Zacks Research Upgrades Paylocity (NASDAQ:PCTY) to “Strong-Buy”

Paylocity (NASDAQ:PCTY) was upgraded by research analysts at Zacks Research from a “hold” rating to a “strong-buy” rating in a research report issued on Wednesday,Zacks.com reports.

PCTY has been the subject of several other research reports. UBS Group increased their price objective on Paylocity from $114.00 to $115.00 and gave the stock a “neutral” rating in a research report on Friday, May 8th. Cantor Fitzgerald restated an “overweight” rating on shares of Paylocity in a research report on Thursday, January 29th. TD Cowen reaffirmed a “buy” rating on shares of Paylocity in a research note on Friday, February 6th. Mizuho cut their price target on shares of Paylocity from $180.00 to $150.00 and set an “outperform” rating for the company in a report on Friday, February 6th. Finally, Barclays boosted their price objective on shares of Paylocity from $120.00 to $128.00 and gave the stock an “equal weight” rating in a report on Monday, May 11th. One investment analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating, three have given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $160.28.

Paylocity Stock Performance

Shares of PCTY stock opened at $111.72 on Wednesday. The company has a current ratio of 1.08, a quick ratio of 1.08 and a debt-to-equity ratio of 0.07. The stock has a 50 day simple moving average of $106.40 and a 200-day simple moving average of $126.08. The company has a market cap of $5.98 billion, a price-to-earnings ratio of 23.82 and a beta of 0.49. Paylocity has a 12-month low of $92.99 and a 12-month high of $197.91.

Insider Buying and Selling

In other Paylocity news, SVP Andrew Cappotelli sold 899 shares of the company’s stock in a transaction on Tuesday, May 19th. The stock was sold at an average price of $115.05, for a total value of $103,429.95. Following the sale, the senior vice president owned 17,679 shares of the company’s stock, valued at approximately $2,033,968.95. This represents a 4.84% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders own 19.40% of the company’s stock.

Institutional Investors Weigh In On Paylocity

A number of large investors have recently added to or reduced their stakes in the business. Alyeska Investment Group L.P. purchased a new position in Paylocity during the 3rd quarter valued at about $104,657,000. Norges Bank purchased a new stake in shares of Paylocity in the fourth quarter valued at about $88,428,000. Morgan Stanley grew its position in shares of Paylocity by 117.9% in the fourth quarter. Morgan Stanley now owns 817,209 shares of the software maker’s stock valued at $124,625,000 after purchasing an additional 442,218 shares during the last quarter. AQR Capital Management LLC grew its position in shares of Paylocity by 75.1% in the fourth quarter. AQR Capital Management LLC now owns 943,591 shares of the software maker’s stock valued at $143,747,000 after purchasing an additional 404,605 shares during the last quarter. Finally, BNP Paribas Financial Markets increased its stake in shares of Paylocity by 261.2% during the 4th quarter. BNP Paribas Financial Markets now owns 534,487 shares of the software maker’s stock worth $81,509,000 after purchasing an additional 386,494 shares in the last quarter. 94.76% of the stock is owned by institutional investors and hedge funds.

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.