Paylocity (NASDAQ:PCTY) Upgraded at StockNews.com

Paylocity (NASDAQ:PCTY) was upgraded by investment analysts at StockNews.com from a “hold” rating to a “buy” rating in a report issued on Friday.

PCTY has been the topic of a number of other research reports. Mizuho lifted their target price on Paylocity from $155.00 to $175.00 and gave the company a “neutral” rating in a research report on Monday, October 14th. BTIG Research decreased their price target on shares of Paylocity from $200.00 to $185.00 and set a “buy” rating on the stock in a report on Friday, August 2nd. BMO Capital Markets increased their price objective on shares of Paylocity from $175.00 to $203.00 and gave the company an “outperform” rating in a research note on Thursday. JMP Securities restated a “market outperform” rating and issued a $250.00 target price on shares of Paylocity in a research report on Monday, August 5th. Finally, Piper Sandler upped their price target on shares of Paylocity from $172.00 to $212.00 and gave the stock an “overweight” rating in a report on Thursday. Four research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $193.87.

Paylocity Stock Performance

NASDAQ PCTY opened at $191.76 on Friday. Paylocity has a 1 year low of $129.94 and a 1 year high of $192.61. The firm has a market capitalization of $10.69 billion, a price-to-earnings ratio of 49.04, a P/E/G ratio of 4.46 and a beta of 0.93. The company has a current ratio of 1.32, a quick ratio of 1.13 and a debt-to-equity ratio of 0.29. The firm’s 50 day simple moving average is $165.67 and its 200 day simple moving average is $155.07.

Paylocity (NASDAQ:PCTY) last issued its earnings results on Thursday, August 1st. The software maker reported $1.48 earnings per share for the quarter, beating analysts’ consensus estimates of $1.29 by $0.19. Paylocity had a return on equity of 22.92% and a net margin of 15.32%. The firm had revenue of $357.30 million for the quarter, compared to the consensus estimate of $350.29 million. During the same quarter last year, the business posted $0.76 EPS. The company’s revenue was up 15.8% compared to the same quarter last year. As a group, research analysts expect that Paylocity will post 4.51 earnings per share for the current fiscal year.

Insider Transactions at Paylocity

In related news, SVP Rachit Lohani sold 658 shares of the company’s stock in a transaction that occurred on Wednesday, October 2nd. The stock was sold at an average price of $162.83, for a total value of $107,142.14. Following the sale, the senior vice president now directly owns 39,764 shares in the company, valued at $6,474,772.12. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. 21.91% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Paylocity

Institutional investors have recently modified their holdings of the company. Price T Rowe Associates Inc. MD lifted its holdings in Paylocity by 3.3% in the first quarter. Price T Rowe Associates Inc. MD now owns 8,833,794 shares of the software maker’s stock valued at $1,518,176,000 after buying an additional 278,607 shares during the period. Liontrust Investment Partners LLP lifted its stake in shares of Paylocity by 27.1% in the 2nd quarter. Liontrust Investment Partners LLP now owns 810,314 shares of the software maker’s stock valued at $106,840,000 after purchasing an additional 172,807 shares during the period. Van Berkom & Associates Inc. boosted its position in shares of Paylocity by 20.5% during the 2nd quarter. Van Berkom & Associates Inc. now owns 579,801 shares of the software maker’s stock valued at $76,447,000 after purchasing an additional 98,478 shares in the last quarter. Bank of New York Mellon Corp grew its stake in Paylocity by 4.7% during the second quarter. Bank of New York Mellon Corp now owns 472,686 shares of the software maker’s stock worth $62,324,000 after purchasing an additional 21,127 shares during the period. Finally, Dimensional Fund Advisors LP increased its holdings in Paylocity by 58.3% in the second quarter. Dimensional Fund Advisors LP now owns 335,946 shares of the software maker’s stock worth $44,296,000 after purchasing an additional 123,744 shares in the last quarter. 94.76% of the stock is owned by institutional investors.

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.