Paylocity (NASDAQ:PCTY) Trading Up 5.7% – Time to Buy?

Paylocity Holding Corporation (NASDAQ:PCTY)’s stock price shot up 5.7% during trading on Tuesday . The stock traded as high as $119.67 and last traded at $120.2240. Approximately 150,867 shares changed hands 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.

Wall Street Analysts Forecast Growth

A number of research firms have recently issued reports on PCTY. Citigroup increased their price objective on shares of Paylocity from $133.00 to $136.00 and gave the company a “buy” rating in a research note on Monday, May 11th. Wall Street Zen downgraded shares of Paylocity from a “buy” rating to a “hold” rating in a research note on Saturday, July 4th. BMO Capital Markets upped their target price on Paylocity from $135.00 to $143.00 and gave the stock an “outperform” rating in a report on Friday, May 8th. Raymond James Financial set a $140.00 target price on Paylocity in a report on Friday, May 8th. Finally, Barclays increased their target price on Paylocity from $120.00 to $128.00 and gave the company an “equal weight” rating in a research report on Monday, May 11th. One research analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, Paylocity presently has a consensus rating of “Moderate Buy” and a consensus target price of $156.61.

Paylocity Price Performance

The company has a quick ratio of 1.08, a current ratio of 1.08 and a debt-to-equity ratio of 0.07. The firm has a market cap of $6.17 billion, a PE ratio of 24.57 and a beta of 0.52. The stock has a 50 day moving average price of $109.15 and a two-hundred day moving average price of $117.30.

Insider Buying and Selling

In other Paylocity news, SVP Andrew Cappotelli sold 899 shares of the business’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 sale, the senior vice president owned 17,679 shares of the company’s stock, valued at approximately $2,033,968.95. The trade was a 4.84% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 19.40% of the stock is owned by company insiders.

Institutional Investors Weigh In On Paylocity

Institutional investors and hedge funds have recently made changes to their positions in the stock. JPMorgan Chase & Co. lifted its position in Paylocity by 22.1% during the 3rd quarter. JPMorgan Chase & Co. now owns 555,393 shares of the software maker’s stock worth $88,459,000 after acquiring an additional 100,400 shares during the period. Universal Beteiligungs und Servicegesellschaft mbH increased its holdings in shares of Paylocity by 60.8% in the fourth quarter. Universal Beteiligungs und Servicegesellschaft mbH now owns 47,486 shares of the software maker’s stock valued at $7,249,000 after purchasing an additional 17,950 shares during the period. Assenagon Asset Management S.A. increased its holdings in shares of Paylocity by 311.5% in the fourth quarter. Assenagon Asset Management S.A. now owns 432,070 shares of the software maker’s stock valued at $65,891,000 after purchasing an additional 327,082 shares during the period. Tudor Investment Corp ET AL raised its stake in shares of Paylocity by 50.7% in the third quarter. Tudor Investment Corp ET AL now owns 83,304 shares of the software maker’s stock worth $13,268,000 after purchasing an additional 28,016 shares during the last quarter. Finally, Chicago Capital LLC lifted its holdings in shares of Paylocity by 1,165.0% during the fourth quarter. Chicago Capital LLC now owns 97,579 shares of the software maker’s stock worth $14,881,000 after purchasing an additional 89,865 shares during the period. 94.76% of the stock is currently owned by institutional investors and hedge funds.

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.