Paylocity (NASDAQ:PCTY) Rating Increased to Buy at StockNews.com

by · The Markets Daily

Paylocity (NASDAQ:PCTY – Get Free Report) was upgraded by investment analysts at StockNews.com from a “hold” rating to a “buy” rating in a research note issued to investors on Friday.

PCTY has been the topic of a number of other research reports. BTIG Research cut their price target on shares of Paylocity from $200.00 to $185.00 and set a “buy” rating on the stock in a report on Friday, August 2nd. Mizuho increased their target price on Paylocity from $155.00 to $175.00 and gave the company a “neutral” rating in a report on Monday, October 14th. Needham & Company LLC lifted their price target on Paylocity from $200.00 to $220.00 and gave the company a “buy” rating in a report on Thursday. BMO Capital Markets upped their price target on Paylocity from $175.00 to $203.00 and gave the company an “outperform” rating in a research report on Thursday. Finally, Truist Financial raised their price objective on Paylocity from $195.00 to $210.00 and gave the stock a “buy” rating in a research report on Friday. Four research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $193.87.

Check Out Our Latest Stock Analysis on Paylocity

Paylocity Stock Performance

Shares of NASDAQ:PCTY traded up $7.19 during trading hours on Friday, hitting $191.76. 781,013 shares of the company’s stock traded hands, compared to its average volume of 501,178. The company’s fifty day simple moving average is $165.67 and its two-hundred day simple moving average is $155.10. The company has a market cap of $10.69 billion, a price-to-earnings ratio of 49.04, a price-to-earnings-growth ratio of 4.31 and a beta of 0.95. Paylocity has a 52 week low of $129.94 and a 52 week high of $192.61.

Paylocity (NASDAQ:PCTY – Get Free Report) last announced its earnings results on Thursday, August 1st. The software maker reported $1.48 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.29 by $0.19. The company had revenue of $357.30 million for the quarter, compared to analyst estimates of $350.29 million. Paylocity had a return on equity of 23.29% and a net margin of 15.32%. Paylocity’s revenue for the quarter was up 15.8% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.76 earnings per share. On average, analysts anticipate that Paylocity will post 4.51 EPS for the current fiscal year.

Insider Buying and Selling at Paylocity

In other news, SVP Rachit Lohani sold 658 shares of the stock in a transaction dated Wednesday, October 2nd. The stock was sold at an average price of $162.83, for a total transaction of $107,142.14. Following the transaction, the senior vice president now owns 39,764 shares of the company’s stock, valued at approximately $6,474,772.12. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Corporate insiders own 21.91% of the company’s stock.

Institutional Trading of Paylocity

Several large investors have recently modified their holdings of the company. FORA Capital LLC acquired a new stake in shares of Paylocity in the first quarter valued at about $1,540,000. BNP Paribas Financial Markets lifted its holdings in shares of Paylocity by 55.2% during the first quarter. BNP Paribas Financial Markets now owns 36,818 shares of the software maker’s stock worth $6,328,000 after buying an additional 13,093 shares during the last quarter. Cetera Advisors LLC bought a new stake in shares of Paylocity in the first quarter valued at approximately $729,000. Price T Rowe Associates Inc. MD grew its stake in shares of Paylocity by 3.3% in the first quarter. Price T Rowe Associates Inc. MD now owns 8,833,794 shares of the software maker’s stock worth $1,518,176,000 after acquiring an additional 278,607 shares during the last quarter. Finally, Capital Research Global Investors bought a new position in Paylocity during the first quarter worth $46,902,000. 94.76% of the stock is owned by institutional investors.

About Paylocity

(Get Free Report)

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.

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