Paylocity (NASDAQ:PCTY) Rating Increased to Buy at Citigroup

Citigroup upgraded shares of Paylocity (NASDAQ:PCTY) from a neutral rating to a buy rating in a research report released on Thursday, Marketbeat.com reports. They currently have $231.00 price target on the software maker’s stock, up from their prior price target of $214.00.

Several other research analysts also recently weighed in on PCTY. BMO Capital Markets upped their target price on shares of Paylocity from $175.00 to $203.00 and gave the stock an “outperform” rating in a report on Thursday, October 31st. Truist Financial increased their target price on Paylocity from $195.00 to $210.00 and gave the stock a “buy” rating in a research report on Friday, November 1st. StockNews.com raised Paylocity from a “hold” rating to a “buy” rating in a report on Saturday, December 7th. Piper Sandler increased their price objective on shares of Paylocity from $172.00 to $212.00 and gave the company an “overweight” rating in a report on Thursday, October 31st. Finally, Barclays upped their target price on shares of Paylocity from $174.00 to $180.00 and gave the stock an “equal weight” rating in a research report on Thursday, October 31st. Two investment analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $210.64.

Paylocity Price Performance

Shares of NASDAQ:PCTY opened at $199.30 on Thursday. The company has a market capitalization of $11.11 billion, a P/E ratio of 50.97, a P/E/G ratio of 4.69 and a beta of 0.93. Paylocity has a 1-year low of $129.94 and a 1-year high of $215.68. The firm’s 50 day simple moving average is $201.76 and its two-hundred day simple moving average is $173.87. The company has a debt-to-equity ratio of 0.29, a current ratio of 1.32 and a quick ratio of 1.32.

Insiders Place Their Bets

In other Paylocity news, CAO Nicholas Rost sold 212 shares of the business’s stock in a transaction on Tuesday, November 19th. The shares were sold at an average price of $193.29, for a total transaction of $40,977.48. Following the transaction, the chief accounting officer now 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 transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CFO Ryan Glenn sold 500 shares of the stock in a transaction on Wednesday, November 6th. The shares were sold at an average price of $203.28, for a total transaction of $101,640.00. Following the completion of the sale, the chief financial officer now directly owns 52,134 shares in the company, valued at approximately $10,597,799.52. This represents a 0.95 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 157,486 shares of company stock valued at $31,751,368 over the last ninety days. 21.91% of the stock is owned by insiders.

Institutional Investors Weigh In On Paylocity

A number of institutional investors and hedge funds have recently modified their holdings of the business. Geode Capital Management LLC increased its stake in Paylocity by 3.6% in the third quarter. Geode Capital Management LLC now owns 1,048,806 shares of the software maker’s stock worth $173,053,000 after purchasing an additional 36,590 shares during the period. JPMorgan Chase & Co. increased its stake in Paylocity by 81.9% in the 3rd quarter. JPMorgan Chase & Co. now owns 856,536 shares of the software maker’s stock worth $141,303,000 after buying an additional 385,625 shares during the period. Janus Henderson Group PLC lifted its holdings in Paylocity by 3.5% during the 3rd quarter. Janus Henderson Group PLC now owns 517,931 shares of the software maker’s stock valued at $85,444,000 after buying an additional 17,560 shares in the last quarter. Dimensional Fund Advisors LP boosted its position in Paylocity by 58.3% in the 2nd quarter. Dimensional Fund Advisors LP now owns 335,946 shares of the software maker’s stock valued at $44,296,000 after buying an additional 123,744 shares during the period. Finally, Millennium Management LLC grew its stake in Paylocity by 435.2% in the 2nd quarter. Millennium Management LLC now owns 331,253 shares of the software maker’s stock worth $43,676,000 after acquiring an additional 269,354 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.