Paylocity (NASDAQ:PCTY) Price Target Raised to $235.00

Paylocity (NASDAQ:PCTY) had its price target lifted by research analysts at TD Cowen from $208.00 to $235.00 in a research report issued to clients and investors on Monday,Benzinga reports. The firm currently has a “buy” rating on the software maker’s stock. TD Cowen’s price target would indicate a potential upside of 15.91% from the company’s previous close.

PCTY has been the topic of a number of other research reports. Mizuho lifted their target price on Paylocity from $175.00 to $180.00 and gave the company a “neutral” rating in a research report on Monday, November 4th. BMO Capital Markets lifted their price objective on shares of Paylocity from $175.00 to $203.00 and gave the company an “outperform” rating in a report on Thursday, October 31st. 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 report on Friday, November 1st. Piper Sandler raised their target price on shares of Paylocity from $172.00 to $212.00 and gave the company an “overweight” rating in a research report on Thursday, October 31st. Finally, Barclays boosted their price target 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. Three analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $202.50.

Paylocity Stock Down 1.5 %

PCTY stock traded down $3.05 during trading hours on Monday, reaching $202.75. 80,657 shares of the stock were exchanged, compared to its average volume of 491,560. The company has a market cap of $11.30 billion, a price-to-earnings ratio of 51.85, a PEG ratio of 5.07 and a beta of 0.92. The firm’s 50-day moving average is $188.32 and its 200-day moving average is $162.49. Paylocity has a 12 month low of $129.94 and a 12 month high of $215.68. The company has a debt-to-equity ratio of 0.29, a current ratio of 1.32 and a quick ratio of 1.32.

Insider Activity

In related news, Director Jeffrey T. Diehl sold 29,606 shares of the stock in a transaction that occurred on Tuesday, November 5th. The shares were sold at an average price of $196.55, for a total transaction of $5,819,059.30. Following the sale, the director now owns 11,755 shares in the company, valued at approximately $2,310,445.25. This trade represents a 71.58 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Steven I. Sarowitz sold 12,226 shares of the business’s stock in a transaction on Monday, November 18th. The stock was sold at an average price of $196.29, for a total value of $2,399,841.54. Following the transaction, the director now directly owns 9,300,847 shares of the company’s stock, valued at $1,825,663,257.63. This trade represents a 0.13 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 101,327 shares of company stock valued at $20,340,311 over the last three months. Insiders own 21.91% of the company’s stock.

Institutional Investors Weigh In On Paylocity

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. International Assets Investment Management LLC boosted its stake in shares of Paylocity by 16,397.9% during the third quarter. International Assets Investment Management LLC now owns 7,754 shares of the software maker’s stock valued at $1,279,000 after purchasing an additional 7,707 shares in the last quarter. Cetera Investment Advisers grew its holdings in Paylocity by 128.7% during the 1st quarter. Cetera Investment Advisers now owns 11,783 shares of the software maker’s stock worth $2,025,000 after acquiring an additional 6,630 shares during the last quarter. Qsemble Capital Management LP acquired a new position in Paylocity in the 2nd quarter valued at approximately $842,000. Quest Partners LLC raised its stake in shares of Paylocity by 82,275.0% during the second quarter. Quest Partners LLC now owns 6,590 shares of the software maker’s stock valued at $869,000 after acquiring an additional 6,582 shares during the last quarter. Finally, Oppenheimer Asset Management Inc. lifted its holdings in shares of Paylocity by 21.6% during the second quarter. Oppenheimer Asset Management Inc. now owns 58,087 shares of the software maker’s stock worth $7,659,000 after purchasing an additional 10,323 shares during the period. Institutional investors own 94.76% of the company’s stock.

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.