Needham & Company LLC Reiterates Buy Rating for Paylocity (NASDAQ:PCTY)

Paylocity (NASDAQ:PCTY)‘s stock had its “buy” rating reaffirmed by stock analysts at Needham & Company LLC in a research report issued to clients and investors on Wednesday,Benzinga reports. They presently have a $220.00 price objective on the software maker’s stock. Needham & Company LLC’s price target would indicate a potential upside of 10.39% from the stock’s previous close.

Other research analysts have also recently issued reports about the company. Mizuho upped their price objective on Paylocity from $180.00 to $200.00 and gave the stock a “neutral” rating in a research report on Friday, December 13th. Barclays upped their price target on Paylocity from $174.00 to $180.00 and gave the stock an “equal weight” rating in a research report on Thursday, October 31st. Piper Sandler lifted their price objective on shares of Paylocity from $172.00 to $212.00 and gave the company an “overweight” rating in a report on Thursday, October 31st. TD Cowen reduced their target price on shares of Paylocity from $235.00 to $228.00 and set a “buy” rating for the company in a report on Monday, January 6th. Finally, KeyCorp raised their target price on shares of Paylocity from $187.00 to $210.00 and gave the company an “overweight” rating in a research report on Thursday, October 31st. Two research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $210.64.

Paylocity Price Performance

Shares of NASDAQ PCTY opened at $199.30 on Wednesday. The company has a fifty day moving average price of $201.76 and a 200 day moving average price of $173.87. The firm has a market cap of $11.11 billion, a PE ratio of 50.97, a PEG ratio of 4.69 and a beta of 0.93. 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 Activity at Paylocity

In other Paylocity news, Director Jeffrey T. Diehl sold 29,606 shares of the firm’s stock in a transaction on Tuesday, November 5th. The stock was sold at an average price of $196.55, for a total transaction 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. This trade represents a 71.58 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CFO Ryan Glenn sold 500 shares of Paylocity stock in a transaction on Wednesday, November 6th. The stock was sold at an average price of $203.28, for a total transaction of $101,640.00. Following the transaction, the chief financial officer now directly owns 52,134 shares of the company’s stock, valued at approximately $10,597,799.52. This trade represents a 0.95 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 157,486 shares of company stock worth $31,751,368. Insiders own 21.91% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of PCTY. UMB Bank n.a. boosted its holdings 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 worth $29,000 after acquiring an additional 165 shares during the period. Prospera Private Wealth LLC bought a new stake in Paylocity in the 3rd quarter valued at $39,000. Signaturefd LLC grew its holdings in Paylocity by 121.0% in the 3rd quarter. Signaturefd LLC now owns 305 shares of the software maker’s stock valued at $50,000 after buying an additional 167 shares in the last quarter. Quarry LP increased its position in Paylocity by 149.2% during the 3rd quarter. Quarry LP now owns 309 shares of the software maker’s stock worth $51,000 after buying an additional 185 shares during the period. Finally, GAMMA Investing LLC lifted its holdings in shares of Paylocity by 43.3% during the fourth quarter. GAMMA Investing LLC now owns 384 shares of the software maker’s stock worth $77,000 after buying an additional 116 shares in the last quarter. 94.76% of the stock is 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.