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

Paylocity Holding Co. (NASDAQ:PCTY) has been given an average rating of “Moderate Buy” by the fourteen ratings firms that are currently covering the stock, Marketbeat reports. Three equities research analysts have rated the stock with a hold recommendation and eleven have assigned a buy recommendation to the company. The average 12 month price target among analysts that have issued ratings on the stock in the last year is $196.64.

A number of equities analysts recently commented on PCTY shares. Barclays lifted their price target on Paylocity from $174.00 to $180.00 and gave the stock an “equal weight” rating in a report on Thursday, October 31st. Truist Financial boosted their target price on Paylocity from $195.00 to $210.00 and gave the stock a “buy” rating in a report on Friday, November 1st. Jefferies Financial Group raised their price target on Paylocity from $200.00 to $215.00 and gave the company a “buy” rating in a report on Thursday, October 31st. Piper Sandler upped 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. Finally, BTIG Research cut their target price on shares of Paylocity from $200.00 to $185.00 and set a “buy” rating for the company in a research note on Friday, August 2nd.

Insider Buying and Selling at Paylocity

In other news, Director Jeffrey T. Diehl sold 29,606 shares of Paylocity stock in a transaction on Tuesday, November 5th. The stock was sold at an average price of $196.55, for a total value of $5,819,059.30. Following the transaction, the director now owns 11,755 shares in the company, valued at approximately $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 accessible through this hyperlink. Also, CFO Ryan Glenn sold 500 shares of the company’s stock in a transaction on Wednesday, November 6th. The stock was sold at an average price of $203.28, for a total value of $101,640.00. Following the sale, the chief financial officer now owns 52,134 shares of the company’s stock, valued at approximately $10,597,799.52. This represents a 0.95 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 31,842 shares of company stock valued at $6,243,313 in the last three months. Corporate insiders own 21.91% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the stock. CIBC Asset Management Inc grew its position in Paylocity by 3.6% during the 3rd quarter. CIBC Asset Management Inc now owns 1,652 shares of the software maker’s stock worth $273,000 after acquiring an additional 58 shares during the last quarter. Chicago Partners Investment Group LLC grew its holdings in shares of Paylocity by 3.7% during the third quarter. Chicago Partners Investment Group LLC now owns 2,282 shares of the software maker’s stock worth $395,000 after purchasing an additional 82 shares during the last quarter. Covestor Ltd increased its stake in shares of Paylocity by 6.4% in the third quarter. Covestor Ltd now owns 1,373 shares of the software maker’s stock valued at $227,000 after buying an additional 83 shares during the period. King Luther Capital Management Corp raised its holdings in Paylocity by 1.0% in the 2nd quarter. King Luther Capital Management Corp now owns 9,981 shares of the software maker’s stock valued at $1,316,000 after buying an additional 103 shares during the last quarter. Finally, SkyOak Wealth LLC boosted its position in Paylocity by 7.1% during the 2nd quarter. SkyOak Wealth LLC now owns 1,837 shares of the software maker’s stock worth $242,000 after buying an additional 122 shares during the period. Institutional investors own 94.76% of the company’s stock.

Paylocity Stock Down 0.4 %

NASDAQ:PCTY opened at $194.78 on Wednesday. The stock has a 50-day simple moving average of $175.69 and a 200 day simple moving average of $158.89. Paylocity has a 52-week low of $129.94 and a 52-week high of $215.68. The company has a market cap of $10.86 billion, a PE ratio of 49.82, a PEG ratio of 4.96 and a beta of 0.93. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.32 and a current ratio of 1.32.

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.