Paylocity (NASDAQ:PCTY) Trading Up 5.7% – Here’s Why

Paylocity Holding Corporation (NASDAQ:PCTY) shot up 5.7% on Tuesday . The company traded as high as $119.67 and last traded at $120.2240. Approximately 150,867 shares were traded during mid-day trading, a decline of 82% from the average daily volume of 828,584 shares. The stock had previously closed at $113.77.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on PCTY shares. Zacks Research upgraded Paylocity from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, May 20th. Weiss Ratings reaffirmed a “sell (d+)” rating on shares of Paylocity in a research note on Friday, April 24th. Citigroup lifted their target price on shares of Paylocity from $133.00 to $136.00 and gave the company a “buy” rating in a research report on Monday, May 11th. Raymond James Financial set a $140.00 price target on shares of Paylocity in a research note on Friday, May 8th. Finally, Truist Financial decreased their price target on shares of Paylocity from $180.00 to $165.00 and set a “buy” rating on the stock in a report on Monday, June 29th. One investment analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $156.61.

Paylocity Price Performance

The stock has a market capitalization of $6.37 billion, a P/E ratio of 25.37 and a beta of 0.52. The company has a debt-to-equity ratio of 0.07, a quick ratio of 1.08 and a current ratio of 1.08. The firm has a 50-day moving average price of $108.54 and a 200 day moving average price of $117.78.

Insider Buying and Selling

In other Paylocity news, SVP Andrew Cappotelli sold 899 shares of Paylocity 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 transaction, the senior vice president directly owned 17,679 shares of the company’s stock, valued at approximately $2,033,968.95. This trade represents a 4.84% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 19.40% of the stock is owned by insiders.

Hedge Funds Weigh In On Paylocity

Several institutional investors and hedge funds have recently made changes to their positions in the business. AQR Capital Management LLC lifted its stake in Paylocity by 75.1% in the fourth quarter. AQR Capital Management LLC now owns 943,591 shares of the software maker’s stock worth $143,747,000 after purchasing an additional 404,605 shares during the last quarter. Morgan Stanley increased its holdings in shares of Paylocity by 117.9% in the fourth quarter. Morgan Stanley now owns 817,209 shares of the software maker’s stock worth $124,625,000 after buying an additional 442,218 shares during the period. Millennium Management LLC increased its holdings in shares of Paylocity by 97.7% in the third quarter. Millennium Management LLC now owns 748,803 shares of the software maker’s stock worth $119,262,000 after buying an additional 369,975 shares during the period. Dimensional Fund Advisors LP lifted its stake in shares of Paylocity by 6.9% in the 4th quarter. Dimensional Fund Advisors LP now owns 659,472 shares of the software maker’s stock valued at $100,570,000 after acquiring an additional 42,725 shares during the last quarter. Finally, Alyeska Investment Group L.P. purchased a new stake in Paylocity during the 3rd quarter valued at about $104,657,000. Institutional investors own 94.76% of the company’s stock.

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.