.00 and gave the company an "outperform" rating in a research note on Thursday, October 31st. Barclays boosted their target price on Paylocity from $174.00 to $180.00 and gave the stock an "equal weight" rating in a research note on Thursday, October 31st. Jefferies Financial Group upped their price target on Paylocity from $215.00 to $240.00 and gave the stock a "buy" rating in a report on Monday, December 9th. Finally, StockNews.com upgraded Paylocity from a "hold" rating to a "buy" rating in a research note on Saturday, December 7th. Three investment analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company's stock. Based on data from MarketBeat.com, Paylocity has an average rating of "Moderate Buy" and a consensus price target of $205.21.

Paylocity Trading Up 1.8 %

Shares of NASDAQ PCTY traded up $3.44 during trading on Wednesday, reaching $195.67. The stock had a trading volume of 485,584 shares, compared to its average volume of 432,709. 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 $10.91 billion, a P/E ratio of 50.04, a PEG ratio of 4.93 and a beta of 0.93. Paylocity has a fifty-two week low of $129.94 and a fifty-two week high of $215.68. The business's 50-day moving average price is $202.35 and its 200-day moving average price is $173.54.

Insider Buying and Selling at Paylocity

In other news, 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 transaction, the senior vice president now directly owns 14,634 shares of the company's stock, valued at $2,828,605.86. The trade was a 1.66 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Jeffrey T. Diehl sold 29,606 shares of the stock in a transaction on Tuesday, November 5th. The stock was sold at an average price of $196.55, for a total transaction of $5,819,059.30. Following the sale, the director now owns 11,755 shares of the company's stock, valued at approximately $2,310,445.25. This represents a 71.58 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 157,486 shares of company stock worth $31,751,368 over the last 90 days. Corporate insiders own 21.91% of the company's stock.

Hedge Funds Weigh In On Paylocity

Several institutional investors have recently added to or reduced their stakes in PCTY. Acadian Asset Management LLC purchased a new position in shares of Paylocity in the 2nd quarter valued at approximately $215,000. American Century Companies Inc. grew its position in Paylocity by 0.6% in the 2nd quarter. American Century Companies Inc. now owns 133,921 shares of the software maker's stock valued at $17,658,000 after buying an additional 787 shares during the last quarter. DekaBank Deutsche Girozentrale increased its stake in Paylocity by 4.1% in the 2nd quarter. DekaBank Deutsche Girozentrale now owns 6,343 shares of the software maker's stock valued at $850,000 after buying an additional 249 shares during the period. Dimensional Fund Advisors LP raised its position in Paylocity by 58.3% during the 2nd quarter. Dimensional Fund Advisors LP now owns 335,946 shares of the software maker's stock worth $44,296,000 after buying an additional 123,744 shares during the last quarter. Finally, Renaissance Technologies LLC acquired a new stake in shares of Paylocity in the 2nd quarter worth $13,304,000. 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.