Paylocity Holding Co. (NASDAQ:PCTY) Receives $205.71 Consensus Target Price from Analysts

Shares of Paylocity Holding Co. (NASDAQ:PCTY) have received an average recommendation of “Moderate Buy” from the fourteen brokerages that are currently covering the company, Marketbeat reports. Three investment analysts have rated the stock with a hold recommendation and eleven have issued a buy recommendation on the company. The average 1-year price target among brokerages that have issued a report on the stock in the last year is $205.21.

Several brokerages recently commented on PCTY. StockNews.com upgraded shares of Paylocity from a “hold” rating to a “buy” rating in a research note on Saturday, December 7th. Piper Sandler raised their price objective on shares of Paylocity from $172.00 to $212.00 and gave the stock an “overweight” rating in a research report on Thursday, October 31st. Barclays raised their price objective 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. Truist Financial raised their price objective on shares of Paylocity from $195.00 to $210.00 and gave the stock a “buy” rating in a research report on Friday, November 1st. Finally, Jefferies Financial Group raised their price objective on shares of Paylocity from $215.00 to $240.00 and gave the stock a “buy” rating in a research report on Monday, December 9th.

Paylocity Price Performance

Shares of NASDAQ:PCTY opened at $190.17 on Thursday. The company’s fifty day moving average price is $202.44 and its 200 day moving average price is $173.12. 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. The firm has a market capitalization of $10.60 billion, a P/E ratio of 48.64, a P/E/G ratio of 4.93 and a beta of 0.93.

Insider Buying and Selling

In related news, Director Steven I. Sarowitz sold 10,237 shares of the business’s stock in a transaction dated Wednesday, November 27th. The shares were sold at an average price of $210.10, for a total transaction of $2,150,793.70. Following the sale, the director now owns 9,214,115 shares of the company’s stock, valued at approximately $1,935,885,561.50. The trade was a 0.11 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Jeffrey T. Diehl sold 29,606 shares of Paylocity stock in a transaction dated Tuesday, November 5th. The stock was sold at an average price of $196.55, for a total transaction of $5,819,059.30. Following the transaction, the director now owns 11,755 shares of the company’s stock, valued at approximately $2,310,445.25. The trade was a 71.58 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 157,486 shares of company stock valued at $31,751,368. Corporate insiders own 21.91% of the company’s stock.

Hedge Funds Weigh In On Paylocity

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. CIBC Asset Management Inc raised its position in Paylocity by 3.6% during the third quarter. CIBC Asset Management Inc now owns 1,652 shares of the software maker’s stock worth $273,000 after acquiring an additional 58 shares during the last quarter. Chicago Partners Investment Group LLC raised its position in Paylocity by 3.7% during the third quarter. Chicago Partners Investment Group LLC now owns 2,282 shares of the software maker’s stock worth $395,000 after acquiring an additional 82 shares during the last quarter. Covestor Ltd raised its position in Paylocity by 6.4% during the third quarter. Covestor Ltd now owns 1,373 shares of the software maker’s stock worth $227,000 after acquiring an additional 83 shares during the last quarter. King Luther Capital Management Corp raised its position in Paylocity by 1.0% during the second quarter. King Luther Capital Management Corp now owns 9,981 shares of the software maker’s stock worth $1,316,000 after acquiring an additional 103 shares during the last quarter. Finally, GAMMA Investing LLC raised its position in Paylocity by 43.3% during the fourth quarter. GAMMA Investing LLC now owns 384 shares of the software maker’s stock worth $77,000 after acquiring an additional 116 shares during the last quarter. Institutional investors and hedge funds 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.