Paylocity (NASDAQ:PCTY) Upgraded at Zacks Research

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

Several other equities analysts also recently issued reports on PCTY. UBS Group upped their price objective on shares of Paylocity from $114.00 to $115.00 and gave the company a “neutral” rating in a research note on Friday, May 8th. TD Cowen reiterated a “buy” rating on shares of Paylocity in a research report on Friday, February 6th. Mizuho decreased their target price on Paylocity from $180.00 to $150.00 and set an “outperform” rating for the company in a research report on Friday, February 6th. BTIG Research dropped their price target on Paylocity from $180.00 to $150.00 and set a “buy” rating on the stock in a research note on Friday, February 6th. Finally, Wall Street Zen cut Paylocity from a “buy” rating to a “hold” rating in a research note on Sunday, February 22nd. One research analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $160.28.

Paylocity Stock Down 0.9%

Shares of NASDAQ:PCTY opened at $111.72 on Wednesday. The firm has a 50 day simple moving average of $106.40 and a 200-day simple moving average of $126.08. Paylocity has a twelve month low of $92.99 and a twelve month high of $197.91. 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 company has a market capitalization of $5.98 billion, a PE ratio of 23.82 and a beta of 0.49.

Insider Activity

In related news, SVP Andrew Cappotelli sold 899 shares of the firm’s stock in a transaction dated Tuesday, May 19th. The stock was sold at an average price of $115.05, for a total transaction of $103,429.95. Following the transaction, 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 ownership of the stock. The transaction 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 corporate insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Flagship Harbor Advisors LLC purchased a new stake in shares of Paylocity during the fourth quarter worth approximately $27,000. MassMutual Private Wealth & Trust FSB grew its position in Paylocity by 363.4% in the 4th quarter. MassMutual Private Wealth & Trust FSB now owns 190 shares of the software maker’s stock valued at $29,000 after buying an additional 149 shares during the last quarter. Los Angeles Capital Management LLC acquired a new position in Paylocity in the 4th quarter valued at $30,000. Advisory Services Network LLC purchased a new position in Paylocity during the 3rd quarter worth $38,000. Finally, Pilgrim Partners Asia Pte Ltd purchased a new position in Paylocity during the 3rd quarter worth $41,000. 94.76% of the stock is currently owned by hedge funds and other institutional investors.

About Paylocity

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.