Paylocity (NASDAQ:PCTY) Reaches New 1-Year High – Here’s Why

Paylocity Holding Co. (NASDAQ:PCTY) shares reached a new 52-week high during trading on Wednesday . The company traded as high as $205.21 and last traded at $204.74, with a volume of 15107 shares. The stock had previously closed at $197.00.

Wall Street Analyst Weigh In

A number of equities research analysts have weighed in on the company. Truist Financial boosted their price objective on Paylocity from $195.00 to $210.00 and gave the company a “buy” rating in a research note on Friday, November 1st. Jefferies Financial Group raised their price objective on shares of Paylocity from $200.00 to $215.00 and gave the stock a “buy” rating in a research report on Thursday, October 31st. Barclays increased their target price on shares of Paylocity from $174.00 to $180.00 and gave the stock an “equal weight” rating in a research note on Thursday, October 31st. Mizuho upped their price objective on Paylocity from $175.00 to $180.00 and gave the company a “neutral” rating in a research note on Monday. Finally, BMO Capital Markets boosted their target price on Paylocity from $175.00 to $203.00 and gave the company an “outperform” rating in a report on Thursday, October 31st. Four analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $194.20.

Paylocity Stock Performance

The stock’s 50 day moving average price is $166.98 and its 200 day moving average price is $155.58. The firm has a market cap of $11.75 billion, a PE ratio of 53.89, a P/E/G ratio of 4.63 and a beta of 0.93. The company has a current ratio of 1.32, a quick ratio of 1.32 and a debt-to-equity ratio of 0.29.

Insider Activity at Paylocity

In other Paylocity news, SVP Rachit Lohani sold 658 shares of the business’s stock in a transaction on Wednesday, October 2nd. The shares were sold at an average price of $162.83, for a total value of $107,142.14. Following the transaction, the senior vice president now owns 39,764 shares in the company, valued at $6,474,772.12. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Company insiders own 21.91% of the company’s stock.

Institutional Trading of Paylocity

Hedge funds and other institutional investors have recently bought and sold shares of the company. CIBC Asset Management Inc increased its holdings in shares of Paylocity by 3.6% in the 3rd quarter. CIBC Asset Management Inc now owns 1,652 shares of the software maker’s stock valued at $273,000 after acquiring an additional 58 shares during the last quarter. Chicago Partners Investment Group LLC boosted its stake in Paylocity by 3.7% in the third quarter. Chicago Partners Investment Group LLC now owns 2,282 shares of the software maker’s stock valued at $395,000 after acquiring an additional 82 shares during the period. Covestor Ltd grew its holdings in shares of Paylocity by 6.4% during the third quarter. Covestor Ltd now owns 1,373 shares of the software maker’s stock valued at $227,000 after purchasing an additional 83 shares during the last quarter. Daiwa Securities Group Inc. raised its position in shares of Paylocity by 3.6% during the 1st quarter. Daiwa Securities Group Inc. now owns 2,900 shares of the software maker’s stock worth $498,000 after purchasing an additional 100 shares during the period. Finally, King Luther Capital Management Corp lifted its holdings in shares of Paylocity by 1.0% in the 2nd quarter. King Luther Capital Management Corp now owns 9,981 shares of the software maker’s stock worth $1,316,000 after purchasing an additional 103 shares during the last quarter. 94.76% of the stock is owned by 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.