Paylocity Holding Co. (NASDAQ:PCTY) Receives $213.86 Average PT from Brokerages

Paylocity Holding Co. (NASDAQ:PCTY - Get Free Report) has been assigned an average recommendation of "Moderate Buy" from the fourteen research firms that are covering the firm, Marketbeat Ratings reports. One analyst has rated the stock with a hold rating and thirteen have given a buy rating to the company. The average 1 year price target among brokers that have updated their coverage on the stock in the last year is $213.86.

A number of research firms recently weighed in on PCTY. KeyCorp raised their target price on shares of Paylocity from $210.00 to $220.00 and gave the company an "overweight" rating in a report on Friday. Mizuho upgraded shares of Paylocity from a "neutral" rating to an "outperform" rating and boosted their price target for the stock from $200.00 to $235.00 in a research report on Friday. BMO Capital Markets boosted their price target 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. Piper Sandler boosted their price target on shares of Paylocity from $172.00 to $212.00 and gave the stock an "overweight" rating in a research report on Thursday, October 31st. Finally, Needham & Company LLC restated a "buy" rating and issued a $220.00 price target on shares of Paylocity in a research report on Wednesday, January 15th.

Paylocity Price Performance

NASDAQ PCTY traded up $4.44 during trading on Monday, hitting $210.82. 572,951 shares of the stock traded hands, compared to its average volume of 499,266. The company has a market capitalization of $11.75 billion, a P/E ratio of 53.92, a price-to-earnings-growth ratio of 5.03 and a beta of 0.95. The firm has a 50-day simple moving average of $201.29 and a 200-day simple moving average of $180.34. The company has a quick ratio of 1.32, a current ratio of 1.32 and a debt-to-equity ratio of 0.29. Paylocity has a 12-month low of $129.94 and a 12-month high of $215.68.

Insider Activity

In related news, Director Steven I. Sarowitz sold 12,226 shares of the company's stock in a transaction dated Monday, November 18th. The shares were sold at an average price of $196.29, for a total value of $2,399,841.54. Following the completion of the sale, the director now directly owns 9,300,847 shares of the company's stock, valued at $1,825,663,257.63. This represents a 0.13 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Ryan Glenn sold 500 shares of the company's stock in a transaction dated Wednesday, November 6th. The stock was sold at an average price of $203.28, for a total transaction of $101,640.00. Following the completion of the sale, the chief financial officer now directly owns 52,134 shares of the company's stock, valued at approximately $10,597,799.52. This trade represents a 0.95 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 127,880 shares of company stock valued at $25,932,309. 21.91% of the stock is currently owned by company insiders.

Institutional Trading of Paylocity

Several hedge funds have recently modified their holdings of PCTY. JPMorgan Chase & Co. lifted its position in shares of Paylocity by 81.9% during the third quarter. JPMorgan Chase & Co. now owns 856,536 shares of the software maker's stock valued at $141,303,000 after buying an additional 385,625 shares during the last quarter. Point72 Asset Management L.P. lifted its position in shares of Paylocity by 283.8% during the third quarter. Point72 Asset Management L.P. now owns 309,761 shares of the software maker's stock valued at $51,101,000 after buying an additional 229,057 shares during the last quarter. Victory Capital Management Inc. lifted its position in shares of Paylocity by 297.6% during the third quarter. Victory Capital Management Inc. now owns 119,560 shares of the software maker's stock valued at $19,724,000 after buying an additional 89,487 shares during the last quarter. Caisse DE Depot ET Placement DU Quebec lifted its position in shares of Paylocity by 113.6% during the third quarter. Caisse DE Depot ET Placement DU Quebec now owns 96,406 shares of the software maker's stock valued at $15,904,000 after buying an additional 51,276 shares during the last quarter. Finally, Assenagon Asset Management S.A. lifted its position in shares of Paylocity by 1,896.9% during the third quarter. Assenagon Asset Management S.A. now owns 47,966 shares of the software maker's stock valued at $7,913,000 after buying an additional 45,564 shares during the last quarter. 94.76% of the stock is 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.