Paylocity (NASDAQ:PCTY) Upgraded by Zacks Research to Strong-Buy Rating

Zacks Research upgraded shares of Paylocity (NASDAQ:PCTY) from a hold rating to a strong-buy rating in a research report sent to investors on Wednesday morning,Zacks.com reports.

A number of other analysts also recently weighed in on PCTY. UBS Group increased their target price on shares of Paylocity from $114.00 to $115.00 and gave the company a “neutral” rating in a research report on Friday, May 8th. Stifel Nicolaus decreased their target price on shares of Paylocity from $188.00 to $165.00 and set a “buy” rating for the company in a research report on Friday, February 6th. Jefferies Financial Group set a $135.00 price objective on shares of Paylocity in a research report on Saturday, May 9th. Citizens Jmp reduced their price objective on shares of Paylocity from $170.00 to $150.00 and set a “market outperform” rating for the company in a research report on Friday, May 8th. Finally, Truist Financial reduced their price objective on shares of Paylocity from $240.00 to $180.00 and set a “buy” rating for the company in a research report on Friday, February 6th. One research analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating, three have given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, Paylocity presently has a consensus rating of “Moderate Buy” and a consensus target price of $160.28.

Paylocity Stock Performance

NASDAQ:PCTY opened at $111.72 on Wednesday. The company has a market capitalization of $5.98 billion, a PE ratio of 23.82 and a beta of 0.49. The company has a 50 day simple moving average of $106.40 and a two-hundred day simple moving average of $126.08. 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 $197.91.

Insider Activity at Paylocity

In other news, SVP Andrew Cappotelli sold 899 shares of the firm’s 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 completion of the sale, the senior vice president owned 17,679 shares of the company’s stock, valued at $2,033,968.95. This trade represents a 4.84% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 19.40% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Paylocity

Large investors have recently modified their holdings of the company. JPMorgan Chase & Co. lifted its holdings in shares of Paylocity by 22.1% in the 3rd quarter. JPMorgan Chase & Co. now owns 555,393 shares of the software maker’s stock worth $88,459,000 after purchasing an additional 100,400 shares in the last quarter. Hillsdale Investment Management Inc. bought a new position in shares of Paylocity in the 3rd quarter worth $2,580,000. Sawgrass Asset Management LLC bought a new position in shares of Paylocity in the 3rd quarter worth $9,156,000. Assenagon Asset Management S.A. lifted its stake in Paylocity by 311.5% during the 4th quarter. Assenagon Asset Management S.A. now owns 432,070 shares of the software maker’s stock valued at $65,891,000 after acquiring an additional 327,082 shares in the last quarter. Finally, Tudor Investment Corp ET AL lifted its stake in Paylocity by 50.7% during the 3rd quarter. Tudor Investment Corp ET AL now owns 83,304 shares of the software maker’s stock valued at $13,268,000 after acquiring an additional 28,016 shares in the last quarter. 94.76% of the stock is currently owned by 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.