Paylocity (NASDAQ:PCTY) Upgraded by Mizuho to "Outperform" Rating

Mizuho upgraded shares of Paylocity (NASDAQ:PCTY - Free Report) from a neutral rating to an outperform rating in a research note issued to investors on Friday, Marketbeat reports. Mizuho currently has $235.00 target price on the software maker's stock, up from their prior target price of $200.00.

PCTY has been the topic of a number of other reports. KeyCorp boosted their price target on shares of Paylocity from $187.00 to $210.00 and gave the stock an "overweight" rating in a research report on Thursday, October 31st. Truist Financial increased their price target on Paylocity from $195.00 to $210.00 and gave the company a "buy" rating in a research note on Friday, November 1st. Jefferies Financial Group boosted their price objective on Paylocity from $215.00 to $240.00 and gave the stock a "buy" rating in a research note on Monday, December 9th. Citigroup upgraded Paylocity from a "neutral" rating to a "buy" rating and upped their price objective for the company from $214.00 to $231.00 in a report on Thursday, January 16th. Finally, Piper Sandler lifted their target price on Paylocity from $172.00 to $212.00 and gave the stock an "overweight" rating in a report on Thursday, October 31st. One research analyst has rated the stock with a hold rating and fourteen have assigned a buy rating to the company's stock. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price of $213.86.

Paylocity Stock Performance

PCTY stock traded up $4.51 during trading on Friday, reaching $210.89. 441,385 shares of the company's stock were exchanged, compared to its average volume of 488,530. The firm has a market cap of $11.76 billion, a PE ratio of 53.94, a P/E/G ratio of 5.03 and a beta of 0.95. 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 1-year low of $129.94 and a 1-year high of $215.68. The company's fifty day moving average price is $201.39 and its 200-day moving average price is $179.40.

Insiders Place Their Bets

In other Paylocity news, Director Steven I. Sarowitz sold 10,237 shares of the business's stock in a transaction that occurred on Wednesday, November 27th. The shares were sold at an average price of $210.10, for a total value of $2,150,793.70. Following the completion of the sale, the director now directly owns 9,214,115 shares of the company's stock, valued at $1,935,885,561.50. The trade was a 0.11 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CAO Nicholas Rost sold 212 shares of the firm's stock in a transaction on Tuesday, November 19th. The shares were sold at an average price of $193.29, for a total transaction of $40,977.48. Following the transaction, the chief accounting officer now owns 7,364 shares in the company, valued at $1,423,387.56. This represents a 2.80 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 127,880 shares of company stock worth $25,932,309. 21.91% of the stock is currently owned by company insiders.

Institutional Trading of Paylocity

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. JPMorgan Chase & Co. grew its stake in Paylocity by 81.9% in the 3rd 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. boosted its holdings in 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 acquiring an additional 229,057 shares during the period. Victory Capital Management Inc. grew its position in shares of Paylocity by 297.6% in the third quarter. Victory Capital Management Inc. now owns 119,560 shares of the software maker's stock valued at $19,724,000 after purchasing an additional 89,487 shares during the last quarter. Caisse DE Depot ET Placement DU Quebec increased its stake in shares of Paylocity by 113.6% in the third quarter. Caisse DE Depot ET Placement DU Quebec now owns 96,406 shares of the software maker's stock worth $15,904,000 after purchasing an additional 51,276 shares during the period. Finally, Assenagon Asset Management S.A. lifted its position in shares of Paylocity by 1,896.9% during the 3rd quarter. Assenagon Asset Management S.A. now owns 47,966 shares of the software maker's stock worth $7,913,000 after purchasing an additional 45,564 shares during the last quarter. 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.