Paylocity Holding Co. (NASDAQ:PCTY) Receives Consensus Recommendation of “Moderate Buy” from Analysts

Shares of Paylocity Holding Co. (NASDAQ:PCTY) have been assigned an average rating of “Moderate Buy” from the fourteen research firms that are presently covering the company, MarketBeat reports. Three research analysts have rated the stock with a hold recommendation and eleven have issued a buy recommendation on the company. The average 12 month price objective among analysts that have covered the stock in the last year is $205.21.

Several equities research analysts have issued reports on the company. Barclays increased 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. StockNews.com upgraded Paylocity from a “hold” rating to a “buy” rating in a research note on Saturday, December 7th. KeyCorp lifted their target price on 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 target on shares of Paylocity from $175.00 to $203.00 and gave the stock an “outperform” rating in a report on Thursday, October 31st. Finally, Piper Sandler boosted their price objective on shares of Paylocity from $172.00 to $212.00 and gave the company an “overweight” rating in a research note on Thursday, October 31st.

Paylocity Stock Performance

Shares of PCTY stock opened at $195.67 on Thursday. The firm’s 50 day moving average is $201.98 and its 200 day moving average is $173.70. The stock has a market capitalization of $10.91 billion, a P/E ratio of 50.04, a PEG ratio of 4.69 and a beta of 0.93. Paylocity has a 12 month low of $129.94 and a 12 month high of $215.68. The company has a current ratio of 1.32, a quick ratio of 1.32 and a debt-to-equity ratio of 0.29.

Insider Buying and Selling

In other news, SVP Andrew Cappotelli sold 247 shares of the stock in a transaction dated Tuesday, November 19th. The stock was sold at an average price of $193.29, for a total transaction of $47,742.63. Following the transaction, the senior vice president now directly owns 14,634 shares in the company, valued at approximately $2,828,605.86. This represents a 1.66 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Jeffrey T. Diehl sold 29,606 shares of the business’s stock in a transaction that occurred on Tuesday, November 5th. The stock was sold at an average price of $196.55, for a total value of $5,819,059.30. Following the completion of the sale, the director now owns 11,755 shares of the company’s stock, valued at $2,310,445.25. The trade was a 71.58 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 157,486 shares of company stock worth $31,751,368. Corporate insiders own 21.91% of the company’s stock.

Hedge Funds Weigh In On Paylocity

Several institutional investors and hedge funds have recently made changes to their positions in PCTY. UMB Bank n.a. grew its stake in shares of Paylocity by 1,650.0% during the third quarter. UMB Bank n.a. now owns 175 shares of the software maker’s stock valued at $29,000 after buying an additional 165 shares during the last quarter. Prospera Private Wealth LLC bought a new position in shares of Paylocity in the third quarter worth approximately $39,000. Signaturefd LLC grew 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 purchasing an additional 167 shares during the last quarter. Quarry LP increased its position in shares of Paylocity by 149.2% in the third quarter. Quarry LP now owns 309 shares of the software maker’s stock valued at $51,000 after acquiring an additional 185 shares during the period. Finally, GAMMA Investing LLC increased its position in shares of Paylocity by 43.3% in 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 during the period. Institutional investors 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.