Paylocity’s (PCTY) “Buy” Rating Reiterated at Needham & Company LLC

Paylocity (NASDAQ:PCTY)‘s stock had its “buy” rating reissued by research analysts at Needham & Company LLC in a research note issued to investors on Wednesday,Benzinga reports. They presently have a $220.00 price target on the software maker’s stock. Needham & Company LLC’s price target indicates a potential upside of 14.45% from the company’s previous close.

Several other research analysts have also weighed in on the stock. Truist Financial increased 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. KeyCorp lifted their target price on shares of Paylocity from $187.00 to $210.00 and gave the company an “overweight” rating in a report on Thursday, October 31st. TD Cowen cut their target price on Paylocity from $235.00 to $228.00 and set a “buy” rating on the stock in a research report on Monday, January 6th. BMO Capital Markets raised their price target on Paylocity from $175.00 to $203.00 and gave the stock an “outperform” rating in a research report on Thursday, October 31st. Finally, StockNews.com upgraded Paylocity from a “hold” rating to a “buy” rating in a report on Saturday, December 7th. Three analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $205.21.

Paylocity Stock Performance

Shares of Paylocity stock opened at $192.23 on Wednesday. The business’s fifty day simple moving average is $202.35 and its 200-day simple moving average is $173.54. 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 firm has a market cap of $10.72 billion, a PE ratio of 49.16, a price-to-earnings-growth ratio of 4.93 and a beta of 0.93. Paylocity has a 52 week low of $129.94 and a 52 week high of $215.68.

Insider Buying and Selling at Paylocity

In other Paylocity news, Director Steven I. Sarowitz sold 12,226 shares of the stock in a transaction that occurred on Monday, November 18th. The shares were sold at an average price of $196.29, for a total value of $2,399,841.54. Following the sale, the director now directly owns 9,300,847 shares of the company’s stock, valued at approximately $1,825,663,257.63. This represents a 0.13 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, CFO Ryan Glenn sold 2,600 shares of Paylocity stock in a transaction on Monday, December 2nd. The stock was sold at an average price of $205.40, for a total transaction of $534,040.00. Following the sale, the chief financial officer now directly owns 48,150 shares of the company’s stock, valued at approximately $9,890,010. This trade represents a 5.12 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 157,486 shares of company stock valued at $31,751,368 in the last quarter. Corporate insiders own 21.91% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in PCTY. UMB Bank n.a. lifted its stake in Paylocity by 1,650.0% during the third quarter. UMB Bank n.a. now owns 175 shares of the software maker’s stock worth $29,000 after purchasing an additional 165 shares during the last quarter. Prospera Private Wealth LLC acquired a new stake in Paylocity during the third quarter worth approximately $39,000. Signaturefd LLC lifted its position in shares of Paylocity by 121.0% during the 3rd quarter. Signaturefd LLC now owns 305 shares of the software maker’s stock worth $50,000 after buying an additional 167 shares during the last quarter. Quarry LP boosted its holdings in shares of Paylocity by 149.2% in the 3rd quarter. Quarry LP now owns 309 shares of the software maker’s stock valued at $51,000 after buying an additional 185 shares in the last quarter. Finally, GAMMA Investing LLC grew its position in shares of Paylocity by 43.3% in the 4th quarter. GAMMA Investing LLC now owns 384 shares of the software maker’s stock valued at $77,000 after buying an additional 116 shares during the last quarter. 94.76% of the stock is owned by institutional investors and hedge funds.

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.