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

Shares of Paylocity Holding Co. (NASDAQ:PCTY) have been assigned a consensus rating of “Moderate Buy” from the fourteen research firms that are currently covering the stock, MarketBeat.com reports. Three analysts have rated the stock with a hold recommendation and eleven have assigned a buy recommendation to the company. The average twelve-month target price among brokers that have updated their coverage on the stock in the last year is $205.71.

Several research analysts have recently issued reports on PCTY shares. Mizuho upped their target price on shares of Paylocity from $180.00 to $200.00 and gave the stock a “neutral” rating in a research note on Friday, December 13th. Truist Financial increased their target price on Paylocity from $195.00 to $210.00 and gave the company a “buy” rating in a research note on Friday, November 1st. TD Cowen boosted their price target on Paylocity from $208.00 to $235.00 and gave the stock a “buy” rating in a research note on Monday, December 9th. Jefferies Financial Group lifted their price objective on Paylocity from $215.00 to $240.00 and gave the stock a “buy” rating in a report on Monday, December 9th. Finally, KeyCorp upped their target price on shares of Paylocity from $187.00 to $210.00 and gave the company an “overweight” rating in a research note on Thursday, October 31st.

Paylocity Stock Performance

Shares of Paylocity stock opened at $194.46 on Thursday. The stock has a market cap of $10.84 billion, a price-to-earnings ratio of 49.73, a PEG ratio of 4.93 and a beta of 0.93. The company has a debt-to-equity ratio of 0.29, a current ratio of 1.32 and a quick ratio of 1.32. Paylocity has a 1 year low of $129.94 and a 1 year high of $215.68. The firm’s 50-day moving average is $201.95 and its 200 day moving average is $171.44.

Insider Activity

In related news, CAO Nicholas Rost sold 212 shares of the stock in a transaction that occurred on Tuesday, November 19th. The shares were sold at an average price of $193.29, for a total value of $40,977.48. Following the completion of the sale, the chief accounting officer now directly owns 7,364 shares of the company’s stock, valued at approximately $1,423,387.56. This represents a 2.80 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Steven I. Sarowitz sold 12,226 shares of the company’s stock in a transaction that occurred on Monday, November 18th. The stock was sold at an average price of $196.29, for a total transaction of $2,399,841.54. Following the completion of the transaction, the director now owns 9,300,847 shares of the company’s stock, valued at approximately $1,825,663,257.63. The trade was a 0.13 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 157,486 shares of company stock valued at $31,751,368 in the last 90 days. Company insiders own 21.91% of the company’s stock.

Institutional Inflows and Outflows

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

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.