Paylocity (NASDAQ:PCTY) Price Target Raised to $200.00 at Mizuho

Paylocity (NASDAQ:PCTY) had its price objective hoisted by research analysts at Mizuho from $180.00 to $200.00 in a research note issued to investors on Friday,Benzinga reports. The brokerage currently has a “neutral” rating on the software maker’s stock. Mizuho’s price objective would indicate a potential downside of 0.08% from the company’s previous close.

Other research analysts also recently issued reports about the stock. Truist Financial lifted their target price on shares of Paylocity from $195.00 to $210.00 and gave the stock a “buy” rating in a research note on Friday, November 1st. Jefferies Financial Group upped their target price on Paylocity from $215.00 to $240.00 and gave the company a “buy” rating in a report on Monday, December 9th. Piper Sandler lifted their price target on shares of Paylocity from $172.00 to $212.00 and gave the company an “overweight” rating in a report on Thursday, October 31st. Barclays boosted their price target on shares of Paylocity from $174.00 to $180.00 and gave the company an “equal weight” rating in a research report on Thursday, October 31st. Finally, TD Cowen raised their price objective on shares of Paylocity from $208.00 to $235.00 and gave the stock a “buy” rating in a report on Monday, December 9th. Three equities research analysts have rated the stock with a hold rating and twelve have given a buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $205.71.

Paylocity Stock Down 2.2 %

Shares of NASDAQ PCTY opened at $200.17 on Friday. The firm’s 50 day simple moving average is $191.97 and its two-hundred day simple moving average is $164.10. The company has a debt-to-equity ratio of 0.29, a current ratio of 1.32 and a quick ratio of 1.32. Paylocity has a one year low of $129.94 and a one year high of $215.68. The stock has a market capitalization of $11.16 billion, a P/E ratio of 51.19, a PEG ratio of 5.00 and a beta of 0.92.

Insider Transactions at Paylocity

In other news, SVP Andrew Cappotelli sold 247 shares of the business’s stock in a transaction on Tuesday, November 19th. The stock was sold at an average price of $193.29, for a total value of $47,742.63. Following the completion of the transaction, the senior vice president now owns 14,634 shares in the company, valued at $2,828,605.86. The trade was a 1.66 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Steven I. Sarowitz sold 13,689 shares of the stock in a transaction on Wednesday, December 11th. The shares were sold at an average price of $203.29, for a total value of $2,782,836.81. Following the sale, the director now directly owns 8,385,954 shares in the company, valued at $1,704,780,588.66. This trade represents a 0.16 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 129,089 shares of company stock valued at $25,991,644 in the last quarter. 21.91% of the stock is owned by insiders.

Institutional Trading of Paylocity

A number of institutional investors have recently made changes to their positions in PCTY. Millennium Management LLC raised its holdings in shares of Paylocity by 435.2% during the second quarter. Millennium Management LLC now owns 331,253 shares of the software maker’s stock valued at $43,676,000 after purchasing an additional 269,354 shares during the last quarter. Point72 Asset Management L.P. lifted its holdings in shares of Paylocity by 283.8% during the 3rd quarter. Point72 Asset Management L.P. now owns 309,761 shares of the software maker’s stock valued at $51,101,000 after buying an additional 229,057 shares during the period. Liontrust Investment Partners LLP lifted its holdings in shares of Paylocity by 27.1% during the 2nd quarter. Liontrust Investment Partners LLP now owns 810,314 shares of the software maker’s stock valued at $106,840,000 after buying an additional 172,807 shares during the period. Skandinaviska Enskilda Banken AB publ grew its holdings in shares of Paylocity by 1,662.3% in the second quarter. Skandinaviska Enskilda Banken AB publ now owns 181,920 shares of the software maker’s stock worth $23,986,000 after acquiring an additional 171,597 shares during the period. Finally, Dimensional Fund Advisors LP increased its position in Paylocity by 58.3% during the second quarter. Dimensional Fund Advisors LP now owns 335,946 shares of the software maker’s stock valued at $44,296,000 after acquiring an additional 123,744 shares during the last quarter. Hedge funds and other institutional investors own 94.76% of the company’s stock.

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.