Paylocity Holding Co. (NASDAQ:PCTY) Given Average Recommendation of “Moderate Buy” by Brokerages

Paylocity Holding Co. (NASDAQ:PCTY) has earned a consensus rating of “Moderate Buy” from the fourteen research firms that are currently covering the firm, MarketBeat reports. Three analysts have rated the stock with a hold recommendation and eleven have given a buy recommendation to the company. The average 1-year target price among brokerages that have covered the stock in the last year is $205.71.

PCTY has been the subject of several research analyst reports. Barclays upped their price target on shares of Paylocity from $174.00 to $180.00 and gave the company an “equal weight” rating in a report on Thursday, October 31st. Piper Sandler increased their target price on Paylocity from $172.00 to $212.00 and gave the stock an “overweight” rating in a report on Thursday, October 31st. Truist Financial upped their price objective on Paylocity from $195.00 to $210.00 and gave the stock a “buy” rating in a research report on Friday, November 1st. StockNews.com raised Paylocity from a “hold” rating to a “buy” rating in a research report on Saturday, December 7th. Finally, TD Cowen lifted their price objective on shares of Paylocity from $208.00 to $235.00 and gave the company a “buy” rating in a report on Monday, December 9th.

Paylocity Stock Down 2.2 %

Shares of Paylocity stock opened at $200.17 on Friday. Paylocity has a 1 year low of $129.94 and a 1 year high of $215.68. The company has a debt-to-equity ratio of 0.29, a current ratio of 1.32 and a quick ratio of 1.32. The company has a market capitalization of $11.16 billion, a P/E ratio of 51.19, a price-to-earnings-growth ratio of 5.00 and a beta of 0.92. The business has a 50-day moving average of $191.97 and a two-hundred day moving average of $164.10.

Insider Activity at Paylocity

In other news, SVP Rachit Lohani sold 658 shares of the business’s stock in a transaction dated Wednesday, October 2nd. The shares were sold at an average price of $162.83, for a total value of $107,142.14. Following the completion of the sale, the senior vice president now owns 39,764 shares of the company’s stock, valued at approximately $6,474,772.12. The trade was a 1.63 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Steven I. Sarowitz sold 10,237 shares of the firm’s stock in a transaction dated Wednesday, November 27th. The stock was sold at an average price of $210.10, for a total transaction of $2,150,793.70. Following the transaction, the director now directly owns 9,214,115 shares in the company, valued at approximately $1,935,885,561.50. This represents a 0.11 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 129,089 shares of company stock worth $25,991,644. Insiders own 21.91% of the company’s stock.

Institutional Investors Weigh In On Paylocity

A number of large investors have recently added to or reduced their stakes in the stock. Geode Capital Management LLC lifted its position in shares of Paylocity by 3.6% during the 3rd quarter. Geode Capital Management LLC now owns 1,048,806 shares of the software maker’s stock valued at $173,053,000 after acquiring an additional 36,590 shares during the period. Liontrust Investment Partners LLP grew its stake in Paylocity by 27.1% during the second quarter. Liontrust Investment Partners LLP now owns 810,314 shares of the software maker’s stock worth $106,840,000 after buying an additional 172,807 shares in the last quarter. Van Berkom & Associates Inc. increased its holdings in Paylocity by 20.5% in the 2nd quarter. Van Berkom & Associates Inc. now owns 579,801 shares of the software maker’s stock valued at $76,447,000 after buying an additional 98,478 shares during the period. Janus Henderson Group PLC raised its position in shares of Paylocity by 3.5% in the 3rd quarter. Janus Henderson Group PLC now owns 517,931 shares of the software maker’s stock valued at $85,444,000 after buying an additional 17,560 shares in the last quarter. Finally, Bank of New York Mellon Corp lifted its holdings in shares of Paylocity by 4.7% during the 2nd quarter. Bank of New York Mellon Corp now owns 472,686 shares of the software maker’s stock worth $62,324,000 after acquiring an additional 21,127 shares during the period. Institutional investors and hedge funds 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.