Paylocity (NASDAQ:PCTY) Stock Rating Upgraded by StockNews.com

StockNews.com upgraded shares of Paylocity (NASDAQ:PCTY - Free Report) from a hold rating to a buy rating in a research note issued to investors on Saturday morning.

A number of other brokerages have also issued reports on PCTY. BMO Capital Markets upped their target price 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. Needham & Company LLC upped their price objective on Paylocity from $200.00 to $220.00 and gave the stock a "buy" rating in a report on Thursday, October 31st. Piper Sandler lifted their target price on Paylocity from $172.00 to $212.00 and gave the company an "overweight" 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 report on Thursday, October 31st. Finally, KeyCorp raised their price target on Paylocity from $187.00 to $210.00 and gave the company an "overweight" rating in a report on Thursday, October 31st. Three analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and an average price target of $196.64.

Paylocity Price Performance

NASDAQ PCTY traded up $1.96 on Friday, hitting $205.80. 252,326 shares of the company were exchanged, compared to its average volume of 379,378. Paylocity has a 1-year low of $129.94 and a 1-year high of $215.68. The firm has a 50 day moving average of $188.32 and a two-hundred day moving average of $162.62. The company has a current ratio of 1.32, a quick ratio of 1.32 and a debt-to-equity ratio of 0.29. The company has a market cap of $11.47 billion, a P/E ratio of 52.63, a P/E/G ratio of 5.16 and a beta of 0.92.

Insider Activity

In other news, CAO Nicholas Rost sold 212 shares of the firm's stock in a transaction that occurred 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 completion of the transaction, the chief accounting officer now directly owns 7,364 shares of the company's stock, valued at $1,423,387.56. This trade represents a 2.80 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Steven I. Sarowitz sold 6,900 shares of the stock in a transaction on Wednesday, December 4th. The stock was sold at an average price of $209.02, for a total transaction of $1,442,238.00. Following the transaction, the director now owns 8,933,409 shares of the company's stock, valued at $1,867,261,149.18. The trade was a 0.08 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 101,327 shares of company stock worth $20,340,311 over the last quarter. 21.91% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Paylocity

Large investors have recently modified their holdings of the business. Tidal Investments LLC boosted its holdings in shares of Paylocity by 207.0% in the 3rd quarter. Tidal Investments LLC now owns 8,836 shares of the software maker's stock valued at $1,458,000 after buying an additional 5,958 shares during the last quarter. Coldstream Capital Management Inc. bought a new stake in Paylocity during the third quarter worth $239,000. Geode Capital Management LLC lifted its stake in Paylocity by 3.6% in the third quarter. Geode Capital Management LLC now owns 1,048,806 shares of the software maker's stock valued at $173,053,000 after acquiring an additional 36,590 shares during the last quarter. Vestcor Inc grew its position in shares of Paylocity by 943.8% in the 3rd quarter. Vestcor Inc now owns 10,000 shares of the software maker's stock valued at $1,650,000 after acquiring an additional 9,042 shares during the period. Finally, Barclays PLC increased its stake in shares of Paylocity by 14.3% during the 3rd quarter. Barclays PLC now owns 44,897 shares of the software maker's stock worth $7,407,000 after purchasing an additional 5,609 shares during the last quarter. 94.76% of the stock is currently 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.