Wall Street Zen Upgrades Paylocity (NASDAQ:PCTY) to “Buy”

Paylocity (NASDAQ:PCTY) was upgraded by investment analysts at Wall Street Zen from a “hold” rating to a “buy” rating in a note issued to investors on Saturday.

Several other equities analysts have also issued reports on the stock. Citigroup lifted their target price on shares of Paylocity from $133.00 to $136.00 and gave the company a “buy” rating in a report on Monday, May 11th. BMO Capital Markets raised their price objective on Paylocity from $135.00 to $143.00 and gave the company an “outperform” rating in a research report on Friday, May 8th. KeyCorp lowered their price objective on Paylocity from $190.00 to $172.00 and set an “overweight” rating for the company in a research note on Tuesday, April 28th. Citizens Jmp dropped their target price on Paylocity from $170.00 to $150.00 and set a “market outperform” rating on the stock in a report on Friday, May 8th. Finally, Jefferies Financial Group set a $135.00 target price on Paylocity in a research note on Saturday, May 9th. One equities research analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating, three have issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $160.28.

Paylocity Price Performance

Shares of PCTY opened at $101.06 on Friday. The stock has a market cap of $5.41 billion, a PE ratio of 21.55 and a beta of 0.51. The company has a debt-to-equity ratio of 0.07, a quick ratio of 1.08 and a current ratio of 1.08. Paylocity has a fifty-two week low of $92.99 and a fifty-two week high of $197.78. The firm’s 50-day simple moving average is $107.02 and its two-hundred day simple moving average is $121.10.

Insider Activity at Paylocity

In other news, SVP Andrew Cappotelli sold 899 shares of the stock in a transaction that occurred on Tuesday, May 19th. The shares were sold at an average price of $115.05, for a total transaction of $103,429.95. Following the sale, the senior vice president owned 17,679 shares in the company, valued at $2,033,968.95. This represents a 4.84% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 19.40% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Paylocity

A number of hedge funds have recently added to or reduced their stakes in the company. Flagship Harbor Advisors LLC purchased a new stake in Paylocity during the 4th quarter valued at $27,000. MassMutual Private Wealth & Trust FSB increased its holdings in shares of Paylocity by 363.4% in the 4th quarter. MassMutual Private Wealth & Trust FSB now owns 190 shares of the software maker’s stock worth $29,000 after purchasing an additional 149 shares in the last quarter. Los Angeles Capital Management LLC purchased a new position in shares of Paylocity in the fourth quarter worth $30,000. Advisory Services Network LLC purchased a new position in shares of Paylocity in the third quarter worth $38,000. Finally, Optiver Holding B.V. lifted its holdings in shares of Paylocity by 5,925.0% during the first quarter. Optiver Holding B.V. now owns 241 shares of the software maker’s stock valued at $26,000 after purchasing an additional 237 shares in the last quarter. 94.76% of the stock is currently owned by hedge funds and other institutional investors.

Paylocity Company Profile

Paylocity (NASDAQ: PCTY) is a leading provider of cloud-based payroll and human capital management (HCM) software designed to streamline workforce administration for mid-sized organizations. The company’s integrated platform automates core functions such as payroll processing, benefits administration, time and labor tracking, and compliance management, enabling employers to manage employee data more efficiently and reduce administrative burdens.

In addition to payroll and HR capabilities, Paylocity offers talent management solutions including recruiting, onboarding, performance tracking, and learning management.