Mizuho Forecasts Strong Price Appreciation for Paylocity (NASDAQ:PCTY) Stock

Paylocity (NASDAQ:PCTY) had its price target increased by analysts at Mizuho from $180.00 to $200.00 in a research report issued to clients and investors on Friday,Benzinga reports. The firm presently has a “neutral” rating on the software maker’s stock. Mizuho’s target price suggests a potential downside of 0.08% from the stock’s current price.

Other analysts have also issued research reports about the stock. StockNews.com raised shares of Paylocity from a “hold” rating to a “buy” rating in a report on Saturday, December 7th. Barclays raised their price objective on shares of Paylocity from $174.00 to $180.00 and gave the stock an “equal weight” rating in a report on Thursday, October 31st. Jefferies Financial Group raised their price target on shares of Paylocity from $215.00 to $240.00 and gave the company a “buy” rating in a report on Monday, December 9th. Truist Financial raised their price target on shares of Paylocity from $195.00 to $210.00 and gave the company a “buy” rating in a report on Friday, November 1st. Finally, Piper Sandler raised their price target on shares of Paylocity from $172.00 to $212.00 and gave the company an “overweight” rating in a report on Thursday, October 31st. Three equities research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company’s stock. According to MarketBeat.com, Paylocity presently has an average rating of “Moderate Buy” and a consensus target price of $205.71.

Paylocity Stock Performance

NASDAQ PCTY opened at $200.17 on Friday. The firm has a market cap of $11.16 billion, a price-to-earnings ratio of 51.19, a PEG ratio of 5.00 and a beta of 0.92. The company has a 50 day moving average of $191.97 and a 200-day moving average of $164.10. The company has a current ratio of 1.32, a quick 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.

Insider Buying and Selling at Paylocity

In other news, CAO Nicholas Rost sold 212 shares of Paylocity 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 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 ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Steven I. Sarowitz sold 13,689 shares of Paylocity stock in a transaction on Wednesday, December 11th. The stock was sold at an average price of $203.29, for a total transaction of $2,782,836.81. Following the transaction, the director now directly owns 8,385,954 shares in the company, valued at approximately $1,704,780,588.66. This represents a 0.16 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 129,089 shares of company stock valued at $25,991,644. 21.91% of the stock is currently owned by insiders.

Institutional Trading of Paylocity

Hedge funds and other institutional investors have recently modified their holdings of the stock. Millennium Management LLC increased its position in Paylocity by 435.2% in the 2nd quarter. Millennium Management LLC now owns 331,253 shares of the software maker’s stock valued at $43,676,000 after acquiring an additional 269,354 shares during the period. Point72 Asset Management L.P. grew its stake in shares of Paylocity by 283.8% in the 3rd quarter. Point72 Asset Management L.P. now owns 309,761 shares of the software maker’s stock worth $51,101,000 after acquiring an additional 229,057 shares in the last quarter. Liontrust Investment Partners LLP grew its stake in Paylocity by 27.1% in the 2nd quarter. Liontrust Investment Partners LLP now owns 810,314 shares of the software maker’s stock valued at $106,840,000 after purchasing an additional 172,807 shares during the period. Skandinaviska Enskilda Banken AB publ grew its position in Paylocity by 1,662.3% during the second quarter. Skandinaviska Enskilda Banken AB publ now owns 181,920 shares of the software maker’s stock valued at $23,986,000 after buying an additional 171,597 shares during the period. Finally, Dimensional Fund Advisors LP lifted its holdings in Paylocity by 58.3% during the second quarter. Dimensional Fund Advisors LP now owns 335,946 shares of the software maker’s stock valued at $44,296,000 after purchasing an additional 123,744 shares during 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.