Paylocity (NASDAQ:PCTY) Upgraded by Wall Street Zen to “Buy” Rating

Paylocity (NASDAQ:PCTY) was upgraded by equities research analysts at Wall Street Zen from a “hold” rating to a “buy” rating in a report issued on Saturday.

A number of other analysts have also recently commented on the stock. Robert W. Baird set a $220.00 price target on shares of Paylocity in a research note on Friday, February 6th. Mizuho dropped their target price on shares of Paylocity from $180.00 to $150.00 and set an “outperform” rating on the stock in a report on Friday, February 6th. Guggenheim upgraded shares of Paylocity from a “neutral” rating to a “buy” rating and set a $180.00 target price for the company in a research note on Monday, November 10th. BMO Capital Markets lowered their price target on Paylocity from $185.00 to $150.00 and set an “outperform” rating on the stock in a research report on Friday, February 6th. Finally, Citigroup reaffirmed an “outperform” rating on shares of Paylocity in a research report on Friday, February 6th. Sixteen research analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $183.14.

Paylocity Stock Performance

Shares of NASDAQ PCTY opened at $107.13 on Friday. The company has a debt-to-equity ratio of 0.07, a quick ratio of 1.07 and a current ratio of 1.04. The stock has a 50 day moving average price of $141.55 and a 200 day moving average price of $154.19. The stock has a market capitalization of $5.77 billion, a PE ratio of 25.21, a price-to-earnings-growth ratio of 3.04 and a beta of 0.54. Paylocity has a 52 week low of $101.39 and a 52 week high of $218.74.

Paylocity (NASDAQ:PCTY) last posted its quarterly earnings results on Thursday, February 5th. The software maker reported $1.85 earnings per share for the quarter, topping the consensus estimate of $1.57 by $0.28. The firm had revenue of $416.13 million for the quarter, compared to analyst estimates of $408.37 million. Paylocity had a return on equity of 23.44% and a net margin of 14.19%.The business’s quarterly revenue was up 10.4% on a year-over-year basis. During the same quarter in the previous year, the firm earned $1.52 EPS. Analysts predict that Paylocity will post 4.36 earnings per share for the current fiscal year.

Insider Buying and Selling at Paylocity

In other news, CFO Ryan Glenn sold 1,737 shares of Paylocity stock in a transaction on Wednesday, November 19th. The stock was sold at an average price of $143.65, for a total transaction of $249,520.05. Following the completion of the sale, the chief financial officer owned 77,229 shares of the company’s stock, valued at approximately $11,093,945.85. This trade represents a 2.20% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 19.40% of the company’s stock.

Hedge Funds Weigh In On Paylocity

A number of hedge funds have recently bought and sold shares of the business. Amiral Gestion raised its holdings in Paylocity by 37.6% in the 3rd quarter. Amiral Gestion now owns 84,703 shares of the software maker’s stock valued at $13,491,000 after acquiring an additional 23,162 shares in the last quarter. Capital Fund Management S.A. acquired a new stake in shares of Paylocity during the 2nd quarter worth $6,877,000. Prudential Financial Inc. increased its position in shares of Paylocity by 342.1% in the second quarter. Prudential Financial Inc. now owns 68,883 shares of the software maker’s stock worth $12,481,000 after purchasing an additional 53,302 shares during the period. Sawgrass Asset Management LLC acquired a new position in Paylocity in the third quarter valued at about $9,156,000. Finally, Hussman Strategic Advisors Inc. acquired a new position in Paylocity in the second quarter valued at about $2,283,000. 94.76% of the stock is owned by institutional investors.

About Paylocity

Paylocity (NASDAQ: PCTY) is a leading provider of cloud-based payroll and human capital management (HCM) software designed to streamline workforce administration for mid-sized organizations. The company’s integrated platform automates core functions such as payroll processing, benefits administration, time and labor tracking, and compliance management, enabling employers to manage employee data more efficiently and reduce administrative burdens.

In addition to payroll and HR capabilities, Paylocity offers talent management solutions including recruiting, onboarding, performance tracking, and learning management.