BTIG Research Begins Coverage on Paylocity (NASDAQ:PCTY)

BTIG Research assumed coverage on shares of Paylocity (NASDAQ:PCTYFree Report) in a report published on Tuesday, Marketbeat reports. The firm issued a buy rating and a $200.00 price objective on the software maker’s stock.

A number of other research firms have also commented on PCTY. StockNews.com lowered shares of Paylocity from a buy rating to a hold rating in a report on Wednesday, November 29th. Jefferies Financial Group restated a hold rating and set a $180.00 price objective (down previously from $240.00) on shares of Paylocity in a report on Friday, January 5th. Needham & Company LLC decreased their price objective on shares of Paylocity from $325.00 to $200.00 and set a buy rating for the company in a report on Friday, November 3rd. UBS Group initiated coverage on shares of Paylocity in a report on Tuesday, November 7th. They set a neutral rating and a $160.00 price objective for the company. Finally, Mizuho decreased their price objective on Paylocity from $225.00 to $170.00 and set a neutral rating for the company in a research report on Friday, November 3rd. Eight research analysts have rated the stock with a hold rating and nine have given a buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of Moderate Buy and an average target price of $207.47.

Check Out Our Latest Analysis on Paylocity

Paylocity Stock Performance

NASDAQ PCTY opened at $166.13 on Tuesday. The stock has a fifty day moving average of $160.08 and a 200-day moving average of $176.74. The stock has a market capitalization of $9.33 billion, a P/E ratio of 64.64, a price-to-earnings-growth ratio of 2.91 and a beta of 0.89. Paylocity has a 52 week low of $139.40 and a 52 week high of $230.52.

Insider Buying and Selling

In related news, CFO Ryan Glenn sold 1,400 shares of Paylocity stock in a transaction that occurred on Wednesday, January 10th. The shares were sold at an average price of $163.47, for a total value of $228,858.00. Following the sale, the chief financial officer now owns 34,152 shares of the company’s stock, valued at approximately $5,582,827.44. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Over the last three months, insiders have sold 1,622 shares of company stock worth $262,902. 22.50% of the stock is owned by company insiders.

Institutional Investors Weigh In On Paylocity

Several hedge funds and other institutional investors have recently modified their holdings of PCTY. American National Bank bought a new stake in shares of Paylocity during the fourth quarter valued at about $31,000. GAMMA Investing LLC bought a new position in Paylocity in the 4th quarter worth about $36,000. Principal Securities Inc. bought a new position in Paylocity in the 4th quarter worth about $41,000. RiverPark Advisors LLC bought a new position in Paylocity in the 3rd quarter worth about $43,000. Finally, Advisors Asset Management Inc. increased its stake in Paylocity by 89.6% in the 3rd quarter. Advisors Asset Management Inc. now owns 237 shares of the software maker’s stock worth $43,000 after acquiring an additional 112 shares during the last quarter. 73.65% of the stock is currently owned by institutional investors.

About Paylocity

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Paylocity Holding Corporation provides cloud-based human capital management and payroll software solutions for workforce in the United States. The company offers Payroll and Tax Services solution to simplifies payroll, automates processes, and manages compliance requirements within one system; and expense management, on demand payment, and garnishment solutions.

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Analyst Recommendations for Paylocity (NASDAQ:PCTY)

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