Paylocity (NASDAQ:PCTY) Upgraded at Mizuho

Mizuho upgraded shares of Paylocity (NASDAQ:PCTY) from a neutral rating to an outperform rating in a research note issued to investors on Friday, Marketbeat.com reports. Mizuho currently has $235.00 price target on the software maker’s stock, up from their previous price target of $200.00.

PCTY has been the subject of a number of other research reports. TD Cowen reduced their price objective on Paylocity from $235.00 to $228.00 and set a “buy” rating for the company in a research report on Monday, January 6th. Truist Financial raised their price objective on Paylocity from $195.00 to $210.00 and gave the company a “buy” rating in a research report on Friday, November 1st. Needham & Company LLC reaffirmed a “buy” rating and set a $220.00 price objective on shares of Paylocity in a research report on Wednesday, January 15th. Piper Sandler raised their price objective on Paylocity from $172.00 to $212.00 and gave the company an “overweight” rating in a research report on Thursday, October 31st. Finally, BMO Capital Markets raised their price objective on Paylocity from $175.00 to $203.00 and gave the company an “outperform” rating in a research report on Thursday, October 31st. One analyst has rated the stock with a hold rating and fourteen have assigned a buy rating to the company. According to MarketBeat, Paylocity currently has an average rating of “Moderate Buy” and a consensus price target of $213.86.

Paylocity Trading Up 2.0 %

PCTY opened at $205.52 on Friday. The stock has a market cap of $11.46 billion, a PE ratio of 52.56, a PEG ratio of 4.98 and a beta of 0.93. The company has a quick ratio of 1.32, a current ratio of 1.32 and a debt-to-equity ratio of 0.29. The business has a 50 day moving average of $201.39 and a 200-day moving average of $179.40. Paylocity has a 52 week low of $129.94 and a 52 week high of $215.68.

Insider Activity at Paylocity

In other news, CAO Nicholas Rost sold 212 shares of the business’s stock in a transaction dated Tuesday, November 19th. The stock was sold at an average price of $193.29, for a total value of $40,977.48. Following the transaction, the chief accounting officer now directly owns 7,364 shares in the company, valued at $1,423,387.56. The trade was a 2.80 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Steven I. Sarowitz sold 10,237 shares of the business’s stock in a transaction dated Wednesday, November 27th. The shares were sold at an average price of $210.10, for a total value of $2,150,793.70. Following the completion of the transaction, the director now owns 9,214,115 shares in the company, valued at $1,935,885,561.50. The trade was a 0.11 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 157,486 shares of company stock worth $31,751,368. Corporate insiders own 21.91% of the company’s stock.

Hedge Funds Weigh In On Paylocity

Several large investors have recently made changes to their positions in the business. Convergence Investment Partners LLC purchased a new position in shares of Paylocity in the fourth quarter valued at about $553,000. Venturi Wealth Management LLC increased its holdings in shares of Paylocity by 165.8% in the fourth quarter. Venturi Wealth Management LLC now owns 1,446 shares of the software maker’s stock worth $288,000 after purchasing an additional 902 shares during the last quarter. Truist Financial Corp increased its holdings in shares of Paylocity by 6.8% in the fourth quarter. Truist Financial Corp now owns 22,033 shares of the software maker’s stock worth $4,395,000 after purchasing an additional 1,398 shares during the last quarter. CIBC Asset Management Inc increased its holdings in shares of Paylocity by 5.6% in the fourth quarter. CIBC Asset Management Inc now owns 1,745 shares of the software maker’s stock worth $348,000 after purchasing an additional 93 shares during the last quarter. Finally, Sanctuary Advisors LLC increased its holdings in shares of Paylocity by 1,659.5% in the fourth quarter. Sanctuary Advisors LLC now owns 23,208 shares of the software maker’s stock worth $4,675,000 after purchasing an additional 21,889 shares during the last quarter. 94.76% of the stock is currently owned by hedge funds and other institutional investors.

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.