Paylocity (NASDAQ:PCTY) Raised to "Buy" at Citigroup

Paylocity (NASDAQ:PCTY - Get Free Report) was upgraded by equities research analysts at Citigroup from a "neutral" rating to a "buy" rating in a report issued on Thursday, Marketbeat reports. The firm presently has a $231.00 price target on the software maker's stock, up from their previous price target of $214.00. Citigroup's price objective would suggest a potential upside of 15.62% from the company's current price.

Other research analysts have also recently issued research reports about the company. BMO Capital Markets boosted their price target on Paylocity from $175.00 to $203.00 and gave the stock an "outperform" rating in a research note on Thursday, October 31st. Jefferies Financial Group boosted their target price on Paylocity from $215.00 to $240.00 and gave the stock a "buy" rating in a research report on Monday, December 9th. TD Cowen dropped their price target on shares of Paylocity from $235.00 to $228.00 and set a "buy" rating on the stock in a report on Monday, January 6th. KeyCorp boosted 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. Finally, Piper Sandler increased their price objective on shares of Paylocity from $172.00 to $212.00 and gave the company an "overweight" rating in a research report on Thursday, October 31st. Two investment analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the stock. According to MarketBeat, Paylocity presently has an average rating of "Moderate Buy" and an average target price of $210.64.

Paylocity Stock Up 2.1 %

Shares of NASDAQ:PCTY traded up $4.12 during trading on Thursday, reaching $199.79. 339,238 shares of the stock traded hands, compared to its average volume of 420,483. Paylocity has a 52-week low of $129.94 and a 52-week high of $215.68. The stock has a market cap of $11.14 billion, a P/E ratio of 51.18, a price-to-earnings-growth ratio of 4.69 and a beta of 0.93. The stock has a 50-day moving average of $201.98 and a two-hundred day moving average of $173.70. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.32 and a current ratio of 1.32.

Insider Buying and Selling

In related news, Director Steven I. Sarowitz sold 10,237 shares of Paylocity stock in a transaction on Wednesday, November 27th. The shares were sold at an average price of $210.10, for a total transaction of $2,150,793.70. Following the transaction, the director now owns 9,214,115 shares in the company, valued at approximately $1,935,885,561.50. The trade was a 0.11 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, SVP Andrew Cappotelli sold 247 shares of the stock in a transaction on Tuesday, November 19th. The stock was sold at an average price of $193.29, for a total value of $47,742.63. Following the completion of the sale, the senior vice president now 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 disclosure for this sale can be found here. In the last three months, insiders have sold 157,486 shares of company stock valued at $31,751,368. 21.91% of the stock is owned by company insiders.

Hedge Funds Weigh In On Paylocity

A number of hedge funds have recently made changes to their positions in the business. UMB Bank n.a. lifted its holdings in Paylocity by 1,650.0% in the 3rd quarter. UMB Bank n.a. now owns 175 shares of the software maker's stock worth $29,000 after purchasing an additional 165 shares in the last quarter. Prospera Private Wealth LLC bought a new stake in shares of Paylocity during the third quarter valued at approximately $39,000. Signaturefd LLC lifted its holdings in shares of Paylocity by 121.0% in the third quarter. Signaturefd LLC now owns 305 shares of the software maker's stock worth $50,000 after buying an additional 167 shares in the last quarter. Quarry LP boosted its position in shares of Paylocity by 149.2% during the third quarter. Quarry LP now owns 309 shares of the software maker's stock worth $51,000 after acquiring an additional 185 shares during the last quarter. Finally, GAMMA Investing LLC grew its stake in Paylocity by 43.3% during the fourth quarter. GAMMA Investing LLC now owns 384 shares of the software maker's stock valued at $77,000 after acquiring an additional 116 shares in the last quarter. Institutional investors own 94.76% of the company's stock.

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.