Paylocity (NASDAQ:PCTY) Upgraded to Outperform at Mizuho

Mizuho upgraded shares of Paylocity (NASDAQ:PCTY) from a neutral rating to an outperform rating in a research report released on Friday morning, MarketBeat reports. Mizuho currently has $235.00 price objective on the software maker’s stock, up from their previous price objective of $200.00.

PCTY has been the topic of several other research reports. Needham & Company LLC reiterated a “buy” rating and issued a $220.00 target price on shares of Paylocity in a research report on Wednesday, January 15th. TD Cowen dropped their price objective on shares of Paylocity from $235.00 to $228.00 and set a “buy” rating for the company in a research note on Monday, January 6th. Jefferies Financial Group raised their target price on shares of Paylocity from $215.00 to $240.00 and gave the stock a “buy” rating in a research note on Monday, December 9th. BMO Capital Markets upped their price target on Paylocity from $175.00 to $203.00 and gave the company an “outperform” rating in a research report on Thursday, October 31st. Finally, Barclays boosted their price objective on Paylocity from $174.00 to $180.00 and gave the stock an “equal weight” rating in a research note on Thursday, October 31st. One equities research analyst has rated the stock with a hold rating and fourteen have given a buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $213.86.

Paylocity Trading Up 2.0 %

Shares of NASDAQ:PCTY opened at $205.52 on Friday. The company has a current ratio of 1.32, a quick 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 two-hundred day moving average of $179.00. Paylocity has a 12-month low of $129.94 and a 12-month high of $215.68. The company has a market capitalization of $11.46 billion, a PE ratio of 52.56, a PEG ratio of 4.98 and a beta of 0.93.

Insider Activity

In other Paylocity news, CAO Nicholas Rost sold 212 shares of the 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 sale, the chief accounting officer now owns 7,364 shares of the company’s stock, valued at $1,423,387.56. This trade represents a 2.80 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, SVP Andrew Cappotelli sold 247 shares of the company’s stock in a transaction that occurred on Tuesday, November 19th. The stock was sold at an average price of $193.29, for a total transaction of $47,742.63. Following the sale, the senior vice president now owns 14,634 shares in the company, valued at $2,828,605.86. The trade was a 1.66 % 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.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the business. Convergence Investment Partners LLC acquired a new stake in Paylocity during the fourth quarter worth approximately $553,000. Venturi Wealth Management LLC increased its holdings in shares of Paylocity by 165.8% in the 4th quarter. Venturi Wealth Management LLC now owns 1,446 shares of the software maker’s stock valued at $288,000 after acquiring an additional 902 shares during the period. Truist Financial Corp raised its position in Paylocity by 6.8% in the 4th quarter. Truist Financial Corp now owns 22,033 shares of the software maker’s stock valued at $4,395,000 after purchasing an additional 1,398 shares during the last quarter. CIBC Asset Management Inc grew its position in Paylocity by 5.6% during the 4th 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 raised 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 valued at $4,675,000 after buying an additional 21,889 shares during the last quarter. Hedge funds and other institutional investors own 94.76% of the company’s stock.

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.